The Regional + Local Housing Study is nearly complete! After hearing that several localities within the region were grappling over similar housing concerns, the Commission sought funding from the Virginia Housing Development Authority to conduct a regional housing study. Over the last 18 months, the Regional Commission, in partnership with the Virginia Center for Housing Research and Richmond-based non-profit, Housing Virginia, has been gathering and analyzing quantitative and anecdotal data to understand the unique housing challenges and opportunities present in the region. The study contains regional-level findings and seven accompanying strategies as well as locality-level findings and customized strategy recommendations.
Some key findings include:
- The median days on market (the number of days a home is listed on the Multiple Listing Service [MLS] before it sells) has decreased steadily from 77 in 2002 to 9 in 2019, an 88 percent decrease.
- The median sale price for 2019 was $195,000. Median monthly gross rent was $856.
- Employees relocating to the region are looking for housing in walkable places with rich amenities. The inability for workers to successfully find housing has the potential to stall job growth within the region.
- Just over 28% of households in the region are cost burdened, meaning they spend more than 30% of their income on housing.
- The region is experiencing a housing shortage at price points all along the income spectrum.
- Tightness in the NRV’s real estate market keeps relatively low sales prices and rents from being a competitive advantage at the state and national levels.
- Construction labor shortages and rising material costs make the construction of new homes and apartments that are affordable to local residents more difficult to achieve.
For more information contact Jennifer Wilsie ([email protected]), 540-639-9313.