Terra Nova Detached Homes Pricing Trend

April 15, 2015

 Detached home pricing trend in Terra Nova

Generally, when people talked about the pricing trend for detached homes in Richmond, the perception was that single family homes increased in prices almost yearly. But, a closer look at the market for single family homes revealed that not all neighborhoods and sub-market segments experienced price gains.

Terra Nova detached home pricing trendTerra Nova in Richmond is a better known by the local residents as one of the most prestigious and expansive neighborhood in Richmond. A study on the pricing trend for detached home prices in Terra Nova revealed some interesting findings.

The homes selected in the study had between 2,600 to 2,900 sq ft build-up area. These homes were generally consisted of 5 bedrooms and 3 to 4 full baths, and the lot sizes were from 5,000 to 6,000 sq ft. 

As can be seen from the chart to the right, after reaching a peak in 2011 at around $1.5 million, home prices in Terra Nova tapered off and remained at around $1.35 to $1.45 million. Surprisingly, the spike up in prices was only happened in early part of 2015 after the supply and demand for detached homes in Richmond turned bullish at the end of 2014.

We will cover other market segments in our next few articles the factors affecting the detached house market in Richmond.

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