Hampton Roads Real Estate Market Update: June 2025
Summer 2025 is heating up, and so is the Hampton Roads housing market. If you’re curious about the latest Hampton Roads real estate market update, grab a seat! We’ve got new records, more homes popping up for sale, and a noticeable shift in the tide for both buyers and sellers. Let’s find out what’s really going on with homes for sale in Hampton Roads right now!
Hampton Roads Housing Market by the Numbers (May/June 2025)
The local housing market has been dynamic this spring. In May 2025, Hampton Roads hit a record high median sales price of $368,900. That’s roughly a 4.7% jump over last year. What’s wild is that prices set a new peak even though slightly fewer homes actually sold compared to May 2024. We closed about 2,445 sales in May, down about 2% year-over-year. In other words, houses are selling for more money, but the frenzy has calmed a bit from the crazy pace we saw a couple of years ago.
Meanwhile, inventory is making a comeback. For the first time in a while, buyers are seeing more “For Sale” signs around. Active listings in Hampton Roads jumped 23.7% from last year, 5,276 homes for sale in May, the highest number of listings we’ve had in nearly five years. That rise in inventory is giving buyers a bit more breathing room. Pending sales (homes under contract) also ticked up nearly 6% year-over-year, showing that more options are pulling more buyers into the market. It’s like the shelves are finally getting restocked after being nearly empty during the pandemic rush.
Despite the extra inventory, Hampton Roads is still a pretty fast-paced, seller-leaning market. Homes spent a median of just 18 days on the market in May. That’s only a few days longer than the lightning-fast 15-day median from last year. So well-priced homes are still getting snapped up fast. This isn’t the “gone in 24 hours with 20 offers” chaos anymore, but buyers still can’t sleep on a good deal. Prices are high, demand is solid, yet buyers now have more choice; it’s a noticeable shift from the one-sided seller’s market we had before.
More Homes, But Is the Tide Turning for Buyers?
So, are we finally in a buyer’s market? Not quite, but we’re inching closer. One stat that shows this is Months’ Supply of Inventory (MSI). That’s a measure of how long it would take to sell all the current homes on the market if no new ones were added. In May, Hampton Roads’ MSI was about 2.6 months. That’s up from 2.1 months last year, but still well below the 5 to 7 months that’s considered a balanced market. For context, we haven’t seen an MSI over 5 in this area since 2017. So technically, sellers still have the edge, but not by as much as before.
The surge in listings is good news for buyers. After a few years of tight supply, there’s finally a decent selection of homes. We’re seeing the best variety on the market in years, from starter homes to waterfront places in Virginia Beach. If you’re buying a home in Virginia Beach, Norfolk, Chesapeake, or anywhere in the region, expect to see more homes pop up than you did last summer.
But more inventory hasn’t totally flipped the script. Good homes still go quickly, and sellers who price right are still getting solid offers. The market used to be blazing hot for sellers; it’s still warm, just not scorching.
Hampton Roads vs. the National Market
How does all this stack up against the national housing market? In a lot of ways, Hampton Roads is tracking right alongside national trends, with a few local twists.
Nationwide, inventory has also been climbing. In May, the number of homes for sale across the U.S. jumped more than 30% from last year, topping 1 million active listings for the first time in a long time. Some cities, especially out west, saw massive spikes in inventory, over 60% in places like Denver. Compared to that, our 24% year-over-year bump feels more controlled.
When it comes to pricing, Hampton Roads is holding strong. Nationally, the median home price is hovering around $423,000, which is basically flat compared to last year. Meanwhile, we’re sitting at around $369,000 and climbing. So while other parts of the country are starting to cool off, we’re still seeing healthy appreciation here. likely thanks to our military presence, steady job market, and coastal lifestyle.
One more thing: nationally, MSI is hovering around 4.6 months, which is getting close to a balanced market. Here in Hampton Roads, we’re still sitting at about 2.6. So while the national market is softening, our local market is still a bit tighter, with solid demand keeping things moving.
What This Market Shift Means for Buyers
If you’re buying in Hampton Roads right now, you’ve got more options than you’ve had in years. That’s a big win. But don’t get too relaxed, good homes still move quickly, and competition hasn’t disappeared.
Get pre-approved, have your paperwork ready, and move fast when you find something you like. With more listings, there may be some wiggle room on price or repairs, especially if a home’s been sitting for a few weeks. Buyers have a little more leverage right now, and that’s something we haven’t been able to say in a while.
What This Market Shift Means for Sellers
Sellers, don’t stress. You’re still in a great position; you just need to bring your A-game. Homes are selling at record prices, but with more listings out there, buyers have choices. That means you need to price your home strategically and make sure it looks sharp. Clean it up, fix what’s broken, and make it stand out.
If you do all that, your home should still sell quickly and at a strong price. But gone are the days of overpricing and expecting a bidding war no matter what. The market’s still in your favor, just not by a mile.
Wrapping It Up
The Hampton Roads market is shifting, not crashing, just moving toward something a little more balanced. For buyers, it’s finally possible to find a home without feeling like you’re in a mad dash. For sellers, it’s still a good time to list; you just need to be smart about it.
