Hampton Roads Housing Market Update – July 2025

By John Womeldorf, Mr. Williamsburg

While I primarily work as a real estate agent here in Williamsburg, VA, I keep a close eye on the entire Tidewater/Hampton Roads market — which includes Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton, Newport News, Poquoson, Williamsburg, James City County, York County, Gloucester, Isle of Wight, Smithfield, Franklin, Southampton County, and the Eastern Shore. And through my brokerage, we also have offices in Virginia Beach, Newport News, Williamsburg, Richmond/Chesterfield, and Kilmarnock in Virginia’s Northern Neck — so I’m well-versed in what’s happening from the coast all the way to Richmond.

More Homes, Easing Prices

According to July 2025 data from the Real Estate Information Network (REIN), buyers are seeing more options and a slight break in prices. Active residential listings rose to 5,664 — up 22% from July 2024 and the highest level since June 2020.

Pending sales for July totaled 2,457, up 10.5% year-over-year, while settled sales came in at 2,528 (a 7.76% increase from last July).

The median sales price in July was $368,250, down from $375,000 in June, but still up 3.44% from July 2024’s $356,000.

What I’m Seeing on the Ground

“This market has definitely slowed down,” I tell my clients. “Yes, there are still plenty of homes selling quickly, some even over list price — but we’re also seeing more homes sit on the market when they’ve been priced too high from the start.”

We are, in fact, starting to see more and more price reductions across the region, a sign that sellers are adjusting to a market where buyers have more choices.

Median days on market in July increased to 22 days, compared to just 18 days last July — giving buyers a bit more breathing room to make decisions.

New Construction Steady

Residential new construction sales totaled 210 in July — up 4.48% from last year — showing that demand for newly built homes remains healthy.

Key July 2025 Market Stats

Active Listings: 5,664 (↑ 22.04% YOY) Pending Sales: 2,457 (↑ 10.58% YOY) Settled Sales: 2,528 (↑ 7.76% YOY) Median Sales Price: $368,250 (↑ 3.44% YOY) Median Days on Market: 22 days (↑ from 18 days YOY) New Construction Sales: 210 (↑ 4.48% YOY) Month’s Supply of Inventory: 2.74 months (↑ from 2.28 last July)

What This Means for Buyers & Sellers

For buyers, increased inventory means more selection and the possibility of negotiating better terms. For sellers, it’s a reminder that pricing competitively from day one is critical — especially in a market where buyers have more options and are less likely to jump at overpriced listings.

If you’re considering buying or selling anywhere from Virginia Beach to Richmond — or in the Northern Neck — I can help you understand what these numbers mean for your specific situation.

Meet Your Local Guide: Mr. Williamsburg

I’m John Womeldorf, a.k.a. Mr. Williamsburg — a local ambassador first and Realtor second. I help people fall in love not just with houses, but with the lifestyle of Greater Williamsburg, Richmond, and Hampton Roads.

If you’re thinking of buying or selling, I bring deep community insight, honest advice, and creative marketing to help you get where you want to go. Want to see what I mean? Check out my “Every Home Has a Story” series, explore neighborhoods, or contact me to get started.

Call/text me at 757-254-8136 or email John@MrWilliamsburg.com.