Hampton Roads Market Statistics

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Now would be a good time to invest in Hampton Roads real estate. With the cost of properties set at a reasonable price range – the current median home price is around $234,900 – and an excellent location, Hampton Roads is one of those places where your investment will definitely work for you.

Of the more than 1.6 million residents of the region, about 66% own their homes while an estimated 27% are said to be living in rented property.
A bulk of the population, roughly 70%, live in detached single-family houses while 12% live in townhouses and 13% and 3% reside in apartments and condominiums, respectively.

The local economy is growing and unemployment in Hampton Roads is rather low. People who live here have an excellent standard of living. And although there is a forecast for the persistence of the soft market conditions, it’s actually good news for buyers. It is a buyer’s market in Hampton Roads. As of January 2008, nearly 1,000 properties were sold in the five main cities of the Hampton Roads region alone.
According to Lawrence Yun, Chief Economist at NAR, the market should get better this summer and in the following months home sales should increase, provided that economic troubles or inflation do not arise.

Whether you are buying or selling real estate in the Hampton Roads area, it would be a smart choice to place your trust in an experienced real estate professional like Kathy Westcott.

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