A home in Church Hill, which real estate website Zillow called Richmond's "hottest 'hood" of 2016. (Photo courtesy www.zillow.com)
Zillow, the popular real estate website that helps millions of people find their next home, has ranked Richmond number four on its list of the hottest housing markets of 2016.
The list ranks 10 different housing markets around the country on home value growth.
"To determine the hottest real estate markets for 2016, we looked at the Zillow Home Value Index (ZHVI) Forecast, recent income growth and current unemployment rates," reads the website. "These variables were scaled and combined equally to form a “hotness score.”
Richmond's strong income growth -the strongest on the list - and low unemployment rate contributed to its ranking.
"Church Hill, Carytown and The Fan should be the hottest hoods in terms of home value growth," reads the website.
In other Richmond real estate news, this year we featured Church Hill and other hot Richmond neighborhoods in our 2015 Real Estate Buyers Guide, which spotlights real estate trends and areas where homes are in hot demand, and offers advice from market pros. We also named up-and-coming urban neighborhood Scott's Addition to our annual list of Richmond people, places and things to watch, The Hot List (see page 2).
