Richmond hill ga real estate
Development of Richmond Hill, in South Bryan County, first began around 1920 following the extension of the BMT Jamaica Avenue elevated train line through the area two years earlier. It is located along the Georgia colonial coat and has a salubrious climate. This attracts a regular flow of residents from Savannah, Chatham County, where increasing overcrowding and rising tax rates encourage people to relocate. The town has a vibrant, peaceful community, mainly consisting of families. It is conveniently close (20 miles) to Savannah. These factors keep the interest in real estate still alive in Richmond Hill, in spite of the general decline all over the country.
The population of Richmond Hill has crossed 10,000 and its growth rate is among the highest in the country. Yet the close knot community still maintains a small town atmosphere. It is serviced by U. S. 17 from north to south and State Route 144 along Ford Avenue from east to west. The Interstate 95 has two exits within Richmond Hill, one from each of the highways. The U.S. 17/I-95 interchange has become a popular halt with truck drivers and other motorists. There are several restaurants and motels for travelers who need a break. There is also a service garage for trucks.
Richmond Hill Real Estate Trends
At the moment real estate trends in Richmond Hill are remaining rather constant. Approximate figures are 485 units listed at an average of $280,000 registering a decrease of 0.3%. Of these about 20 were new homes, at an average of $175,000. There were about 325 real estate advertisements at an average of nearly $310,000. There were no foreclosures. The last fact strikes a positive note.
Following the national trend, mortgage rates have moved up marginally in Richmond Hill. Current mortgage rates are as follows: 1) 5.786% for 15 year fixed category, up 0.097% 2) 6.140% for 30 year fixed category, up 0.076% 3) 5.352% for 1 year adjustable rate mortgage, up 0.630% 4) 5.458% for 3/1 year adjustable rate mortgage, up 0.616% and 5) 5.530% for 5/1 year adjustable rate mortgage, up 0.466%. There is no apparent effect of present mortgage rates on real estate trends.
Listing prices for homes in Richmond Hill are almost stagnant, at an average rate of about $130,000 to $400,000. Average rates and weekly variations for different units are approximately $130,000 for two bedrooms up 1.5%, $300,000 for three bedrooms down about 2%, and $405,000 for four bedrooms down 0.2%. Average for all types is $385,000 down 1%. The drop of 1% in average rates is not a major concern to real estate agents, who are expecting things to change for the better in a matter of time.
Conclusion
Though generally prices are remaining stagnant, realtors do not expect any major drop in real estate rates. Some sellers eager to conclude a quick sale reduce their prices significantly. Buyers looking to relocate to Richmond Hill should try and pick up the better lots at present rates.
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