Real Estate in Hampton Roads

One of the nation’s most vital, vibrant metropolitan areas, Hampton Roads, Virginia, encompasses almost all of southeastern Virginia, where a dozen cities share close association with the harbour designated “the Roads” when British explorers first sailed into it more than 400 years ago. Norfolk, Virginia, acts as the nucleus of this thriving metropolitan area, which more than 1.4 million people call home.

The name “Hampton Roads” alludes to the area’s spectacular geography and rich naval history. In British seafaring jargon, “Roads” describes a safe haven deep enough for ocean-going vessels and just slightly more exposed than a harbour. Located at the mouth of Chesapeake Bay where the James, Elizabeth, and Nansemond Rivers join the Atlantic, the “Roads” number among the world’s finest natural, ice-free harbours; and the shipyards remain one of the area’s leading industries. The port ranks second among American seaports in gross annual export volume, and it ranks first in the world’s coal exports.

In addition to Norfolk, the greater area includes Portsmouth, Yorktown, Virginia Beach, and Suffolk; the loosely confederated group of communities also counts Chesapeake, Hampton, and Newport News along with a variety of smaller towns including the city of Williamsburg. Steeped in early American history, the area nevertheless numbers among the nation’s leaders in high-tech manufacturing and “green” energy production. In the next few years, the world’s largest wind farm will grow out of the bay’s friendly waters: towers will reach 400 feet into the air and rotors will sweep 100 meters. Despite its strong, deep industrial roots, Hampton Roads is home to Virginia’s most popular resort destinations, and sea-starved tourists flock to the area’s beautiful beaches from May through September.

Real estate investment opportunities in Hampton Roads

Right now, it is a buyers’ market for real estate in Hampton Roads. The special first-time buyer tax credit remains in effect, and interest rates still hover at historic lows. Although lenders have grown slightly more demanding about credit scores and down payment requirements, bargain prices make investment more than usually attractive.

Because of the area’s economic and cultural diversity, and because of its rich and varied history, existing homes run the gamut from charming and very affordable little bungalows to sprawling waterfront mansions. In Virginia Beach and along the sea shore, beachfront vacation homes exert strong allure. In other words, home buyers can find any home they wish at almost any price they choose. Single family home prices here start well below $100,000(US), and some of the largest, most elegant waterfront properties are well within reach at approximately $750,000(US).

Commercial real estate in Hampton Roads is also extremely attractive. Because Hampton Roads ranks second among the nation’s seaports, logistics, warehousing, supply chain, and transportation companies thrive in this area, and wholesaling opportunities abound. Just as attractively, the area’s well-educated, highly motivated workforce has inspired some of America’s largest corporations to make Hampton Roads the home of their back office operations, and high-tech industries continue expanding in sync with the back office trend.

Both home buyers and commercial developers easily will find exactly what they want at precisely the price they can afford when they work with local realtors to locate Hampton Roads real estate values.

Real Estate in Hampton Roads