Richmond is the capital city for the Commonwealth of Virginia, as is one most historically important cities of the United States. It is considered to be in the third largest metropolitan area in Virginia, being an important cultural and economic city for the state. Much of the economy for Richmond is largely driven by government, law, and finance fields.
It is home for various governmental agencies, such as the United States Court of Appeals for the Fourth Circuit and the Federal Reserve Bank of Richmond. Richmond also is an important tourism city for Virginia, due to its historical sites. Richmond realtors will have to use such factors in order to provide for stable and profitable careers in the business.
Richmond realtors, even though there are various economic factors having a positive role in the real estate market, will have to battle with one particular aspect that has a monumental effect on property values. Crime is extremely high in Richmond, and even though crime rates are on the decline, it is still labeled as one of the most dangerous cities in the United States.
Even though there is an affluent economic structure, home and property values prove to be fairly low when compared to other regions in Virginia, particularly Alexandria and Arlington. The average listing is about $230,000, with a sales price average of just under $170,000. However, these figures tend to fluctuate and are currently declining. Many argue that the main driving factor of the trend is the crime rates of the city, which still are well above both the state and national average.