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Richmond Real Estate Markets Heats Up

RICHMOND (CBS SF) -- The city of Richmond is one of the few spots where you can still buy a home for about a half-million dollars in the Bay Area.

Today, homes stay on the market for an average of 22 days. And listings are selling for about 6 percent over asking, according to Paragon Real Estate Group.

"What it means is there's multiple bids," said luxury real estate broker Justin Fichelson. "In the Bay Area if you can buy a home for under $600,000, there's plenty of buyers searching for that."

For example, 1275 Parkway Drive in the Hilltop Green community features 4 bedrooms, 2 and a half baths, and a low maintenance backyard. It's on the market for $538,000. That's just above the city's median home price of about $458,550, according to Paragon Real Estate Group. That's up from 3 years ago, when it was $339,000.

"People are priced out of San Francisco, they can't afford to live there and if you have a family, and you need a single family home. there's just so many places you can go," said Fichelson.

That's why the troubled city has become an in-demand place to live. Richmond has been ranked as one of America's most dangerous cities, but in recent years has made great efforts to reduce violent crime.

If buyers are looking for high-end real estate, the city offers that too.

Point Richmond is an enclave right on the water, where homes average about a million dollars. A 4-bedroom, 4-and-a-half bath located at 394 Western Drive is on the market for $2.3 million.

"Point Richmond is the Beverly Hills of Richmond," said Fichelson. "For people who are into boats, you can have a boat dock and live on the water and be in the Bay in two seconds. And people like Marshawn Lynch bought here because of that, and you can also get a home like this."

The 45,00 square foot home sits on a 12,000 square foot lot and features vineyards, a rose garden, and an elevator.

Fichelson says the Bay Area's booming job market is only going to attract more buyers.

"It's very close proximity to San Francisco, it's about 14 minutes away from Berkeley, it's 12 minutes from Larkspur and there's a ferry that's going to be starting soon from Richmond to San Francisco which is really going to open it up," he said.

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