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Hampton Roads Real Estate Market Research Report

Hampton Roads Real Estate Market Research Summary

The Hampton Roads real estate market is strong and active, with low inventory and rising prices. The median sales price for a single-family home in the region was $350,000 in April 2023, up 10% from the same month last year. The average number of days a home spends on the market before it sells is just 15 days, which is down from 20 days in April 2022.

The strong market is being driven by a number of factors, including low interest rates, a strong economy, and a growing population. The region’s economy is growing at a faster pace than the national average, and the unemployment rate is below 3%. The population of Hampton Roads is also growing, thanks to a combination of factors such as military personnel and their families, retirees, and young professionals.

The strong market is expected to continue in the near future. The Federal Reserve is expected to raise interest rates in the coming months, but this is not expected to have a significant impact on the market. The region’s economy is expected to remain strong, and the population is expected to continue to grow.

Key Highlights for the Hampton Roads Real Estate Market

  • Median sales price for a single-family home: $350,000
  • Average number of days a home spends on the market before it sells: 15 days
  • Interest rates expected to rise in the coming months, but this is not expected to have a significant impact on the market
  • Region’s economy expected to remain strong, and the population is expected to continue to grow

Market Trends in Hampton Roads

The following are some of the key trends in the Hampton Roads real estate market:

  • Low inventory: The inventory of homes for sale in Hampton Roads is very low. This is due to a number of factors, including the strong market, the region’s growing population, and the fact that many homes are being bought by investors.
  • Rising prices: Home prices in Hampton Roads are rising at a rapid pace. The median sales price for a single-family home in the region has increased by 10% in the past year.
  • Fast-paced market: Homes in Hampton Roads are selling very quickly. The average number of days a home spends on the market before it sells is just 15 days.

Outlook of Hampton Roads Real Estate

The Hampton Roads real estate market is expected to remain strong in the near future. The Federal Reserve is expected to raise interest rates in the coming months, but this is not expected to have a significant impact on the market. The region’s economy is expected to remain strong, and the population is expected to continue to grow.

Hampton Roads Real Estate Market Recommendations

If you are thinking of buying a home in Hampton Roads, it is important to act quickly. The market is very competitive, and homes are selling very quickly. You should also be prepared to pay a premium for a home in the region.

Contact us at Onyx REI for discounted properties throughout the Hampton Roads area!

Stephen "Josh" Ralph

Retired Air Force veteran Stephen, along with his wife Michelle, founded Onyx REI. Together, they help home sellers navigate the real estate market throughout Hampton Roads, Virginia.

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