🕰️ Why Hampton Roads Buyers Shouldn’t Wait Until Spring to Start House Hunting
Hello Hampton Roads,
“Is it really smarter to wait until spring to buy a home in Hampton Roads?”
Not necessarily. While spring is traditionally seen as the “hot” season for real estate, that popularity comes with a price—literally. It’s when the majority of buyers flood the market, which means more competition, fewer concessions, and a higher likelihood of bidding wars. Following the crowd might feel safe, but in real estate, it often means paying more and settling for less. With mortgage rates rising and inventory still tight across Virginia Beach, Chesapeake, and surrounding cities, savvy buyers may find better opportunities by starting their search now—before the spring rush hits.
📌 Key Takeaways: Why Hampton Roads Buyers Shouldn’t Wait Until Spring
-
📈 Mortgage Rates Are Rising
Now at 6.43% (Nov 2025), up from 5.74% last month—waiting means higher payments and less buying power. -
⏳ Homes Are Still Moving
Virginia Beach detached homes average 15 days on market; Portsmouth attached just 18 days. -
🏘️ Inventory Is Tight
Supply remains low—Virginia Beach detached at 2.0 months, signaling a strong seller’s market. -
🧠 Spring = More Competition
More buyers = higher prices, fewer concessions, and tougher bidding wars. -
🎁 First-Time Buyer Incentives Active
100% financing and down payment assistance available now—eligibility may change by spring.
📈 Mortgage Rates Are Rising
If you’re waiting for rates to drop before buying, you might be waiting too long. As of November 20, 2025, national surveys show the average 30-year fixed mortgage rate hovering in the low-to-mid 6% range. Earlier this week, rates touched 6.43% before dipping slightly closer to 6.3%. Even with this small decline, rates remain elevated compared to the 5.74% average just a month ago, and they continue to directly impact monthly payments and overall buying power.
Let’s break it down:
- A $400,000 loan at 5.74% = approx. $2,334/month (principal + interest)
- The same loan at ~6.3% = approx. $2,480/month
- That’s about $146/month more, or nearly $52,500 extra over the life of the loan
And rates aren’t guaranteed to keep falling. According to Freddie Mac PMMS, Forbes Advisor, and Bankrate, economic uncertainty and inflation pressures continue to influence lender pricing. Spring could bring renewed increases—especially if the Federal Reserve signals another policy shift.
For Hampton Roads buyers, this means:
- Waiting could still cost thousands in added interest
- Your budget may shrink, limiting the homes you qualify for
- You may lose out on homes you could afford today
⏳ Homes Are Still Moving
Across Hampton Roads, homes are moving quickly—buyers don’t have the luxury of waiting weeks to decide. October 2025 data shows detached properties selling in as little as 15 days in Virginia Beach and 18 days in Norfolk, while Chesapeake averages 20 days and Portsmouth 23 days. Even in slower markets like Suffolk, detached homes are still selling in about 37 days.
This speed reflects strong demand and lean inventory. Sellers are consistently receiving 97–99% of their original list price, proving that well‑priced homes are snapped up fast. For buyers, hesitation can mean losing the home you want. For sellers, it’s a reminder that strategic pricing and presentation are critical.
| City | Avg Sale Price | Median Sale Price | Median DOM | % Original LP Received | Month’s Supply |
|---|---|---|---|---|---|
| Virginia Beach | $640,083 | $470,000 | 15 | 98.6% | 2.0 |
| Norfolk | $364,343 | $330,000 | 18 | 98.2% | 2.5 |
| Chesapeake | $472,193 | $445,000 | 20 | 98.9% | 2.4 |
| Portsmouth | $274,673 | $268,500 | 23 | 97.4% | 2.7 |
| Suffolk | $392,483 | $388,900 | 37 | 96.4% | 3.2 |
| Hampton | $315,630 | $304,950 | 20 | 97.8% | 2.7 |
| Newport News | $295,553 | $294,500 | 23 | 97.9% | 2.6 |
🏠 Section 3: Inventory Is Tight
If you’ve been searching for a home in Hampton Roads, you already know the challenge: there simply aren’t enough listings to meet demand. October 2025 numbers confirm it — detached properties across the Southside are averaging just 2–3 months of supply, well below the 6‑month threshold that signals a balanced market. We haven't had a balanced market in a while as our market has strongly favored sellers since Covid.
- Virginia Beach: 2.0 months
- Norfolk: 2.5 months
- Chesapeake: 2.4 months
- Portsmouth: 2.7 months
- Suffolk: 3.2 months
- Hampton: 2.7 months
- Newport News: 2.6 months
While inventory remains well below the 6‑month benchmark of a balanced market, more homes are beginning to sit on the market a little longer. This shift suggests buyers are becoming more selective, even as competition remains strong. For sellers, it underscores the importance of strategic pricing and presentation to stand out in a lean but slightly lengthening market.
Source: Virginia REALTORS® October 2025 Report, REIN Hampton Roads Market Summary Oct. 2025
🌱 Spring Buying Season: Higher Prices, Tougher Bids
Spring is traditionally the busiest season in real estate, and 2026 will be no exception in Hampton Roads. More buyers enter the market as the weather warms, schools approach summer break, and relocation timelines accelerate.
- Higher prices: Sellers can expect stronger offers as competition intensifies.
- Fewer concessions: Buyers will have less leverage to negotiate repairs or closing costs.
- Tougher bidding wars: Well‑priced homes often attract multiple offers, pushing buyers to act quickly and decisively.
For buyers, preparation is everything — securing pre‑approval, setting clear budget limits, and being ready to move fast. For sellers, spring offers the chance to maximize value, but only if homes are priced strategically and marketed effectively.
❓Frequently Asked Questions
We know Hampton Roads buyers and sellers have a lot on their minds. Here are answers to some of the most common questions we’re hearing right now:
- Q1: Homes are selling so fast — do I really need to get pre‑approved before looking?
- Yes. With median days on market as low as 15–20 days in Virginia Beach and Norfolk, pre‑approval ensures you can make a competitive offer immediately without delays.
- Q2: Inventory is tight, but I’ve noticed some homes sitting longer. What’s going on?
- While supply is still below the 6‑month balanced market threshold, buyers are becoming more selective. Homes that are overpriced or under‑prepared tend to linger longer, even in a competitive market.
- Q3: Are sellers still getting close to their asking price?
- Yes. October 2025 data shows sellers consistently receiving 97–99% of their original list price. Well‑priced homes often attract multiple offers, keeping sale prices strong.
- Q4: How will the spring season affect buyers?
- Spring brings more buyers into the market, which means higher prices, fewer concessions, and tougher bidding wars. Preparation and speed are key for buyers hoping to win.
- Q5: Is now a good time to list my home, or should I wait?
- With inventory lean and demand strong, listing now positions you ahead of the spring surge. Sellers who act early often benefit from motivated buyers and less direct competition.
✨ First-Time Buyer Advantage: Act Before Spring
For Hampton Roads buyers entering the market for the first time, the timing couldn’t be better. Programs offering 100% financing and down payment assistance are currently available, giving qualified buyers the chance to purchase with little or no upfront cash.
These incentives are designed to lower the barrier to homeownership, but eligibility requirements can shift quickly — and some programs may tighten or disappear by spring. Acting now ensures buyers can lock in benefits before competition heats up and financing options change.
For sellers, these programs expand the buyer pool, increasing the likelihood of strong offers from motivated first-time purchasers.
📌 Summary & Conclusion
October 2025 Hampton Roads housing data paints a clear picture: homes are selling quickly, inventory remains lean, and prices continue to hold firm. Even as some properties begin to sit longer, sellers are still receiving close to their asking price, and buyers face increasing competition — especially as we move into the spring season.
For buyers, the message is simple: waiting could cost you. With incentives like 100% financing and down payment assistance currently active, acting now ensures you can secure favorable terms before eligibility changes. For sellers, today’s market offers a rare advantage — strong demand, motivated buyers, and the opportunity to maximize value before spring competition intensifies.
In short, Hampton Roads remains a market defined by urgency and opportunity. Whether you’re buying your first home or considering listing, the smartest move is to prepare, act strategically, and take advantage of current conditions before the landscape shifts in 2026.
🚀 Ready to Win the Real Estate Game in Hampton Roads?
Whether you're buying your first home or planning to sell, timing and strategy are everything. Let’s map out your best move before spring competition heats up. A quick discovery call can uncover opportunities you don’t want to miss.
📅 Schedule Your Free Discovery CallThanks for Reading,
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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