May 15, 2008
Zillow says: Q1 08 Petersburg home values up 2.6% vs. Q1 07
The above comes from Zillow’s Home Value Trends in Petersburg. Not bad in a context of the 7.5% national decrease cited for single-family homes.
Another interesting page on their site: Zillow’s Quarterly Home Value Reports. The map gives a color-coded sense of how different areas in Richmond are doing — look for more details by hovering your mouse over the various diamonds on the map. To cite a few numbers, looks like the Fan has observed a 2.7% decline in values, while Mechanicsville has witnesed a 5.7% increase over the same period.
Also… I downloaded the RIchmond area xls file available in the left column of the second link above. Shows that Petersburg’s values increased 2.6% Q1 08 over Q1 07, and 5.7% Q1 08 over Q4 07.
Plucky petersburg has been doing okay. The RE market was staggering for a while, but, IMO, that was because prices for SOME homes (nicer homes in the better areas) had gotten WAY too high.
Nevertheless, petersburg’s RE market has had some of the highest apprieciation in the country, because you used to be able to pick up a house for next to nothing here.
Interestingly, hig appriciation is still going on NORTH of richmond. I’m talking the 5-14% range, not something to ignore in this weak RE market. That suggests the area in general is still undervalued.