In a stunning contradiction to the rest of the region, areas near the proposed casino are seeing higher inventory of homes and marketing times than the surrounding area. In Richmond directly around the proposed Richmond Grand Resort and Casino and directly north, the price per square foot has fallen over the last year, as inventory has risen to three-year highs.
In a two-mile radius of the proposed site inventories remain elevated but price trends have moderated.
It appears that hidden in these numbers is a sudden flood of low-condition properties to the market that are artificially driving down these metrics. When taking condition into account, the market is still appreciating, which is common for affordable entry-level homes, common to this area.
What can be said is that current investors are viewing this as the time to put it all on the table, with multi-million dollar portfolios of single-family rentals being liquidated single-family. Simultaneously, flippers are seeing this market as ripe to pick up low-condition rentals and convert these into owner-occupied units.