Hampton Housing Market Analysis
Current market conditions, demographic trends, and the affordability crisis shaping Hampton's housing landscape
Market Snapshot
Population & Demographics
Housing Stock & Tenure
Critical Market Challenges
Resale home inventory declined 69% since 2015 (from 10,000 to 3,100 homes). Severe supply constraint limiting buyer options.
Average rent jumped from $1,162 to $1,474 over 5 years. Affordability crisis for renter households.
13% of population lives below poverty line (17,400 people), higher than national average (12.4%).
20.8% of children live below poverty line, indicating systemic challenges for working families.
Pricing & Market Activity
Median Sales Price
Current median, up 7.84% YoY (Jan-Nov 2024)
Regional context: Hampton Roads median is $317,777 (2023), showing Hampton is below-region average
Market Activity
Affordability Metrics
Economic Drivers & Military Dependency
Regional Military Presence
Naval Station Norfolk: World's largest naval base with 64 ships, 187 aircraft, 46,000 active-duty + 21,000 civilian personnel
Regional Impact: ~83,000 active-duty military personnel in Hampton Roads (nearly 1/4 of U.S. active-duty)
Economic Share: Military accounts for 45.6% of all regional economic activity with $28B in direct DOD spending (2023)
Economic Diversification Strategy
Hampton Roads is actively shifting away from military-only dependence toward:
- • Shipping & Port Operations
- • Defense-related Manufacturing
- • Technology & Modeling/Simulation
- • Tourism & Hospitality
- • Healthcare & Education
Strategic Implication for Housing: Military housing benefits and base payroll are major drivers of demand. Any military downsizing or budget constraints would significantly impact Hampton's housing market stability.
See How Hampton Compares Regionally
Understand Hampton's competitive position relative to peer cities in the Hampton Roads region
View Competitive Analysis →