Right now, there is no doubt that the Nuckols Road corridor is the healthiest sub-market in the Metro. Home prices are arguably back to 2007 levels (compared to many other segments still well below 2007 pricing) and trending higher. It is also one of the only segments of the market that has an inventory count BELOW the pending count.
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.
