T
he Old Dominion University Real Estate Sentiment Survey, reinstated after a five-year hiatus, found real estate professionals in Hampton Roads to be "slightly positive" but cautious about the current market. The survey, which garnered over 100 responses from industry experts including brokers, appraisers, and developers, revealed a score of 57 on a scale where 100 is optimal and 50 indicates neutrality.

    Simon Stevenson, Ph.D., director of the Harvey Lindsay School of Real Estate & E.V. Williams Center for Real Estate, noted that while the answers were not dramatic, they were telling. The survey asked participants about their economic outlook, recession expectations, inflation, mortgage rates, and risk factors such as global slowdowns, labor challenges, and severe weather events.

    Respondents cited unease about global trade as the most concerning factor, which Stevenson attributed to the importance of The Port of Virginia in Hampton Roads. However, when it came to real estate conditions in the region, the results were more positive, indicating a relatively strong local market. Single-family and multi-family residential markets, as well as commercial sectors, showed notable positivity.

    The only sector with a downbeat view was hotels and lodging, attributed to concerns about an economic downturn and reduced discretionary spending on vacations.