Generally speaking, zip code 23227 is called Northside by residents living in Richmond Virginia. As the name indicates, it's in the northern section of the city and comprises various neighborhoods. Three examples of northside neighborhoods are Bellevue, Hermitage Road Historic District, and Ginter Park. Below are some bar charts to help explain overall single family home (attached and detached) market activity for that zip code. Fortunately, I managed to generate 12 months of activity for all graphs from the CVRMLS, otherwise called the Central Virginia Region Multiple Listing Service.
Notice below in close price to original price ratio bar graph for single family homes (attached and detached) that the highest ratio happened to occur during October. A close second occurred in August. Also, notice that the lowest ratio occurred in November. Knowing this total range for most of 2013 and January of 2014 simply helps give home sellers a range for 12 months. However, what happens in the next 12 months definitely can change!
The third bar graph below shows historic home sales trends by price range for the last 12 months. Notice that the two highest bars show the number of home sales start at a price range $150,000 and top out at $250,000. Also, the bar graph below indicates that far fewer total high end homes were sold.
Finally, the fourth bar graph shows another interesting trend. Home sellers appeared to have average original home prices much higher during March than any other month in the last 12 months. Why would you think original prices are so high in March? Could it be a "pie in the sky" mentality? Perhaps, it could only take a few extremely high original prices to skew the numbers!
There are a lot of gorgeous homes to see in the Northside area of Richmond. Price ranges can vary widely. Fortunately, a lot of moderately priced homes were sold in the last 12 months, and that trend likely will continue throughout 2014!
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