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A daily look at the most significant and interesting stories affecting Richmond.

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Virginia sightings detailed in UFO hearings

The pilots reported the sighting but said there was no further investigation by the military.

News

Hot new restaurant openings in Richmond

Treat yourself to something new and freshen up your Insta feed.

Food and Drink

Year-round school experiment kicks off in Richmond

Students at Fairfield and Cardinal elementary schools returned to class Monday, 20 instructional days before their peers.

Education

The Valentine museum is hiring a city historian

It's the first official historian job for the Richmond history museum in its 125 years.

Richmond passes new regulations for Airbnb and other short-term rentals

The changes are intended to limit unlicensed units that have proliferated in residential areas.

New rules governing short-term rentals in Richmond should make it easier to rein in more than a thousand unlicensed listings, city officials say.What&#x27;s happening: A total overhaul of the city&#x27;s regulations surrounding Airbnb and similar sites.

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These tiny houses are for sale in Richmond

Real Estate

In the market for a home? You may want to think small.What&#x27;s happening: We rounded up some of our favorite tiny houses on the market now, most of which are under $300,000 (ish).

Richmond threatens 21 homeowners with tax auctions

The notices were published at the end of last month in two local newspapers.

The city of Richmond recently warned 21 residents that they could lose their homes if they don&#x27;t catch up on past-due real estate tax bills.What&#x27;s happening: The notices, published at the end of last month in two local newspapers, mark the end of what had been an informal policy in the city of not targeting owner-occupied homes for delinquent tax auctions.

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Richmond renters are fed up with rent increases

In rental social media groups, on message boards and in the comment section of any post connected to housing, some locals are pushing back and calling out anyone with a property to rent.

Richmond renters have had enough of rent hikes, move-in fees, new luxury apartments and transplants moving in armed with bigger budgets.Driving the news: In rental social media groups, on message boards and in the comment section of any post connected to housing, some locals are pushing back and calling out anyone with a property to rent, according to an Axios analysis of these sites over the past few weeks.

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Richmond condo prices rose nearly 20% since last year

In May, the typical metro-area condo sold for $349,750, up 19.6% compared to last year.

Richmond condo prices rose faster than those of single-family homes, per the latest Zillow data.<ul><li>In May, the typical metro-area condo sold for $349,750, up 19.6% compared to last year.</li><li>Meanwhile, the typical single-family home here cost $361,706, up 3.8% year over year.</li></ul>Both spiked even higher for June, according to the <a class="gtmContentClick" data-vars-link-text="latest data from the Richmond Association of Realtors" data-vars-click-url="https://cvmls-public.stats.showingtime.com/docs/lmu/2023-06/x/RichmondMetro?src=page" data-vars-content-id="5395ca81-c5ec-4c1f-a2cf-e3042b75ec4c" data-vars-headline="Richmond condo prices rose nearly 20% since last year" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://cvmls-public.stats.showingtime.com/docs/lmu/2023-06/x/RichmondMetro?src=page" target="_blank">latest data from the Richmond Association of Realtors</a>.

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House peeping: Affordable condos in Richmond

There are roughly 75 condos for sale in Richmond now, per Zillow.

If you&#x27;re in the market for a condo, there are roughly 75 for sale in Richmond now, per Zillow.Why it matters: About a dozen of the listings are under $200,000, making them an affordable option for some buyers.

Saving up for a house in Virginia takes nearly a decade

In the Richmond metro area, the length of time is 8.5 years.

It takes Virginians an average of 8.4 years to save up for a 10% down payment on the typical home, Zillow data shows.<ul><li>That accounts for saving 5% a month of Virginians&#x27; <a class="gtmContentClick" data-vars-link-text="$81,000 median household income" data-vars-click-url="https://censusreporter.org/profiles/04000US51-virginia/" data-vars-content-id="298ef4bf-914f-4da7-ac06-6f34e50fe8ef" data-vars-headline="Saving up for a house in Virginia takes nearly a decade" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://censusreporter.org/profiles/04000US51-virginia/" target="_blank">$81,000 median household income</a>.</li></ul>Why it matters: Affordability could be a &quot;major driver of <a class="gtmContentClick" data-vars-link-text="cross-country moves" data-vars-click-url="https://www.zillow.com/research/understanding-affordability-32538/" data-vars-content-id="298ef4bf-914f-4da7-ac06-6f34e50fe8ef" data-vars-headline="Saving up for a house in Virginia takes nearly a decade" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/understanding-affordability-32538/" target="_blank">cross-country moves</a>,&quot; as buyers seek a lifestyle within their means, Zillow economists say.

Richmond is eyeing big changes for its short-term rentals

Three years after the city created a framework, the vast majority of short-term rentals in the city are still operating illegally.

The city is in the process of <a class="gtmContentClick" data-vars-link-text="updating its regulations" data-vars-click-url="https://www.rva.gov/planning-development-review/short-term-rentals" data-vars-content-id="a8a1dbe8-c9a5-4d07-b6cb-2e747b836c45" data-vars-headline="Richmond is eyeing big changes for its short-term rentals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.rva.gov/planning-development-review/short-term-rentals" target="_blank">updating its regulations</a> for Airbnbs and other short-term rentals for the first time since it adopted them three years ago.What&#x27;s happening: The proposed changes are intended to bring STR hosts that are operating without permits out of the shadows — and into compliance with city policy, including by paying their annual permit fee, <a class="gtmContentClick" data-vars-link-text="BizSense reported earlier this year" data-vars-click-url="https://richmondbizsense.com/2022/01/27/richmond-starts-process-to-revise-airbnb-style-home-rental-rules/" data-vars-content-id="a8a1dbe8-c9a5-4d07-b6cb-2e747b836c45" data-vars-headline="Richmond is eyeing big changes for its short-term rentals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://richmondbizsense.com/2022/01/27/richmond-starts-process-to-revise-airbnb-style-home-rental-rules/" target="_blank">BizSense reported earlier this year</a>.

Charted: Richmond is issuing a lot of homebuilding permits

Of  the 931 total permits, 433 were issued for single-family homes, 14 for buildings with two to four units, and 484 for those with five or more units.

Last week, we shared the depressing news that <a class="gtmContentClick" data-vars-link-text="66% of Virginia homeowners with mortgages have an interest rate below 4%" data-vars-click-url="https://www.axios.com/local/richmond/2023/07/20/housing-supply-virginia-mortgage-rates" data-vars-content-id="380cdf6a-6f02-4a1c-bc49-7fb7e9557b33" data-vars-headline="Charted: Richmond is issuing a lot of homebuilding permits" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/richmond/2023/07/20/housing-supply-virginia-mortgage-rates" target="_self">66% of Virginia homeowners with mortgages have an interest rate below 4%</a>, but here&#x27;s some good news: Richmond is building.What&#x27;s happening: 71.4 new homebuilding permits were issued per 100,000 residents in Richmond in May 2023.

Why Virginia's housing supply is locked up

66% of Virginia homeowners with mortgages have a rate below 4%, per Redfin data shared with Axios.

The sharp spike in mortgage rates <a class="gtmContentClick" data-vars-link-text="over the past year" data-vars-click-url="https://link.axios.com/click/32079194.121/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuZnJlZGRpZW1hYy5jb20vcG1tcyZzPTEyNDY2OCZuPTAxOWI3Y2MxJnQ9MzllNGEzZWQyNWIzNzA2NmEzMTYyYjhjZTQ5ZWJmODM1YmRiYWNlMyZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/621cf7632d0d7c1ea2551892Bfe7cf41b" data-vars-content-id="2adfae61-fc6f-4857-a4b8-0caeb9e99c44" data-vars-headline="Why Virginia&#x27;s housing supply is locked up" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32079194.121/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuZnJlZGRpZW1hYy5jb20vcG1tcyZzPTEyNDY2OCZuPTAxOWI3Y2MxJnQ9MzllNGEzZWQyNWIzNzA2NmEzMTYyYjhjZTQ5ZWJmODM1YmRiYWNlMyZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/621cf7632d0d7c1ea2551892Bfe7cf41b" target="_blank">over the past year</a> is locking Virginia homeowners in place and leaving weary buyers with fewer options.What&#x27;s happening: A whopping 66% of homeowners in Virginia with mortgages had a rate below 4% as of late last year, per Redfin data shared with Axios.<ul><li>Nearly 28% have rates below 3%.</li></ul>

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