2025 Hampton Roads Real Estate Market Update

Hello Hampton Roads,

It’s time for an inside look at the Hampton Roads real estate market to see what the first 4  months of 2025 were like and how that compares to last year.  The table below shows the numbers for detached single family homes for Hampton Roads (7 cities combined).

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

 
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.

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.

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Thanks for Reading,

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