- Million Dollar Homes For Sale -
- Richmond VA -
No matter where you go in the US, one million dollars is a measurement by which salaries and homes are compared.
Each market in the US (and the world) has their own inputs that drive values and specifically, what drives values to $1,000,000. For some it is proximity, for some it is history and for some it is space.
Regardless of the reason that a home can justify an asking price in excess of $1MM, in Richmond and surrounding areas, the $1MM threshold is not an easy one to crack.
What makes you worth 7 (or more) digits in Richmond?
The first and most important factor in getting to the $1MM mark is involvement with water....specifically, the James River. The condos on the upper floors of the Vistas, Rocketts Landing and the homes in both the City and Henrico, Goochland and Chesterfield that have expansive River views, can command that price. While I am sure that some of the properties that front smaller lakes or other smaller rivers or creeks (South Anna) can ask a premium, having property along the James drives a large portion of value.
History also plays a role. Monument Avenue, Seminary Avenue and Cary Street Road all have enough historic currency to command the $1MM+ number. Richmond’s powerful (and oft divisive) history is highly valued by many. Additionally, those who own some of Richmond’s most iconic properties along these avenues feel a responsibility to steward these properties from one generation to the next.
While size matters, simply being big does not necessarily mean expensive. While there are certainly homes whose scale (and thus, cost) generates a price over the $1MM mark, often times, size without another element (river, history, estate setting) will not necessarily mean ‘a mil’ (or more) is the value.
Lastly, there is a geographic component to value. There are more areas in Henrico that can command the price than Chesterfield. There are more areas in Goochland than in Hanover and Powhatan and so on. Owning a million dollar home in Chesterfield is likely only in very specific neighborhoods. Henrico offers more spots where 7 digit home prices are justified.
Overall, Richmond is not a city with a tremendous number of million dollar homes.
What does a million dollars buy you in (and around) Richmond?