The Regional + Local NRV Housing Study - Detailed Report

The New River Valley (NRV) is a desirable place to live and work. The region’s population is growing, creating more jobs and amenities, and it offers diverse settings as well as relative affordability and superior amenities that appeal to a variety of households and support our economic competitiveness. However, relatively low median days on market and steep price increases are evidence of a potential housing shortage. Whereas steady increases in demand (and thereby prices) are important for protecting the investments of current residents, a market with too little housing inventory makes housing upgrades or changes to more appropriate housing difficult (or impossible) for current residents and may stagnate growth. The NRV is facing various housing affordability and availability issues that are starting to affect the region’s quality of life and ability to grow.