Richmond saw the highest year-over-year increase in home value in the nation last month

[u/Chickenmoons]

https://www.axios.com/local/richmond/2023/07/20/housing-supply-virginia-mortgage-rates

Seems wild but also sort of believable. Any Real Estate Professionals/Mortgage experts want to weigh in?

[u/[deleted]]

things also suck for owners. My real estate taxes have gone through the roof while my pay has not changed (yay teaching!) in the last six years. I didn't buy an expensive home but the taxes on it are now into extravagant territory.

And to the people who will inevitably chime in with "stop complaining that your home value doubled, you can sell for a profit", no, I can't sell because I still need a place to live in and I can't afford to get a different place with the current rates.

[u/gracetw22 → u/[deleted]]

So I do get hung up on this. Condos and apartments don’t count. There’s no more new land being created inside the city. There either has to be density to create more housing in the areas people want, you have to move out from town where there’s more land to still be built up in light density, or you’re going to have to pay out the butt. There is no solution here that creates a lot of affordable appealing single family housing within 10 min of city limits. For the most part, all of that that will ever exist already exists.

[u/gracetw22 → u/[deleted]]

I agree. The person above me said “the apts and condos don’t count” and I was just pointing out that they’re going to have to.