Richmond, Virginia is one of the nation's oldest cities, with history dating back to its independence in 1871. The famous speech, "Give me liberty or give me death," was spoken at the St. John's Church by Patrick Henry, a Founding Father, which is believed to have convinced the Convention to enter the Revolutionary War. Every year, the Richmond region attracts 7 million visitors, who come to sightsee and snap photos of cultural hotspots like the Maymont, Virginia Museum of Fine Arts, Virginia State Capitol, Hollywood Cemetery, Edgar Allan Poe Museum and Tredegar Iron Works, to name a few.
However, Richmond attracts more than tourists. The capital of Virginia is home to 202,214 residents of a median age of 37 - but the median age of the Richmond homeowner is 57.5 years old. Richmond real estate is affordable when put against the median income of $41,250 per year. The average list price of $216,156 - a 12.75 increase from 2014 - is likely representative of a slight drop in inventory in an already small market of homes for sale. Last year, inventory declined 15.51 percent, from 948 listings to 801 homes on the market. For Richmond homeowners, price-per-square-foot increased 13.64 percent, from $110 to $125 year-over-year, indicating a growing market with potential for higher home value increases in the future.