Best Cities In Virginia For Real Estate Investments

 

house with a pool

 

Real estate investments can be very profitable and great for your investment portfolio if they are done correctly. It's important to make sure you are investing in a place where the homes aren't too expensive. If you have considered investing in some property in Virginia, keep reading to see some of the best cities for real estate investments.

 

Richmond, Virginia

Average Sale Price For A Home: $240,000
Average Rental Price For A Home: $1070

Richmond is a fantastic city that has a population of about 226,000 residents. Their home prices are fantastic compared to the rest of the country, and they have over a thousand homes on the market, so you can be sure to find the perfect investment property.

Rental properties will only do well if you buy them in a place where they are highly in demand. According to niche.com, 56% of residents in the city rent their homes, so this is a fantastic place to look for rental properties to purchase. The area is also known for welcoming many young professionals, with the majority of its residents being 25-34 years old.

Brick house, with trees in the fall

 

Alexandria

Townhouses on the water

Average Sale Price For A Home: $620,000
Average Rental Price For A Home: $2,200

Residents love living in Alexandria for its incredible location, along with its beautiful waterfront homes. If you want to live nice and close to Washinton for work or school, then this is one of the best places to be. It has a fantastic small-town feeling and beautiful old homes.

Alexandria is about a 16-minute drive away from Washington, and it has plenty of homes available. Townhouses and row homes are very common, along with single-family homes and condos. It's a great place to snap up some real estate for long-term or short-term rentals, with Washington becoming a hot spot for tourists in the last few years.

 

Fairfax

Average Sale Price For A Home: $670,000
Average Rental Price For A Home: $2,600

Fairfax is a suburb of nearby Washinton, D.C., and many of the residents who live in the area commute into Washinton for work. They prefer to live and rent in Fairfax due to the lower price of homes, so it's a popular market for both.

Fairfax has plenty of single-family homes and quite a few "row houses," which are very popular with renters. There are also quite a few condo buildings and apartment buildings with units for sale that would make excellent rental properties.

 

Clifton Forge

Average Sale Price For A Home: $110,000
Average Rental Price For A Home: $600

The housing prices in Clifton Forge are unreal, and the homes are beautiful, so this is one of the best choices for real estate investment. The town has about 3,500 residents, and it's full of historical places that are listed on the National Historial Register.

Most of the homes for sale are single-family homes, but even the large ones (3+) bedrooms are selling for much less than homes in other parts of the state. The town is nestled in the gorgeous Virginia hills, and many of the residents love the historical connections. Almost half of the residents (41%) are renters, which makes this town a good place to go if you are looking for a market with high rental demand.

 

Portsmouth

Average Sale Price For A Home: $240,000
Average Rental Price For A Home: $1,400

Portsmouth is located on the state's east coast, and it's situated right on the water against the Elizabeth River, giving residents some fantastic waterfront views. This city has a population of around 97,000 residents and is full of great pieces of Army, Navy, and civil war history.

The city has hundreds of homes on the market, with the majority being family-style homes that are one story with 3+ bedrooms. This style of home is perfect for anyone who wants some great returns from their investment properties, as they are one of the most sought-after homes for renters. If you are looking for some more significant properties, then there are also apartment buildings available in the 1mil range, which is a great price for anyone looking for multi-family investment properties.

ity on the water

 

Virginia has so many excellent properties that are available for real estate investors that can offer a great return. There are plenty of places that have low real estate prices or great locations that make the homes ideal for any renters in the area. Have a look at the homes in some of these cities today if you are looking for some amazing investment properties.