MVA Mapping

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MVA Mapping

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Richmond, VA (2017)

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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:

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  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type B”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type C”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type D”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type E”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type F”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type G”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type H”][vc_column_text]

  • 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.

[/vc_column_text][/toggle][toggle color=”Extra-Color-2″ title=”Market Type I”][vc_column_text]

  • 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.

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

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RESOURCES

[/vc_column_text][vc_custom_heading text=”MVA Mapping Tool” font_container=”tag:h2|font_size:44|text_align:left|color:%23ffffff” use_theme_fonts=”yes” css=”.vc_custom_1536612559249{padding-bottom: 10px !important;}”][vc_column_text css=”.vc_custom_1536612548691{margin-bottom: 30px !important;}”]Reinvestment Fund’s 2017 Market Value Analysis (MVA) of Richmond, Virginia.[/vc_column_text][nectar_cta btn_style=”see-through” heading_tag=”h5″ text_color=”#ffffff” link_type=”regular” alignment=”left” link_text=”LEARN MORE” url=”https://rmhfoundation.org/resources/mva-mapping/”][/vc_column][vc_column column_padding=”padding-6-percent” column_padding_position=”all” background_color=”#ffffff” background_color_opacity=”1″ background_hover_color_opacity=”1″ font_color=”#fcb62a” column_link_target=”_self” column_shadow=”small_depth” column_border_radius=”none” width=”1/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”.vc_custom_1536612471098{margin-bottom: 10px !important;}”]

RESOURCES

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

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