Buying real estate in Richmond, VA can be a worthy investment for 2021. Forbes ranked Richmond, Virginia at #8 in their list of “15 Housing Markets That Are Hot in 2020.” They analyzed which major metro areas are seeing their housing markets boom in 2020, especially in comparison to prior years. Richmond homes are getting sold in record time and the metro area’s housing inventory has been squeezed significantly over the last two years.
Let’s look at the Richmond housing market trends and forecast before discussing why you should consider investing there. There is a dearth of housing supply in the Richmond Metro. Over the last two years, available homes for sale have dropped by more than half. As of November 2020, Months Supply of Inventory for the Richmond Metro Area has decreased 57.1 percent for single-family homes, according to the Richmond Association of REALTORS®.