Hampton Roads MSA in Top 5 Best Places to Buy a Home
Posted By HR Partnership on August 30, 2009
Cape Henry Light and the Virginia Pilot Tower at Fort Story, Virginia Beach, VA
Photo credit: Jim Brickett
When you’re in the market for a house, a market with cheap prices is not the only factor you should consider. Rather, look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more “recession proof,” according to Zillow.com, an online real estate company. A strong tourism industry helps, too.
The struggling housing market has sellers and buyers searching for the best regions to get a great deal, and Hampton Roads is it.
Zillow, which tracks virtually every house sale in the nation, has ranked the top five best locations for home buyers and sellers.
Virginia Beach, Virginia (i.e. the Hampton Roads MSA), is one of the top picks for buyers, offering the longest pleasure beach in the world and multiple military bases with steady jobs.
And right now, there are bargains: according to Zwillow, 30% of homes there sell for less than the asking price.
Other regions on the list include Albany, NY; San Diego, CA; Austin, TX; and Madison, WS.
In Hampton Roads (according to Zillow):
- Median home value: $223,800, down 1% from a year ago.
- Property values are up 7% compared with five years ago.
- Houses cost an average of $139 per square foot.
- Buyers are paying 2% less than the listing price.
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