A Calmer Summer for Real Estate

The Hampton Roads housing market is settling into a more balanced groove as we wrap up the summer of 2025. August’s numbers are in, and they tell a story of rising inventory and steady prices. For local homeowners and house-hunters, this shift brings a breath of fresh air. After a few frenzied years, we’re finally seeing more choices for buyers and a bit less of the white-hot competition, all while home values remain strong.

Inventory on the Rise

If you’ve been following the market, you know housing supply has been the big story lately. In August, active listings hit their highest level in over five years. There were roughly 5,800 homes for sale across Hampton Roads in August, a dramatic improvement from the 3,680 on the market two summers ago. This jump (over 20% more listings than last August) is welcome news for buyers. More inventory means more options, from starter townhouses in Newport News to single-family homes in Virginia Beach, and a lot less of the “few houses to choose from” problem we saw during the pandemic boom.

It’s important to keep this surge in perspective. Five years ago, in summer 2019, we had over 8,000 homes for sale in our region. So while 5–6k listings today is a big improvement from the record lows of 2021–2022, it’s still below what used to be “normal.” In other words, we haven’t completely flipped to a buyer’s market, demand is still outpacing supply, but the gap is closing. We can see this in the Month’s Supply of Inventory (MSI), which climbed to roughly 2.7 months in August (up from just 1.7 months a year ago). A balanced market typically has around 5–6 months of supply, so Hampton Roads is moving toward balance but remains a seller-leaning market.

With the inventory growth, homes are taking a bit longer to sell, and that’s okay! The median days on market in August was in the low 20s (just over three weeks), a few days more than last year. Buyers can now take a breath and shop around a little, instead of feeling forced to bid on a house the day it’s listed. Sellers might notice that they’re not getting a flood of offers overnight, but well-priced, well-presented homes are still selling at a good clip. The market is simply less frantic than it was, which ultimately is healthier for everyone.

Prices Still Gently Climbing

Despite the increase in supply, home prices in Hampton Roads remain resilient. The median sale price for August 2025 came in around $367,500, which is up roughly 5% from August of last year. Prices have inched down just slightly since the all-time high we saw in June (when the median hit about $375,000), but they’re essentially holding steady at near-record levels. This is a big change from the double-digit price jumps we saw in 2021; today’s moderate price growth is a sign that the market is stabilizing. More inventory has taken some of the upward pressure off prices, preventing any runaway spikes.

For some broader context, Hampton Roads is still a relative bargain compared to many U.S. markets. Even at $367K, our median price is well below the national median (hovering around $420K as of mid-2025) and below Virginia’s statewide median (low $400s). Housing affordability is certainly still a challenge, higher prices and 6–7% interest rates have made monthly payments hefty, but our region’s price point gives us a bit of an edge. We’re seeing steady buyer interest, including from folks relocating from pricier areas, because you simply get more home for your dollar here than in many metro areas. As long as our prices stay in check (and it looks like they are), Hampton Roads should continue to attract buyers and support home value growth, albeit at a sustainable pace.

What Buyers and Sellers Should Know

For Buyers: The late summer market in Hampton Roads is more welcoming than it has been in recent years. You’ll find a wider selection of homes, less chance of bidding wars, and maybe even the opportunity to negotiate on price or repairs, things that were tough to do when inventory was at rock-bottom. Mortgage rates are still higher than a few years ago, but the silver lining is that rates have been fairly stable lately. This stability helps you plan your budget without the fear that rates will jump dramatically overnight. The key advice for buyers now is: take advantage of the breathing room, but remain prepared. Good homes priced right will still go under contract quickly. So do your homework, get pre-approved, and be ready to act when you find the house, just know you might not have to decide within hours like in 2021. You can shop with a bit more confidence that another option will be out there if one doesn’t work out.

For Sellers: Don’t let the increasing inventory scare you, it’s still a great time to sell in Hampton Roads. Prices are near historic highs, and buyers are active, as evidenced by the year-over-year rise in sales this summer. What’s different now is that presentation and pricing matter more. In an ultra-hot market, some sellers could put a sign in the yard and get multiple above-ask offers by the next day. Today, you’ll want to team up with a good agent (I’m always happy to help!) to price your home competitively and perhaps do a bit of staging or touch-ups to make it stand out. Expect that it might take a few weeks to find the right buyer instead of a few days. That said, well-maintained homes priced at market value are certainly selling, often still within a month, and buyers are willing to pay for a home that checks all the boxes. Another plus for sellers, if you’re looking to move up or downsize locally, the improved inventory means you’ll have choices for your next home. You can list your current house and go shopping for your new one without as much pressure to line up back-to-back transactions in a tight window. This more balanced market dynamic can make the whole process of selling and buying much smoother.

Looking Ahead

The August 2025 numbers confirm that the Hampton Roads real estate market is in a healthier place now than it’s been in a long time. We have more homes for sale, moderate price growth, and sustained buyer interest, a combination that creates opportunities for both buyers and sellers. If you’ve been on the fence about entering the market, this could be the moment you’ve been waiting for. Every situation is unique, and whether you’re considering buying your first home, moving up to a bigger one, or selling a property, it pays to get expert guidance tailored to your needs. Please feel free to reach out to me with any questions about what these latest trends mean for you. I’m not just a REALTOR®, I’m your neighbor, and I’m here to help you make informed decisions in our local market. Contact me anytime for a friendly, no-pressure chat about your real estate goals. I’m always ready to help you home in on the right opportunity!

These trends show a market evolving toward equilibrium: buyers have more breathing room, and sellers enjoy strong but stabilizing prices. Stay tuned for more updates as we watch how the fall season shapes up!