May 7, 2007
Petersburg Real Estate Report
Gina Harrison of Small & Associates provides year-to-date details on Petersburg’s residential real estate market.
While most markets that experienced huge increases in home value over the last few years are seeing prices return to normal, PetersburgÔø?home values are continuing to rise, due, among other reasons, to basic revitalization efforts, Ft. Lee expansion, and a number of large companies bringing jobs to the South-of-Richmond area.
Some year-to-date statistics for this year:
Ôø?Ôø?Number of new listings = 307.
Ôø?Ôø?Average list price = $124,197.
Ôø?Ôø?Number of properties sold = 119, with sales prices ranging from $17,500 to $290,000 and an average sales price of $107,275.
Ôø?Ôø?Number of properties currently under contract = 85, with list prices ranging from $8,000 to $430,000.
Ôø?Ôø?Average number of days on the market: 73 days.
Last year at this time:
Ôø?Ôø?Average list price = $109,976.
Ôø?Ôø?Number of properties sold = 138, with an average sales price of $97,177.
Ôø?Ôø?Average number of days on the market: 52.
In spite of the continued rise in home values, Petersburg is VERY affordable compared to surrounding areas. Further, notwithstanding the news that financing rates have risen in recent years, we are still at a historically low level of interest rates for mortgages. Thus, if you are a potential home buyer, Petersburg offers good value.
If you are a potential seller thinking of putting your house on the market, a few key details can facilitate a smooth transaction: Make sure your realtor is marketing your property, the list price is realistic, and the home is staged properly. In addition, always insist that your potential purchaser be pre-approved (not pre-qualified) for a loan of sufficient size, and be sure the purchaser’s credit and income documents have been reviewed by the lender.
From RTD:
Compared to Richmond’s $225,500 median sales price, Petersburg does indeed appear to be a good buy, and it’s only 20 minutes south of downtown Richmond!
Thanks to the folks at Church Hill People’s News for highlighting the RTD article.
Consider what an early morning light rail commuter train to Richmond and an early evening train back would mean for Petersburg. No more concerns about disinvestment and declining property values! Just think, Petersburg had that, and much more, once upon a time…….
On the subject of rail and such… check out this thread, not specific to Petersburg, but to the topic more broadly.
From today’s RTD:
Median sales prices by MSA from the National Association of Realtors. This gives figures for quarter I 2007, as well as for 2006 by quarter and for 2004-2006 by year.