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Virginia is a state with historical charm, natural beauty and metropolitan communities. Not all of its cities, however, are created equal when it comes to real estate. Some towns are booming with opportunity, while others are mired in challenges that can morph your dream home into a financial nightmare. Investing in certain areas could mean to invest in more headaches than returns with declining property values, rising crime rates, or stagnant economies.
Buying property is no joke and it’s always better to be extra careful. If you’re a first time buyer or a seasoned investor, there are certain unique quirks and pitfalls when buying in these cities that can save you from making a costly mistake. With that, let’s take a look at these Virginia locations you probably want to avoid.
Petersburg
Economic challenges have long been a problem for Petersburg, a tough sell to property buyers. The city’s infrastructure is struggling to keep up and unemployment rates here are consistently above the national average. The fact is, many of the homes here haven’t seen their values increase over the years, and some haven’t increased at all.
Portsmouth
While the waterfront views might be nice in Portsmouth, its crime rate alone is enough to make most people want to run for the hills. According to Express Legal Funding, Portsmouth is one of the least safe cities in Virginia, with property crimes being of special concern. For all its charm you’ll be better off admiring Portsmouth from across the river than signing a mortgage.
Danville
The scars from the collapse of Danville’s textile and tobacco industries remain deep, and the city has been trying to reinvent itself. According to Data USA, the Danville’s median household income is far below the state average. A city with great potential, but until that potential becomes real progress, buying property here is just throwing money down a rabbit hole.
Richmond
Some people might be surprised to see Richmond here, but there are a few neighborhoods in the city that suffer from slow property appreciation. Older housing stock often needs hefty renovations, and not everyone lining up to buy a home wants to sink more cash into fixes after the initial purchase.
Hopewell
Known as “The Wonder City,” Hopewell ironically makes many wonder why they invested there. The city’s industrial roots have brought environmental concerns, and property values haven’t kept up with other Virginia locales. It’s close to major highways, but many people pass through Hopewell without stopping—and that’s saying a lot.
Norfolk
It’s a double edged sword — Norfolk’s military presence. The transient population of the area can make the housing market unpredictable, but it also brings in jobs. The city also happens to be at a high risk for flooding, which means soggy floors and high insurance premiums for many homeowners. Unless you have a boat and much patience, you might not want to go there.
Emporia
It’s one of the poorest cities in Virginia. It’s an area that has high poverty rates and not many good job opportunities. Selling a house in Emporia may even be harder than selling snow boots in July. Now, that’s an exaggeration, but you get the point.
Martinsville
The days of manufacturing in Martinsville are long gone. Unemployment is high, the population is shrinking. For anyone considering property here, remember: Buying a home is not merely that; you’re investing in a community. These are not better days for Martinsville’s community.
Colonial Heights
Small, but not mighty, is Colonial Heights. And with limited amenities and an aging housing stock, it’s often passed by buyers who are in search of value. Residents often complain that the area lacks development giving it a more stopover than destination feel.
Bristol
Bristol has music and motorsports, but it’s not exactly a chart topping city in real estate. This is a dual-state city where we’re not growing economically and many of the homes, for months, are on the market. If you buy a house in Bristol, you better buy earplugs, those racecars aren’t quiet.
Covington
The mountains are where Covington lies, with spectacular views, but little opportunity. The local economy is dominated by the paper mill and the smell? It’s an acquired taste, let’s just say. Add that to an aging housing market, and you’ll think twice about putting down roots here.
Franklin
Big town problems and a small town charm. The city is scrambling for economic stability after major manufacturing plants have closed. Franklin might not be the place to go if you’re looking for growth potential, unless you’re investing in nostalgia.
Hampton
Hampton is a mixed bag. In some neighborhoods, crime is down, home values are up; in others, the opposite is true. And as the adage goes, ‘you get what you pay for’, and in Hampton, that often translates into a lot of homework before you ink your name on the line.
Lexington
Lexington is pretty, but its real estate market is largely dictated by its two colleges. During the summer, once the students leave town, the place gets eerily quiet, and the demand for houses plummet. Lexington’s market is too niche unless you are a diehard fan of collegiate charm.
Roanoke
The real estate in Roanoke, often dubbed the “Star City,” isn’t always so shiny. The city does have natural beauty, but its housing market has been slow to recover from past economic downturns. Patience is a virtue here, but not everyone has time to wait until values bounce back.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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