Thinking of buying a house? Consider house-hunting in Richmond, VA. The River City is well-known for its history and role in the Civil War, commemorated with interesting museums and historical sites, lively food scene, and easy access to the James River. Combined with a growing job market and affordable housing, it’s no wonder why people are flocking to this vibrant city.
Whether you’re a first-time homebuyer or seasoned property owner on the hunt for a new home, be prepared to face some stiff competition in most neighborhoods. Each of the Richmond-area neighborhoods listed below has a Redfin Compete Score above 89, which means many homes receive multiple offers, some with waived contingencies, with homes are selling in under a week in most neighborhoods. Here are the top 10 most competitive neighborhoods in Richmond to buy a house right now.
1. Oxford
Compete Score: 96
Median sale price: $400,000
Average sale-to-list ratio: 109%
Share of homes sold above list price: 91%
Located in Richmond City County, Oxford is a quiet neighborhood that’s conveniently located between many shopping options, mountain bike trails, and parks. Combined with a Compete Score of 96, Oxford is also one of the most competitive neighborhoods to buy a house in Richmond, VA. With an average sale-to-list ratio of 109%, buyers should be prepared to face some stiff competition in order to score their dream home in this competitive neighborhood. 91% of homes sold above their list price and spend only 6 days on the market.
2. Westover Hills
Compete Score: 92
Median sale price: $505,000
Average sale-to-list ratio: 107%
Share of homes sold above list price: 78%
Homes for sale in Westover Hills
Flanked by Stratford Hills to the West and Forest Hill to the East, Westover Hills is a primarily residential neighborhood known for its many narrow one-way streets. Residents of Westover Hills enjoy access to many nearby outdoor destinations, including river access points, hiking, biking trails, Byrd Park, Maymont, and Forest Hill Park. Buyers looking for homes in Westover Hills should expect a strong housing market with less wiggle room over the sale price, boasting an average sale-to-list ratio of 107%. With a Compete Score of 92, 78% of homes are sold above list price and with median days on market clocking in at 8 days – spending less time on the market than Richmond at 11 days.
3. Jahnke
Compete Score: 90
Median sale price: $297,000
Average sale-to-list ratio: 104%
Share of homes sold above list price: 86%
Named after the main road that runs through the neighborhood, Jahnke Road (State Route 686), lies Jahnke, located in the Southside region of Richmond. Jahnke has a Compete Score of 90, with most homes getting multiple offers, often with waived contingencies. Buyers looking for homes in Jahnke should expect a strong housing market with less wiggle room over the sale price. The average sale-to-list ratio is 104%, and homes typically spend only 5 days on the market before going under contract.
4. Rosedale
Compete Score: 90
Median sale price: $333,000
Average sale-to-list ratio: 105%
Share of homes sold above list price: 64%
Want easy access to the city? Consider house hunting in Rosedale. Most homes in Rosedale were built between 1930 and 1960, and the neighborhood is well-known for its many one-story cottages, bungalows, and two-story Colonial and Tudor-style homes. Rosedale has a Compete Score of 90, making it one of the most competitive neighborhoods to buy a house in Richmond. Homes spend only 5 days on the market on average and 64% of homes sell above list price. Buyers looking for homes in Rosedale should expect a strong housing market with less wiggle room over the sale price with an average sale-to-list ratio of 105%.
5. Forest Hill
Compete Score: 90
Median sale price: $426,500
Average sale-to-list ratio: 107%
Share of homes sold above list price: 73%
Located along the James River in Richmond, Forest Hill is famous for its charming houses and sense of community. Forest Hill has a Compete Score of 90, with most homes getting multiple offers, often with waived contingencies, and typically selling within 10 days. With an average sale-to-list ratio of 107%, buyers should be prepared to face some stiff competition to score their dream home in this competitive neighborhood.
6. Mary Munford
Compete Score: 89
Median sale price: $386,900
Average sale-to-list ratio: 106%
Share of homes sold above list price: 67%
Homes for sale in Mary Munford
Look no further than Mary Munford if you want convenient access to shopping and dining options and the downtown expressway but still far enough away from the hustle and bustle of the city. Located near Carytown and the Museum District, Marey Munford has a Compete Score of 89, with many homes getting multiple offers, some with waived contingencies. 67% of homes sold above list price and median days on market clocks in at 8 days – 3 days faster than homes in Richmond at 11 days.
7. Carytown
Compete Score: 89
Median sale price: $405,000
Average sale-to-list ratio: 104%
Share of homes sold above list price: 63%
Nestled in the heart of Richmond and bordered by Thompson Street to the west and Arthur Ashe Boulevard to the east lies Carytown. Home to the historic Byrd Theater and famous for being Richmond’s first strip shopping center, Carytown is perfect for homebuyers searching for a primarily residential neighborhood with plenty of things to do. Combined with a Compete Score of 89, Carytown is also one of the most competitive neighborhoods to buy a house in Richmond, VA. 63% of homes sold above list price and median days on market clocks in 7 days.
8. Bellevue
Compete Score: 88
Median sale price: $385,000
Average sale-to-list ratio: 107%
Share of homes sold above list price: 70%
Well-known for its charming houses, a thriving retail district, proximity to Bryan Park, and tight-knit community, it comes as no surprise why homes in Bellevue typically only spend 6 days on the market before going under contract. This neighborhood is perfect for buyers looking for a walkable place to live just outside of the bustle of the city, but they need to act quickly. Bellevue has a Compete Score of 88. Many homes get multiple offers, some with waived contingencies, and 70% of homes sold above their list price.
9. Fulton Hill
Compete Score: 88
Median sale price: $225,000
Average sale-to-list ratio: 104%
Share of homes sold above list price: 64%
Looking for a quiet and dog-friendly neighborhood? Fulton Hill is the neighborhood for you. This neighborhood has a Compete Score of 88, with 64% of homes sold above list price and median days on market clocks in 8 days – spending less time on the market compared to Richmond at 11 days. Combined with an average sale-to-list ratio of 104%, buyers looking for homes in Fulton Hill should expect a strong housing market with less wiggle room over the sale price. Not to mention, Fulton Hill has the lowest median sale price of the neighborhoods on this list at $225,00, lower than Richmond’s at $290,000.
10. Cedarhurst
Compete Score: 87
Median sale price: $315,000
Average sale-to-list ratio: 105%
Share of homes sold above list price: 60%
Cedarhurst is a quiet neighborhood near Forest View and Jahnke, with plenty of walking trails to enjoy the outdoors. Homebuyers scouting out the area can expect competition as homes sell at record speeds in this hot neighborhood, spending only 10 days on the market. Cedarhurst also has a Compete Score of 87, which means many homes get multiple offers, some with waived contingencies.
Methodology
Compete Score rates how difficult it is to win a home in an area. Using a combination of Redfin data and data from the multiple listing services (MLS), Compete Score is primarily calculated based on four inputs: number of competing offers, waived contingencies, sale to list ratio, and number of days on market.
The median sale price represents the figure at which half of the properties in the area sell at a higher price and other half at a lower price.
The rankings for most competitive neighborhoods include neighborhoods with at least 25 sold homes within the last 12 months for which Redfin has Compete Score data. The rankings in this report reflect an average of monthly stats from January through December 2021.
This post first appeared on Redfin.com. To see the original, click here.