This week, Virginia REALTORS® Chief Economist Dr. Lisa Sturtevant served as a panelist at a Metro Business Live forum presented by the Richmond Times-Dispatch.
Also on the panel was Virginia REALTOR® Dawn Bradley of Long & Foster, Wayne Chasen of Gumenick Properties, and Daniel Schmidt of HHHunt.
The panelists discussed housing trends in the Richmond region, and affordability was a key topic. While Richmond’s housing market is strong, there is an insufficient supply of affordable housing options. Dr. Sturtevant noted, “The number of homes that are available to that first-time home buyer segment is particularly low.”
As in all Virginia markets currently, shrinking inventories are pushing up home prices, making the quest to find a home frustrating for many buyers. Bradley noted that in popular areas such as the Libbie-Grove area, Church Hill, and Barton Heights, it’s become common to see multiple contracts come in for single-family homes.
The panel went on to discuss the housing needs of both millennials and seniors, and they discussed ways to creatively and strategically meet the demands of the market. One way developers are doing this is by introducing more townhome communities with coveted amenities, such as pet-friendly areas and clubhouses for socializing.
Dr. Sturtevant will continue representing Virginia REALTORS® at more housing events throughout the year. To read more about the latest Metro Business Live, click here.