Overview of the Hampton Real Estate Market in 2022, by Connie Watson.

Overview of the Hampton

Real Estate Market in 2022

By Connie Watson

Hampton is a small city in the state of Georgia with an estimated population of only 8,368 people. The city has nine constituent neighborhoods and the 114th largest community in the state of Georgia. Over the recent years, the city has seen significant growth in the number of housing units and quite often, new home construction due to the number of new residents coming into the city from other states and cities rising. The demographic profile of the city, especially with the new residents from other places comprise of a middle class or wealthier people who come into the city attracted by the jobs, a healthy economy or amenities. Consequently, we have the city’s median income at $63,726.00.

THE REAL ESTATE PROFILE

Although the real estate values of housing units in Georgia do not compare to the states and country’s most expensive markets, Hampton real estate market is one of Georgia’s hot spots.

The median value of homes in Hampton is $305,967 according to Zillow which further indicates that prices in this region have gone up 36.1 over the past year. The city’s housing profile comprises of all the types of homes including single-family detached homes which are the most common housing type in the city accounting for 77.50 percent. The other types of housing units present in

the city include mobile homes or trailers that account for 11.95 percent, duplexes, homes that have been converted too apartments or other small apartment buildings that account for 4.46 percent. There are also large apartment complexes or high rise apartments that account for 4.10 percent.

To further break it down, owner-occupied, three and four bedroom single-family detached homes are the most prevalent types of housing in Hampton. The owner-occupied dwellings account for 72.98% of Hampton’s homes and 69.7% have either three or four bedrooms.

Additionally, it is worth noting that Hampton boasts of relatively new homes built from the year 2000. In fact, our analysis shows that Hampton has some of the newest homes in America with almost 5 out of 10 homes built in the 2000s. This gives the city a fresh look and appeal.

The only problem Hampton real estate market is experiencing is the issue of vacant housing which if left unchecked, could drag down the real estate market. Fully 13.20 percent of the housing stock in Hampton is classified as vacant. The danger of having so many homes vacant is that they hold the real estate prices below the levels they could achieve if these homes were absorbed into the market and become occupied. The vacancy rate is something many investors take seriously and could jeopardize a markets true potential.

APPRECIATION RATES AND TRENDS

The past decade has had so many markets in the country performing better and Hampton hasn’t been left behind. The market has appreciated 93.28 percent over the last decade which is an average appreciation rate of 6.81 percent (annualized) and this puts Hampton in the top 20% nationally for the real estate markets that have appreciated greatly. This is good news for the investor as the city has proven to have a good track record of high returns on investment.

The appreciation rate in Hampton was so strong that despite there being a downturn in many housing market, Hampton market was relatively untouched. In fact, housing market continued to gain traction compared to other markets. In the last 12 months, the appreciation rates for the Hampton market have been some of the strongest equating to 15.08 percent which is higher than the appreciation rates in 78.11 of the cities in the country. According to NeighborhoodScout.com, the latest quarter shows that Hampton’s appreciation rate were at 6.45 percent equating to an annual appreciation rate of 28.41 percent (somewhat different from Zillow’s analysis).

Relative to the state of Georgia, Hampton’s appreciation rate is higher than 80 percent of other cities and towns in the state.

Note: the appreciation data here applies to the city as a whole. The individual neighborhoods within the city differ sometimes by a greater margin.