H
ampton Roads professionals are cautiously optimistic about the local real estate market, according to a recent Old Dominion University survey. The area's distinct military community is driving demand for single-family and multifamily homes, with high turnover rates due to frequent service member relocations.

    The survey, conducted by ODU's E.V. Williams Center for Real Estate, found that 87% of respondents had positive or mild-positive sentiment levels for the Hampton Roads multifamily residential real estate sector. For single-family homes, about three-quarters of experts indicated similar views.

    Regional data supports these findings, with a 10% increase in existing home sales in June compared to the previous year and a 24% rise in active residential listings. The still relatively low supply of available homes is also driving apartment demand.

    Experts attribute this trend to various factors, including high prices and interest rates that may be sidelining would-be buyers. In some cases, renting is now more affordable than owning due to rising costs. Other major development projects, such as the Hampton Roads Bridge-Tunnel expansion, are also seen as benefits to the local market.

    However, experts expressed concerns about the national real estate market, with 65% identifying global trade risks that may negatively impact the sector over the next year. This uncertainty is partly due to ongoing geopolitical tensions and the lingering effects of the COVID-19 pandemic.

    The survey's results suggest that while Hampton Roads professionals are optimistic about the local market, they remain cautious about national trends.