MVA Mapping

Richmond, VA (2017)

Reinvestment Fund’s Market Value Analysis (MVA) describes the characteristics of the block groups within a study area. In 2017, Reinvestment Fund developed a Market Value Analysis for the City of Richmond, VA.

Reinvestment Fund’s cluster analysis revealed nine market types, characterized as follows:

Market Type A

  • 32 of the region’s 461 block groups have been characterized as “A” markets.
  • 8.8% (68,848) of the region’s 2011-2015 population and 7.9% (23,926) of its households.
  • Typical home sales price in “A” markets is approximately $501,292, nearly 2.5 times the regional median.
  • Highest average percentage of properties (5.9%) that have been built in the last 10 years
  • Elevated rates of permitting activity (11.6%) relative to the regional average.
  • Owner occupancy rates (90.1%) well above the regional average.
  • “A” markets have the lowest level of bank sales (2.6% of sales) in the region.
  • There are few publicly subsidized rental housing options in these markets (0.4% of all rental units).
  • “A” markets are the least dense housing market with an average only 1.9 housing units per residential acre.

Market Type B

  • High 23 of the region’s 461 block groups have been characterized as “B” markets.
  • Highest density of all of the markets at an average of 17.2 housing units per residential acre
  • 5.3% (41,700) of the region’s 2011-2015 population and 6.7% (20,252) of its households.
  • At nearly $426,000, the “B” markets’ typical home sales price is just over two times the regional median.
  • Permitting activity (5.0%) is slightly below the regional average.
  • “B” markets are predominantly renter occupied, with 33% of all households being owner occupied.

Market Type C

  • 82 of the region’s 461 block groups have been characterized as “C” markets.
  • More suburban in form, with an average of 3.2 housing units per acre
  • 19.9% (155,458) of the region’s 2011-2015 population and 19.5% (58,660) of its households.
  • Home sale prices ($274,479) above the regional average.
  • Permitting activity (7.2%) is second highest in the region.
  • Predominantly owner occupied (83%); of the limited number of rental properties, few (3%) are publicly subsidized.
  • The average rate of bank sales, 6%, is double that of “A” and “B” markets.

Market Type D

  • 53 of the region’s 461 block groups have been characterized as “D” markets.
  • 11.9% (92,974) of the region’s residents and 13.2% (39,877) of its households.
  • The typical home sale prices in “D” markets ($195,175) is just under the regional average.
  • Permitting activity in “D” markets (5.7%) is just under the regional average.
  • Lowest average homeownership rate (29%)
  • Second highest density (9.8 units per acre) of all of the markets.
  • Comprise over 28,700 rental households, with an average of 7% receiving some form of subsidy.

Market Type E

  • 103 of the region’s 461 block groups were characterized as “E” markets.
  • These block groups were home to 22.8% (178,048) of the region’s 2011-2015 population and 21.6% of its households.
  • The typical home sales price in “E” markets is approximately $182,686, roughly 10% below the regional average.
  • The market is largely (80%) owner occupied, third highest in the region.
  • Bank sales are roughly equal to the regional average.
  • Percent of presidential properties built since 2008 (2.6%) is slightly below the regional average.
  • Permitting activity in “E” markets (5.5%) is slightly below the regional average.

Market Type F

  • 30 of the region’s 461 block groups were characterized as “F” markets.
  • 6.8% (53,482) of the region’s 2011-2015 population and 7% (20,978) of its households.
  • The typical home sales price in “F” markets is approximately $140,358, just over two-thirds the regional average
  • On average, 21% of all sales are bank sales.
  • Permitting activity in “F” markets (10.6%) is the third highest rate in the city.
  • These markets are nearly evenly split between owners (48%) and renters.
  • Of the renter households, an average of 77% per block group are receiving public subsidy; the second highest level in the region.

Market Type G

  • 62 of the region’s 461 block groups were characterized as “G” markets.
  • 11.6% (90,655) of the region’s 2011-2015 population and 11.8% (35,626) of its households.
  • At $117,611, typical home sales prices in these “G” markets are just above half the regional average.
  • In a typical block group, nearly 30% of all sales are by banks.
  • An average of 59% of households own their home, the fourth highest average of all markets.
  • Of the renter occupied households, on average 6.5% of them are subsidized.
  • The third highest vacancy rate (3%) of all market types.
  • Permitting activity in “G” markets (4.9%) is below the regional average.

Market Type H

  • 31 of the region’s 461 block groups were characterized as “H” markets.
  • 4.1% (32,453) of the region’s 2011-2015 population and 3.9% (11,640) of its housing units.
  • The typical home sales price in “H” markets is $63,465, just below one-third the regional average.
  • On average, bank sales account for 32.8% of all sales in “H” block groups.
  • Permitting activity in “H” markets (3.7%) is the second lowest of all market types.
  • “H” markets typically have 41% homeowners and 59% renters.
  • On average 12% of renter households receive public rental subsidy, the third highest percentage among market types.
  • Average vacancy rates in “H” markets (8.5%) are the highest in the region and over 2.5 times as high as the next highest market.

Market Type I

  • 18 of the region’s 461 block groups were characterized as “I” markets.
  • These block groups are the third most densely built (7.2 units per residential acre)
  • 3.3% (26,112) of the region’s 2011-2015 population and 3.1% (9,401) of its households.
  • The typical home sales price in these “I” markets is $53,597, approximately 25% of the Richmond regional average.
  • Permitting activity in “I” markets is the lowest in the region at 2.0%.
  • “I” markets typically have 30% homeowners and of the 70% that are renters.
  • On average, 89% of the renter households are receiving some form of subsidy.

The tables below show each component’s average for each MVA category.

RESOURCES

MVA Mapping Tool

Reinvestment Fund’s 2017 Market Value Analysis (MVA) of Richmond, Virginia.

RESOURCES

Community Scan

Regional Scan and Strategies for Community Engagement in Health, Housing and Community Development.