Asian population growing part of Va. real estate market

May is Asian American and Pacific Islander Heritage Month, when we recognize the contributions and influence of Asian Americans and Pacific Islander Americans. The Asian Americans and Pacific Islander population is an important and growing part of the real estate market in Virginia.

There are more than 700,000 Virginians who are Asian or Pacific Islander, including those who are Asian or Pacific Islander alone or combined with another race. Asians make up one of the fastest-growing demographic groups in the Commonwealth and reflect a wide range of ethnic and cultural backgrounds. The largest group of Asians living in Virginia are Asian Indians, followed by Chinese, Filipino, Korean and Vietnamese.

In 2019, 68.1% of Asian households were homeowners. Asian homeownership increased steadily between 2010 and 2019, even as homeownership rates for other groups declined. Asian households are more likely to be homeowners than Black or Hispanic households; however, the rate of homeownership is lower than it is for White households.

According to data the U.S. Census Bureau’s American Community Survey:

»Asian homeowners in Virginia are relatively young. In 2019, the average age in Virginia was 50, compared to 56 for all homeowners in the Commonwealth.

» Asian homeowners have a larger household size. The average size in Virginia was 3.17 people, while the average size for all homeowners was 2.54 people.

» Asian homeowners are more highly concentrated in Virginia’s urban markets. Asian Americans are more likely than overall homeowners to own townhomes or condominiums than single-family detached homes.

» Home values are higher for Asian Americans than overall home values. The average home value for Asian homeowners in Virginia was $525,950. By comparison, the average home value for all homeowners was much lower, $367,243.