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housing

May 15, 2023

Hampton Roads housing inventory rises, listings still low

Residential inventory in Hampton Roads has risen slightly from last year, although active listings remain below pre-pandemic levels, according to April data from the Real Estate Information Network Inc. (REIN). Active listings in April were down 0.97% year-over-year from the 3,187 listings that REIN recorded in April 2022. Pending sales stood at 2,363, down 21% […]

Virginia home sales in past Marchs. Figure courtesy Virginia Realtors
Apr 21, 2023

Va. spring housing market has slow start

Virginia’s residential real estate market is off to a slow start this spring. Virginia home sales in March dropped 24% from March 2022, marking the 16th consecutive month of declining sales, and the median sales price dropped year-over-year for the first time in seven years, according to a Virginia Realtors report released Thursday. Virginia home […]

Tom Barkin speaks at the 2023 Investing in Rural America conference in Roanoke. Photo courtesy Federal Reserve Bank of Richmond.
Apr 12, 2023

Innovation, capital key to rural growth, Barkin and Warner say

There’s hope for economic growth in rural areas despite their challenges, Federal Reserve Bank of Richmond President and CEO Tom Barkin and U.S. Sen. Mark Warner said Wednesday during the Fed‘s 2023 Investing in Rural America conference in Roanoke. Rural areas could overcome economic development challenges, particularly housing shortages and lack of broadband access, with innovation, [...]

Aqua Vista Apartments in Newport News. Photo courtesy The BLVD Group
Apr 10, 2023

$35.8M Newport News affordable housing redevelopment begins

The BLVD Group has acquired and started renovations on the Aqua Vista Apartments in Newport News, the Los Angeles- and Dallas-based company announced Tuesday. BLVD expects development costs, including the property purchase and “soft costs” like engineering and design, to total more than $35.8 million. A BLVD-affiliated limited partnership, Aqua Vista LP, bought the property […]

Buell
Mar 27, 2023

Amazon housing fund director resigns

Amazon.com Inc.’s Amazon Housing Equity Fund Director Catherine Buell is leaving the e-tail giant. Housing Equity Fund Principal Senthil Sankaran will be the interim head of the fund team, according to an Amazon spokesperson. Buell joined Amazon in 2020 as head of community development for Amazon in the Community and became director of the e-tailer’s […]

Virginia home sales in past Februarys. Figure courtesy Virginia Realtors
Mar 24, 2023

Va. home sales down 20% from a year ago

Virginia home sales were down 20.3% in February compared with the same month last year, marking the 15th consecutive month of declining sales, according to a Virginia Realtors report released March 21. Home sales in the commonwealth last month totaled 6,505, a decrease of 1,655 sales from February 2022. The Northern Neck and parts of […]

An overview of Hampton Roads
Mar 20, 2023

Hampton Roads housing market appears to stabilize

The Hampton Roads housing market appears to be stabilizing, according to a new report from the Real Estate Information Network Inc. (REIN). “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and as long as buyers have inventory to choose from, they’re going to shop for homes,” […]

Photo of Pointe at River City apartments in eastern Henrico. Eviction filings continue to surpass pre-pandemic levels in all areas of Richmond City, except for the west end, according to a quarterly data report by RVA Eviction Lab. Photo by Darlene Johnson
Mar 3, 2023

Housing reform bills saw mixed success in General Assembly

Legislative efforts to tackle spiking eviction notices, housing and utility costs were mostly shot down during the Virginia General Assembly session. Almost 193,000 eviction filings have been made in Virginia since March 2020. The monthly-updated data comes from the Princeton Eviction Lab, a group that makes nationwide eviction data public to increase awareness about housing, […]

Music star Pharrell Williams is developing the $350 million Atlantic Park surf park in Virginia Beach with Venture Realty Group. Rendering courtesy Venture Realty Group
Feb 27, 2023

Ups and downs

Compared with the previous two years, 2022 was less of a roller coaster for the housing market in Virginia, but it still presented challenges for many would-be first-time homebuyers. As inflation rates grew, peaking at a 40-year high of 9.1% in June 2022, the Federal Reserve increased interest rates rapidly. Inflation fell to 6.5% in […]

Sadler Square subdivision in Glen Allen to start sales in 2024
Feb 24, 2023

Sadler Square subdivision in Glen Allen to start sales in 2024

Construction on Sadler Square, a 128-home development in Glen Allen will begin this year, with homes ready for sale in 2024, Vienna-based real estate developer Miller & Smith announced mid-February. The 54-acre development is located at 4350 Glasgow Road near the Short Pump/Innsbrook Interstate 64 interchange on West Broad Street. The single-family houses will be […]

Sentara invests $11M in Newport News revitalization
Dec 22, 2022

Sentara invests $11M in Newport News revitalization

Sentara Healthcare invested $11 million in Newport News’ Marshall-Ridley Choice Neighborhood revitalization initiative, the Norfolk-based health system announced Wednesday. Sentara is providing $11 million in loan financing support for the project’s second phase, which focuses on the former Ridley Place neighborhood. The project is part of the U.S. Department of Housing and Urban Devel[...]

Fifth District economy has moderate growth, Fed says
Nov 30, 2022

Fed’s Fifth District economy expands slightly

The economy in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has expanded slightly since October, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]

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