New vs. Old in Church Hill
Updated: Feb 3, 2021
Church Hill is a confluence of new and old Richmond. Historic homes with new construction around the corner. Decades-old businesses with microbreweries and speak easies (to those in the know). How has this confluence faired in market values and how have government initiatives designed to encourage the renovation of historic (at least 20 year old homes per the law) affected the market?
The data below represents an analysis of the last three years 01/01/2018 - 01/01/2021.
As you can see (when adjusted for square footage) since mid-2020, older home sales have performed stronger than that of newer home sales, both in median price and in price acceleration. With current tax abatements for older home renovation (read more here) it shouldn't be shocking that both private homeowners and investors would see this as a beneficial factor to consider.
When we pair that with the analysis that new homes have remained roughly flat over the past three years, it gives strong evidence that the renovation market in Church Hill will likely be the primary driver of market values in the coming years.