That fact alone implies a borderline critical shortage of inventory.
The dominant subdivision in the 23059 zip code (see graph comparing 23059 to 23113 and 23116) is Grey Oaks. The neighborhoods that comprise Grey Oaks are all either sold out or well on their way.
The success of Grey Oaks is equal parts location, schools, timing and lack of competitive inventory. The developer (Gregory Windsor) is a veteran developer in Richmond and specifically Western Henrico. Until Bob Babcock’s Bacova subdivision comes on line (Bacova is situated just to the west along Pouncey Tract Road) and the builders are selected, Grey Oaks will almost be able to name their price for lots and homes.
Other Articles on New Home Values
- Examining the Dollar Per Foot Metric
- Beware the 'Unique and Expensive'
- What Does the Lot Offer?
- The Popular Plans
- What Does it Cost to Build a Home?
- Hardwood Floors
- Aging in Place
- HOA/POA or Civic Association? Does it Matter?
- Builder Warranties - Mandatory or Elective?
- Track Versus Custom Builders
- Which Comes First? The Purchase or the Sale?
- What Does 'Stick Built' Mean and Why Does it Matter?
- EarthCraft Homes and Appraisals...Friends or Foes?
- Lot Pricing in the Metro
- Look at Models
- Bad Lots
- Investments versus Expenses