Hampton appreciation rates and housing market information
Hampton housing market information
With a population of 137,905, 55,031 total housing units (homes and apartments), and a median house value of $172,503, Hampton real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Hampton, accounting for 65.24% of the city's housing units. Other types of housing that are prevalent in Hampton include large apartment complexes or high rise apartments (21.54%), duplexes, homes converted to apartments or other small apartment buildings (6.22%), and a few row houses and other attached homes (5.92%).
The most prevalent building size and type in Hampton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.26% owning and 40.75% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Hampton's housing was primarily built during this period, from the '40s through the '60s. A full 45.33% of the city's housing hails from this era. Other housing ages represented in Hampton include homes built between 1970-1999 (39.51%) and housing constructed between 2000 and later (8.38%). There's also some housing in Hampton built before 1939 (6.77%).
Vacant housing appears to be an issue in Hampton. Fully 11.84% of the housing stock is classified as vacant. Left unchecked, vacant Hampton homes and apartments can be a drag on the real estate market, holding Hampton real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Hampton home appreciation rates
In the last 10 years, Hampton has experienced some of the highest home appreciation rates of any community in the nation. Hampton real estate appreciated 55.00% over the last ten years, which is an average annual home appreciation rate of 4.48%, putting Hampton in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Hampton definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Hampton's appreciation rate, at 3.01%, has been at or slightly above the national average. In the latest quarter, Hampton's appreciation rate has been 0.60%, which annualizes to a rate of 2.40%.
Relative to Virginia, our data show that Hampton's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hampton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hampton - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Hampton real estate investment or home purchase decisions.