HAMPTON ROADS, Va. — We all need three things to survive: food, water, and shelter. But some in Hampton Roads are struggling to find a suitable place to live.
Median home sales price hits record high in Hampton Roads
11:02 AM, Jun 12, 2023
Hampton Roads has been in a “sellers’ market” since the pandemic.
“There’s money coming out of the sky apparently, because people are being approved to buy and sellers are excited to sell,” said Domenick Epps, principal broker, co-owner of Victory Allegiance Realty.
Now, homes have reached a record high median sale price.
“It’s pretty major. For sellers it means now getting way more what they would have normally gotten for their properties. For buyers it means they are spending more,” said Epps.
Data from the Real Estate Information Network reveals median home sale prices in Hampton Roads significantly increased this year, reaching $335,000.
One reason according to realtors? Lacking inventory.
The squeeze is felt down the line, including at area nonprofits like Habitat for Humanity.
Builders, homeowners and volunteers construct roughly 10 to 14 homes a year for Habitat for Humanity in the peninsula.
“10 or 14 homes is not enough,” said Janet V. Green, CEO for Habitat for Humanity Peninsula and Greater Williamsburg.
Green said there’s a serious need for affordable housing, especially close to buyer’s workplaces. She says Habitat for Humanity saw 282 home applications this year in the peninsula and greater Williamsburg area, nearly double from last year.
“For some people this may be their only way to get affordable housing in the very near future,” said Meka Stewart, director of family service at Habitat for Humanity Peninsula and Greater Williamsburg.
“What we’re finding is that a lot of people who bought homes 30 or 40 years ago are staying in those homes because they can’t afford to move to another place, opening up more affordable housing,” added Green.
She said the availability of land and volunteers are also limiting factors on how many homes the nonprofit can construct.
Seven homes will be ready for qualified buyers in the fall.
“It’s just another step on that list of dreams people have that we like to be able to help,” said Stewart.
There’s another thing helping that mission too:
Two homes in Newport News are some of the first in the area constructed using 3D printing technology. Green said one of those homes will cost roughly 25% less than a standard stick-built home.
Habitat for Humanity leaders say they don’t expect to see a decrease in home applications any time soon.