Hampton Roads Housing Market Update: June 2025

The Hampton Roads housing market kept things moving in June, and it wasn’t just business as usual! Home prices climbed to another all-time high, $375,000, topping last month’s record and showing that buyer demand is still going strong. At the same time, more homes hit the market, giving buyers a bit more breathing room. A total of 2,541 homes closed in June, which is up from both May and June of last year. Meanwhile, pending sales (homes that went under contract) held steady at 2,468, slightly down from May but still 15% higher than June 2024.

The biggest shift? Inventory. There were 5,437 active listings in June, which is a 24% jump from a year ago. So while homes are still selling quickly, buyers now have more options, and sellers are seeing more competition. All of this is pushing the market toward a healthier balance, even if it still favors sellers for now.

Hampton Roads Housing Market by the Numbers

If you’ve been following along, you know we’ve been watching prices closely, and June delivered another record. The median sale price reached $375,000, a 4.2% increase from this time last year and another bump from the $368,900 we saw in May. It’s still a seller’s market in many ways, but prices seem to be rising at a steadier, more sustainable pace than in years past.

Home sales were strong, too. We saw 2,541 homes sold in June, which is up from 2,445 in May and 8% higher than last June. Pending sales came in at 2,468, just under May’s numbers but still well above where we were a year ago.

Inventory is where we’ve seen the most noticeable change. There were 5,437 active listings in June, the highest we’ve seen in nearly five years. Compared to June 2024, that’s a 24% increase. The months’ supply of inventory (or how long it would take to sell everything on the market at the current pace) rose to 2.65 months. That’s still short of the 5 to 6 months we’d need for a balanced market, but it’s a big improvement from the 2.16 months we had this time last year.

And yes, homes are still moving quickly. The median days on market stayed at 18 for the second month in a row, just a tick above 16 days last year. New construction also picked up slightly with 260 new builds sold in June, up from 224 in May, but still lower than June 2024.

Across the board, most areas in Hampton Roads saw a jump in listings. The Southside was up 24%, and the Peninsula saw a 29% increase, so more choices are popping up in nearly every corner of the region.

What This Market Shift Means for Buyers

For buyers, this market is starting to feel a little less frantic. More homes on the market means more room to breathe, more neighborhoods to explore, and possibly a better shot at finding the right fit without rushing into a decision. With over 5,400 homes for sale, the most we’ve seen in years, there’s finally a bit of selection, which is a big shift from the inventory crunch of the last few summers.

But let’s not sugarcoat it: affordability is still a challenge. That record-setting $375,000 median price means buyers need to stay sharp with budgeting. Still, it helps that prices aren’t rising as quickly as they were during the pandemic years. Plus, with homes staying on the market a little longer and more listings to choose from, buyers may find themselves in a better position to negotiate or take a second look.

Pending sales dipped slightly from May, which could just be seasonal or a bit of buyer fatigue. But demand remains strong overall, 15% higher than this time last year, and national mortgage rates in the high sixes, buyers are focused on locking in homes before rates go any higher.

The bottom line? It’s still competitive, but not cutthroat. Take your time, get your financing squared away, and stay ready to move when the right house pops up.

What This Market Shift Means for Sellers

If you’re selling, there’s still plenty to like about this market, starting with that $375,000 median sale price. Homes that are priced right and show well are still moving quickly. With a median days on market of 18, the right listing can grab attention fast.

That said, more inventory means more competition. Buyers have more to choose from now, and that changes the game a bit. Gone are the days of throwing up a listing and watching the offers roll in. Pricing your home correctly from the start is more important than ever. Overpricing can leave your home sitting on the market longer than you’d like, and may even force you to cut the price later on.

The increase in listings also means buyers can afford to be a little more particular. If your home needs updates or isn’t staged well, it may get overlooked in favor of a more polished option. Sellers who invest in curb appeal, clean interiors, and thoughtful presentation are the ones seeing the best results.

Overall, it’s still a solid time to sell, but the market isn’t quite as lopsided as it was last year. Sellers who adjust to that shift and put in the effort to stand out are still walking away with great results.

Hampton Roads vs. the National Market

Nationally, housing is also in the middle of a shift. According to NAR, the median home price across the U.S. hovered around $422,800 in May 2025, basically flat compared to last year. Hampton Roads is still tracking below that number, but we’re seeing stronger local appreciation, up 4.2% year-over-year.

Where we really stand out is in inventory. National listings jumped over 30% year-over-year in June, crossing the 1 million mark. In some metro areas like Las Vegas and D.C., inventory spiked 60–70%. Hampton Roads saw a 24% increase, not as dramatic, but still significant.

Nationally, the months’ supply of homes is around 4.6, which is inching toward a balanced market. Locally, we’re still under three months, which means sellers still have a slight edge here, especially if their homes are priced and presented well.

Buyer activity across the country is strong but slowing, mostly due to interest rates and affordability. Realtor.com reports that pending contracts were down a bit from last year. But here in Hampton Roads, pending sales are actually up 15% year-over-year, showing that buyers are still engaged, especially as more homes come onto the market.

In short, Hampton Roads is following the national trend of rising inventory and cooling competition, but we’re holding a bit stronger than many other parts of the country.

Wrapping It Up

All signs point to Hampton Roads settling into a more balanced market. Prices are high but stable. Inventory is up, but not overwhelming. Homes are still selling quickly, but the feeding frenzy has calmed. For buyers, it’s a good time to shop with more confidence. For sellers, it’s still a solid market, but standing out now takes strategy, good pricing, and some preparation.

Compared to the rest of the country, Hampton Roads continues to perform well. We’re not seeing the dramatic slowdowns happening in some metros, and demand here remains strong. If you’re buying, stay alert and ready. If you’re selling, bring your A-game, and you’ll still do just fine.

The rest of the summer will be key to watch. If mortgage rates hold steady or dip, we could see another jump in buyer activity. If they rise again, things might cool down a bit more. Either way, Hampton Roads is still moving, and if June is any sign, this market isn’t slowing down just yet.