“Richmond is the perfect-sized livable city,” said Margaret Wade, an agent at Long & Foster. “It has the bones of a bigger city, with world-class amenities such as the Virginia Museum of Fine Arts and a vibrant restaurant and brewery scene, but also the feel of a smaller town, with charming neighborhoods and a welcoming Southern vibe.”

As the capital of Virginia, Richmond offers plenty of well-paying jobs in government and finance (unemployment in July 2023 was just three percent), but also various ways to relax after a long work week. Its many cultural institutions, lively culinary scene, outdoor recreation (the James River runs through the city), festivals, and historical landmarks keep its residents entertained. But one of the main draws here is the affordable housing.

According to Redfin, the median home sale price in July 2023 was $388,000, lower than the national average. But real estate experts warn the market is fairly hot due to the influx of new residents and low inventory, Wade explained.

“Richmond has much to offer every homebuyer at every price point,” said Jim Dunn, realtor at Joyner Fine Properties, noting there are plenty of neighborhoods to choose from in the city. “The Fan boasts historic row houses, Bellevue has a plethora of Craftsman homes, and Ginter Park offers a wide range of colonial, Georgian, and Tudor architecture. And in Bon Air, you will find mid-century modern gems.”