Renter percentages in Hampton have shown a gradual increase, moving from 39% in 2013 to 42% in 2022. This shift coincides with changes in average rent prices. In 2013, the average rent was $1,406, which increased to $1,516 by 2022, representing a 7.8% increase over the period. It's worth noting that the population of Hampton has remained relatively stable during this time, with only minor fluctuations, suggesting that the increase in renter percentages may be influenced by factors such as housing affordability and changing demographics.

Looking at the most recent data, the average home price in Hampton for 2023 was $374,461, showing a continued upward trend. For 2024, the average home price has further increased to $386,971. This represents a substantial 3.3% year-over-year increase from 2023 to 2024. Interestingly, this price growth is occurring despite the federal interest rate rising to 5.33% in 2024, which is typically expected to slow down housing market growth.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Hampton will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $425,000 to $450,000 by 2029. For rent prices, the trend suggests a continued steady increase, potentially reaching an average of $1,700 to $1,800 per month by 2029.

In summary, Hampton's housing market has shown resilience and growth over the past decade. Despite a slight decrease in homeownership rates, average home prices have consistently increased. The renter population has grown, accompanied by rising average rent prices. The area's stable population and continued price appreciation suggest a robust housing market, even in the face of rising interest rates. These trends indicate that Hampton remains an attractive area for both homeowners and investors, with potential for further growth in the coming years.