If you’re thinking about buying a home or building a custom home, one of the things that you’ll want to consider before choosing a location is the local real estate trends. Local real estate trends can have a big impact on the current value of a property as well as its future value.

For example, buying a property when values in the area are trending down might be risky because you could end up with a house that’s less valuable than what you paid for in only a year’s time.

However, if values are trending upwards, demand is likely growing in the area, which means that your house could increase in value in the future. These are just examples, but you can see why the home trends of your target neighborhood and the surrounding areas can have an impact on your homes long-term value.

Home Trends in Moseley, VA and the Surrounding Areas

You’ve likely landed on this page because you’re interested in real estate in the Moseley or nearby area. Since home trends could affect the future value and price of your home, let’s take a look at some of the current home trends in Moseley and the areas surrounding it.

Home Trends in Moseley, VA

The median home price in Moseley of the properties that are currently on the market is $369,990. These homes include zero foreclosures, which is a good sign of a healthy local real estate market.

Additionally, the median home values in Moseley have gone up by roughly 5.3 percent over the past year and are expected to go up by as much as 2.5 percent within the next year.

Midlothian, VA Trends

Located only ten miles outside of Moseley, Midlothian home values are currently at $279,900.

This represents a 3.8 percent increase over the past year, and like home values in Mosely, home values in Midlothian are expected to increase almost as much over the next year at a rate of 2.3 percent.

Additionally, the current median price of homes on the market in Midlothian is $349,500, while the median price of homes sold is $262,357.

You could argue that home sellers are overvaluing their properties, but this could be the result of values trending upwards, which means that the actual values and sale prices could catch up to those listed prices in the near future.

Chesterfield, VA Trends

Chesterfield is located roughly 15 miles away from Moseley. The area has also experienced a boost in home values over the past year.

At the moment, the median home value in Chesterfield is $244,700, an increase of 4.8 percent over the past year. While this is lower than home values in both Moseley and Midlothian, experts believe that Chesterfield’s home values will increase even more at as much as 3.1 percent in the next year.

Also of note, the median price of homes currently listed on the Chesterfield market is $330,000, even though the median price of properties sold in the area is $245,863.

Bon Air, VA Trends

Bon Air, which is less than 20 miles away from Moseley, may have a low median home value of $225,700, but it’s currently a seller’s market, which means that there is a bigger demand for properties in the area than there are homes to buy.

Bon Air home values have risen 3.2 percent over the past year and are predicted to increase by 2.3 percent in the next year.

Additionally, the median price of homes listed on the Bon Air market is $234,872, and the median price of homes being sold isn’t far from that number at $230,943, which is a sign of a real estate market that’s trending up.

Richmond, VA Trends

As you probably know, the biggest city in the area is Richmond, which is between 20 and 30 miles away from Moseley. Because Richmond is such a large city, it shouldn’t be surprising that its median home value is lower than the surrounding suburban areas. Currently, the median home value is $185,700.

However, that represents a major increase of 13.7 percent over the past year, and it’s expected to keep going up, with experts predicting a 3.8 percent increase in the next year.

The median listing price of homes in Richmond is much greater than the median value as well at $249,995. While the median price of homes sold isn’t quite that high, it is higher than the median home value at $205,636.

Know Area Trends To Purchase With Confidence

As you can see, home trends in Moseley and the surrounding areas are looking good. While home values do vary from one area to another, they have been increasing steadily over the past few years in every area surrounding Mosely and are expected to keep doing so over the next year. This means that buying or building a home in Moseley now can be a smart investment.

For information about building a custom home in our community or for information about our community itself, contact us at Summer Lake today.