📊2025 Hampton Roads Real Estate Market Update—January to April Trends for Buyers & Sellers

Hello Hampton Roads,

2025 Hampton Roads Real Estate Market Update—January to April Trends for Buyers & Sellers

It’s time for an inside look at how the Hampton Roads real estate market performed during the first four months of 2025—and how those trends stack up against the same period last year. From shifting inventory to price fluctuations, these early numbers offer valuable insight into buyer behavior, seller strategy, and overall market momentum. The table below breaks down key metrics for detached single-family homes across all seven cities in Hampton Roads, giving you a clear snapshot of where things stand.

📍 Key Takeaways: 2025 Hampton Roads Real Estate Snapshot

• 🏠 Home prices are still rising across Hampton Roads, with April’s median hitting $360K—up from $355K last year. Virginia Beach, Chesapeake, and Norfolk remain hot zones for competitive pricing and quick sales.

• 📉 Closed sales dipped slightly, but homes are still selling fast—median 14–15 days on market. Sellers in Southside cities like Suffolk and Portsmouth are seeing strong offers.

• 💼 Distressed property sales are climbing, especially in areas like Newport News and Hampton. 29 distressed homes sold in early 2025, compared to 77 total in 2024—hinting at shifting market dynamics.

• 🧭 Inventory is growing modestly, giving buyers more options in emerging neighborhoods like Ocean View, Greenbrier, and the Central SGA corridor.

• 📊 Affordability remains a challenge, but local incentives and strategic buying (especially in revitalization zones) can help buyers navigate rising rates and prices.

2025/2024 Detached Homes in the 7 Cities (Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton & Newport News)

Month	Med. Sales Price	# Closed Sales	Med D.O.M.	Avg. % of LP Received	Month’s Supply
Jan 2025	$350,000.00	808	27	99.5%	3.0
Feb 2025	$355,000.00	990	18	99.8%	2.4
March 2025	$350,000.00	1149	15	99.8%	2.2
April 2025	$360,000.00	1330	14	100.1%	1.9
Jan 2024	$322,000.00	877	27	99.9%	2.4
Feb 2024	$330,000.00	990	17	99.9%	1.8
March 2024	$346,950.00	1266	14	100.0%	1.7
April 20244	$355,000.00	1348	12	100.2%	1.6

 

📚 Additional Reading

Check out this updated follow up post on  What’s Really Going On in the 2025 Housing Market in Hampton Roads—And What It Means for You for deeper insights into local trends, buyer behavior, and what’s driving prices this year.

🔗 Read the Full Post

Let's take a look at how this applies if you are a seller and if you are a buyer:

🏠 Seller Insights:

1. Prices Continue to Rise:

   • Median sale prices have increased each month year-over-year. For example, April rose from $355K in 2024 to $360K in 2025.

   • This suggests continued price appreciation, despite slight dips in demand. 

2. Slight Decrease in Demand:

   • Total closed sales were slightly down in 2025 compared to 2024 for every month except February (flat).

   • This could indicate some buyer hesitation, possibly due to interest rates or affordability pressures.

3. Homes Still Selling Quickly:

   • Median Days on Market (DOM) has remained very low (12–15 days in March/April 2024 and 14–15 in 2025).

   • Sellers are still seeing quick turnover.

4. Strong Offers Remain:

   • Homes are still selling for near or above asking price (April 2025: 100.1% of list price).

   • Slight softening vs. 2024, but still a very strong seller’s market.

Home owners considering selling should do so while the real estate market is in your favor. The homes that stand out—those in good condition and priced appropriately—are still generating multiple offers. To position your home in the best light, consider doing a complimentary pre-sales walk-through to see its strong points and what can be improved upon. Schedule a call and appointment here: https://calendly.com/liz-schuyler

🏡 Buyer Insights:

1. Affordability Challenges Growing:

   • Median prices are up $28K in January year-over-year, and $5K in April.

   • Combined with likely higher interest rates, this creates greater affordability pressure for buyers. Buyers take note, there are programs to increase affordability, if you'd like to learn more schedule a free call to discuss your options!

2. More Inventory, Slightly:

   • Month’s supply increased in 2025 for all 4 months compared to the same period a year ago (e.g., Jan: 3.0 months in 2025 vs. 2.4 in 2024).

   • While still a seller’s market (<4 months supply), buyers have slightly more options this year and if inventory continues to grow this will put downward pressure on prices and we could see the market start to favor more buyers.

3. Price Still Sticky:

   • A modest drop in % of list price received (e.g., 99.5% in Jan 2025 vs. 99.9% in Jan 2024) suggests properties are still selling close to the asking price. 

Buyers if you are wondering when the market will shift in your favor, I can share this with you:

Across the country, many metro areas are already experiencing that transition. According to Lance Lambert, 69 markets are seeing inventory tip the scales toward buyers (source). Zillow also forecasts that home prices will decline and inventory will rise in 2025 (source).

Locally, Hampton Roads appears to be gradually following suit. Distressed sales—while nowhere near the levels seen during the Great Financial Crisis—are on the rise. Currently, there are 60 distressed properties (foreclosures, government-owned, or short sales) listed for sale, and 29 have already sold in 2025. In contrast, only 77 distressed homes sold in all of 2024.

📌 Bottom Line:

• For sellers: Still an excellent time to list. Prices are high, homes are still moving quickly, and buyers are paying close to full price.

• For buyers: Inventory is rising, but affordability remains a challenge due to rising prices and higher mortgage rates. However other markets throughout the country are starting to soften and locally we are starting to see more distressed property sales hit the market.
  

🏡 2025 Hampton Roads Real Estate Market FAQ

1. Why are home prices still climbing in Hampton Roads? Prices are rising because demand remains strong and inventory is still relatively low. Even with a slight dip in closed sales, homes are selling quickly and often close to or above asking price—April 2025 saw a median price of $360K, up from $355K last year.

2. Is it still a seller’s market in Hampton Roads? Yes! Homes are moving fast (median 14–15 days on market), and sellers are receiving nearly full asking price. If your home is in good condition and priced right, you could attract multiple offers.

3. What’s the biggest challenge for buyers right now? Affordability. Prices are up year-over-year, and higher interest rates are adding pressure. But there’s a silver lining: inventory is growing slightly, and distressed properties are becoming more available.

4. Are distressed properties really increasing locally? They are. In just the first few months of 2025, 29 distressed homes have sold—compared to 77 for all of 2024. That’s a sign the market may be shifting, offering more opportunities for buyers.

5. Should I wait to buy or sell in Hampton Roads? It depends on your goals. Sellers still have the upper hand, but buyers may benefit from rising inventory and potential price softening. If you're unsure, consider scheduling a strategy call to explore your options.

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📞 Let's Talk Strategy

Whether you are buying or selling in this market, if you'd like more information about your particular neighborhood or want to discuss how to best achieve your real estate goals, feel free to reach out and schedule a call. No pressure--Just a real conversation about your goals.

📅 Schedule Your Free Call

Thanks for Reading,

Back to Hampton Roads Real Estate Ramblings

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Liz Schuyler, Virginia Beach Real Estate Agent
RE/MAX Allegiance

Liz Schuyler is a top Virginia Beach REALTOR® with RE/MAX Allegiance, licensed since 2001 and trusted across Hampton Roads. With 350+ homes sold, she helps clients Sell, Move, and Invest with confidence and strategy.

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