Petersburg, VA Real Estate Trends: Why the Time to Invest Is Now

Petersburg, VA Real Estate Is Booming—Here’s Why Investors Should Pay Attention

Petersburg, Virginia is quietly becoming one of the most compelling real estate markets in Central Virginia. Voter approval exceeded 80% for the massive $1.4 billion Live! Casino & Hotel Virginia project, signaling a community-driven push toward revitalization. Slated to open its first phase in 2026, this entertainment resort will feature a 200-room hotel, 400,000 square feet of gaming, dining, and convention space, a 3,000-seat venue, and eight restaurants—three reserved for local businesses.

City officials granted unanimous zoning approval in early 2025, clearing the way for a development expected to create over 7,500 jobs and deliver $2.8 billion in economic impact over its first decade, including $240 million in tax revenues for Petersburg alone.

Downtown Petersburg is also experiencing a wave of renewal. The historic Hotel Petersburg reopened after 50 years, boasting a restaurant, rooftop bar, and a forthcoming speakeasy called “The Boiler Room”. As investment continues, indie restaurants, antique shops, and coffee bars—like Buttery Baking House, Wabi Sabi, and Croaker’s Spot—are helping revitalize Old Towne, creating cultural appeal and foot traffic.

Home values in neighborhoods throughout the city have doubled or even tripled as renovation and infill construction accelerates, especially near Walnut Hill and Old Towne. Meanwhile, commercial upgrades like the Fall Line Trail—a 43-mile multi-use corridor stretching from Richmond to Petersburg—are enhancing recreation and connectivity in the region.

With revitalization, restaurant openings, boutique hotel growth, and a major entertainment district underway, Petersburg’s real estate opportunity is tangible. The city's momentum suggests property values and rental demand will continue climbing in the years ahead.