Virginia Beach-Norfolk, VA-NC

The Virginia Beach-Norfolk, VA-NC combined statistical area (aka CSA) is a housing market on the rise. According to Realtor.com, the CSA is one of the top 10 markets in the country for home sellers, with homes selling an average of 26 days faster than the national average.

There are several factors driving this trend. First, the population in the CSA is growing at a healthy clip. Between 2010 and 2018, the population grew by 5.4%, which is well above the national average of 3.7%. This population growth is being driven by strong economic conditions in both Virginia and North Carolina. The unemployment rate in both states is below 4%, which is well below the national average of 4.9%.

Second, job growth in the CSA has been strong in recent years. Between 2016 and 2017, job growth was 2.7%, which was well above the national average of 1.6%. This strong job growth has led to increased wages in the region, which has helped to drive up demand for housing.

Third, interest rates remain at historically low levels, making it an attractive time to buy a home. According to Freddie Mac, mortgage rates are currently averaging around 4%, which is well below their historical averages. This low interest rate environment makes it easier for buyers to afford a home purchase.

Fourth, there is a limited supply of homes on the market relative to demand from buyers . This tight supply has helped to drive up prices and put pressure on buyers who are looking for affordable homes . In fact , according to Realtor . com , prices in the CSA have increased by 8% over just the past year .

Finally , there are several new construction projects underway or recently completed that are adding even more momentum to this already strong housing market . For example , Navy Federal Credit Union recently completed a new $1 billion headquarters campus in Virginia Beach that will bring thousands of new jobs to the area . Additionally , Amazon just announced plans to build a new fulfillment center near Norfolk International Airport that will create over 1 , 000 new jobs . These types of large - scale projects help to further increase demand for housing in an already tight market .