Richmond, VA - House Price Index (HPI)
Richmond Real Estate Market - Home Price Forecast
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The House Price Index (HPI) shows changes in Richmond, VA single family home prices in
logarithmic scale. The March, 1995 index value equals 100.  Updated Friday, July 17, 2015. Real
estate forecasts, analysis, statistics and appreciation rates are provided below.
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Richmond Real Estate Market: Trend Outlook, Analysis & Statistics
Commentary  18730
3rd Quarter, 2014 Housing Statistics: Richmond, Virginia


Part 1: HOUSING MARKET FORECAST

12 Month Forecast:        UP
Forecast Accuracy:      93%

LittleBigHomes.com publishes forecasts for the trend in home prices in 380
Metropolitan Statistical Areas. The House Price Trend will be either UP or
DOWN. The forecast for the trend in the Richmond housing market for the 12
months ending with the 3rd Quarter of 2015 is UP. The Accuracy of the Trend
Projection for Richmond is 93%. In other words, when tested against historical
data, the forecasting methodology was correct 93% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Richmond is 93% during this period. If this Housing Market Forecast is correct,
home prices will be higher in the 3rd Quarter of 2015 than they were in the 3rd
Quarter of 2014. Check this page each quarter for updates to the Richmond
Real Estate Market Forecast.


3 Year Forecast:            UP
Forecast Accuracy:      93%

The forecast for the trend in the Richmond housing market for the 3 years
ending with the 3rd Quarter of 2017 is UP. The Accuracy of the Trend
Prediction for Richmond is 93%. In other words, when tested against historical
data, the forecasting methodology was correct 93% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Richmond is 93% during this period. If this Housing Market Forecast is correct,
home values will be higher in the 3rd Quarter of 2017 than they were in the 3rd
Quarter of 2014. Check this page each quarter for updates to the Richmond
Real Estate Market Forecast.




Part 2: MARKET SUMMARY
3rd Quarter, 2014 Housing Data: Richmond, Virginia


Historical Home Price Appreciation
Last Quarter                         -0.38%
Last Year                              3.9%
Last 5 Years                         -5%
Last 10 Years                       15%
Last 20 Years                       88%
Decline From All Time High   13.81%


Annual Home Price Appreciation Rates
1984      2.96%
1985      4.57%
1986      6.92%
1987      8.57%
1988      6.26%
1989      4.52%
1990      2.19%
1991      2.46%
1992      2.16%
1993      1.89%
1994      0.74%
1995      3.53%
1996      1.53%
1997      3.55%
1998      3.80%
1999      3.89%
2000      5.04%
2001      6.11%
2002      6.31%
2003      7.54%
2004      12.01%
2005      16.15%
2006      9.52%
2007      2.56%
2008      -3.65%
2009      -6.49%
2010      -3.58%
2011      -5.30%
2012      -0.78%
2013      2.25%


Real Estate Appreciation, Rank & Percentile
Last Quarter                              -0.38%        Rank: 334 of 381 (12th Percentile)
Last Year  . . . . . . . . . . . . . . . .  3.9%           Rank: 191 of 381 (50th Percentile)
Last 5 Years                              -5%             Rank: 307 of 381 (19th Percentile)
Last 10 Years  . . . . . . . . . . . .   15%            Rank: 150 of 381 (60th Percentile)
Last 20 Years                            88%            Rank: 126 of 378 (66th Percentile)
Decline From All Time High        13.81%

The change in home prices for Richmond, VA are shown above for five time
periods. For example: Richmond appreciated -0.38% in the Last Quarter. At
that rate, the Richmond Real Estate Market was ranked 334th out of 381
metropolitan Real Estate Markets. Richmond was in the 12th percentile. So
Richmond, VA performed better in the Last Quarter than 12% of the 381
metropolitan areas covered in LittleBigHomes.com.

























Part 3: MARKET HIGHLIGHTS
3rd Quarter, 2014 Housing Statistics: Richmond, Virginia

The all time high in the Richmond Home Price Index was 219.7 in the 2nd
Quarter, of 2007. The 3rd Quarter, 2014 index value was 189.4. That's a
decline of 30.33 points or 13.81% below the Richmond Home Price Index all
time high.  The Home Price Index indicates that the Richmond Market is up 15%
over the last 10 years. Home prices in the Richmond Real Estate Market have
gained 3.94% over the last 12 months. Over the last thirty years, it is up 174%.

The 3rd Quarter index value was 0.72 points lower than the 2nd Quarter, 2014
index value of 190.09, resulting in a 0.38% decline for the 3rd Quarter in the
Richmond Market.

The Richmond Home Price Index declined in the last quarter after increasing in
the previous 5 quarters. The current record holder for consecutive declines in
the Home Price Index is Terre Haute, IN, with declines in the last 3 consecutive
quarters. The current record holders for consecutive increases in the Home
Price Index are Phoenix, AZ; Houston, TX and Boise City, ID, with increases in
the last 13 consecutive quarters.

The highest annual change in the value of houses in the Richmond Real Estate
Market was 16% in the twelve months ended with the 4th Quarter of 2005. The
worst annual change in home values  in the Richmond Market was -8% in the
twelve months ended with the 1st Quarter of 2010.

The highest growth in home values in the Richmond Real Estate Market over a
three year period was 45% in the three years ended with the 2nd Quarter of
2006. The worst performance over a three year period in the Richmond Market
was -16% in the three years ended with the 2nd Quarter of 2011.

This page provides a long term graph of the Richmond Home Price Index
(above). For information about Virginia home values, click Real Estate Market
Forecasts in the navigation bar at the top of this page.  You'll see long term
charts and analysis that will provide tremendous insight into the historical trends
of residential property values. Bookmark this page! Then LittleBigHomes.com's
detailed research and statistics about Richmond Home Prices will be at your
fingertips when you need them.

All calculations are based on the quarterly value of the House Price Index for
the Richmond Market. The terms House Price Index and Home Price Index, as
used in this site, refer to the Federal Housing Finance Agency (FHFA) House
Price Index.

Significant time is required to research quarterly sales price and appraisal data
from mortgage transactions in the Richmond Real Estate Market and hundreds
of other cities. As a result, Home Price data is not available for a number of
months after the end of each quarter.



Part 4: APPRECIATION RATES & RANKINGS
3rd Quarter, 2014 Housing Data: Richmond, Virginia

The trend of Richmond Home Prices relative to 380 other metropolitan areas is
detailed below. Each metropolitan area contains one or more cities. Five
different time periods are reviewed.  Each paragraph identifies the top and
bottom performing markets as well as the average and median performance for
all cities during each time period.

Last Quarter:
During the 3rd Quarter of 2014, Richmond Home Prices had a rank of 334, with
appreciation of -0.38%. The top performing real estate market during the 3rd
Quarter was Johnstown, PA, with a rise of 7.10%. The worst market during that
period was Farmington, NM, with appreciation of -4.09%.
The median for all cities during the 3rd Quarter was 1.44%. The average for all
markets during the quarter was 1.49%.

Last Year:
During the last 12 months, Richmond Home Prices had a rank of 191, with
appreciation during the year of 3.94%. The top performing market during the
last year was Madera, CA, with an increase of 19.4%. The worst real estate
market during that period was Jacksonville, NC, with appreciation of -4.5%.
The median for all markets during this period was 3.94%. The average was
4.71%.

Last 5 Years:
Over the 5 years ended with the 3rd Quarter of 2014, Richmond Home Prices
ranked 307, with a total appreciation of -5.1%. The top performing real estate
market during the 5 year period was Merced, CA, with a growth in value of 45%.
The worst market during that period was Ocala, FL, with appreciation of -16%.
The median for all cities during this time period was 1%. The average over the
5 years was 3%.

Last 10 Years:
During the 10 years ended in the 3rd Quarter of 2014, Richmond Home Prices
had a rank of 150, with appreciation during the decade of 15%. The top
performing market during the period was Midland, TX, with a rise of 129%. The
worst real estate market during the 10 year time period was Las Vegas, NV, with
appreciation of -27%.
The median for all markets during the last 10 years was 10%. The average for
the cities over that time frame was 11%.

Last 20 Years:
During the 20 years ended in the 3rd Quarter of 2014, Richmond Home Prices
had a rank of 126, with total growth over the 20 year period of 88%. The top
performing real estate market during the period was San Francisco, CA, with an
increase of 229%. The worst market during the last 20 years was Rockford, IL,
with appreciation of 23%.
The median for all cities during the last 20 years was 75%. The average for the
markets over that time frame was 82%.

Historical research data on the Home Price Index for the Richmond Real Estate
Market is available back to the 4th Quarter, of 1976. All calculations are based
on the quarterly value of the House Price Index for Richmond. Real estate
appreciation figures represent total net increase or decrease over each time
period. (Unless specifically stated, the figures do not represent annual or
quarterly rates of change.)





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