Nestled in the ‘fall line’ of the James River, Richmond is the Capital city of the ‘Commonwealth of Virginia’. Richmond is actually an independent city and not a part of a county, like most cities. Instead, Richmond is the center of the MSA—Metropolitan Statistical Area—with a city population of around 210,000.
Richmond, as it stands now, was founded in 1737 and became the capital of the ‘colony of the Dominion of Virginia’ in 1780. This was the same colony that Sir Walter Raleigh had set out for in 1587, but his mission failed at Roanoke Island. The Revolutionary War saw some huge and notable events occur in Richmond, including the famous “Give me liberty or give me death” speech by Patrick Henry.
Modern day Richmond relies on a different economy than it did two hundred years ago. Today the economy tends to focus more on government, finances and law. It is home to one of the twelve federal reserve banks, one of the thirteen U.S. courts of appeal and the federal reserve bank of Richmond. Because of its location Richmond is also a very popular tourist destination. Its proximity within the geography of the southern eastern states allow movement from one end of the coast to the other, bringing travelers from all over the country and all over the world.
Richmond Virginia also has ‘twin’ or sister cities around the world, one of which is Richmond-Upon-Thames in England, which is rather apt, given that many places in the United States got their names from the English or European counterparts from where their settlers began. Some places, such as Raleigh, which was named after Sir Walter Raleigh got their names from the people who initially settled or colonized the area.
Property values in Richmond and the Benefits of Living there
Richmond VA real estate benefits from a steady property market and the average property price is $155,000 for the typical three bed, two and half bathroom home. Approximately every two to five years there is a growth spurt of around an 8% boost to property values. Because of the climate of Virginia being quite damp it does have a rather a high percentage of rain per year at an average of 44 inches.
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