Reports show a homeownership spike in Hampton Roads.

Hampton Roads is among the areas in the country that have experienced the largest spike in homeownership, NAR reports. What is driving the spike?

How Much Growth?

The report notes a growth in homeownership of just under 6% between the fourth quarter of 2020 and the first quarter of 2021. That places our area in the 5th spot nationally among growing metro areas.

The report by NAR specifically mentions Virginia Beach, but notes that the data includes the named city and surrounding areas, so it is likely that at least Norfolk and Chesapeake are included in the data set. 

What’s Driving It?

It is hard to list a single factor that is directly driving the change. NAR notes that it is likely a combination of record low interest rates spurring people to buy, pandemic-driven movements from rentals in larger cities, and people looking for more space than rentals will allow.

Whatever the combination of factors affecting the increase in homeownership, it is good news for agents and for the local economy. Now, if only inventory would increase...

Source: https://magazine.realtor/daily-news/2021/06/15/cities-with-the-biggest-spike-in-homeownership