Hampton Roads Real Estate Market Activity Up Over February 2025

There’s some encouraging news coming out of the Hampton Roads real estate market this month.

According to new data released by the Real Estate Information Network (REIN), several key indicators for February showed positive movement both month-over-month and year-over-year. Pending sales, settled sales, and inventory levels all increased compared to the same time last year, while home prices continued their gradual climb.

For buyers and sellers across Hampton Roads—from Williamsburg and the Peninsula to the Southside—it’s another sign that the market remains active despite the economic uncertainty that has hovered over the housing industry over the past couple of years.

Mortgage Rates Finally Showing Some Relief

One of the biggest drivers behind the recent uptick may be mortgage rates.

According to Freddie Mac, the national average for a 30-year fixed-rate mortgage recently dropped below 6% for the first time in three and a half years.

That psychological threshold matters.

As John Chandler, President of REIN’s Board of Directors for 2026, noted:

“It’s a good sign to see the real estate market up over last year. While agents are certainly working hard to serve their clients, lower mortgage rates make purchasing a home much more attractive for prospective buyers.”

Lower rates can quickly bring buyers back into the market, especially those who had been waiting on the sidelines.

Sales Activity Across Hampton Roads

Looking at the region’s seven major cities, several markets saw meaningful year-over-year increases in home sales.

Southside Markets

Chesapeake recorded 258 settled sales, an increase of 10.26% compared to February of last year. Virginia Beach reported 384 homes sold, up 9% year-over-year.

Peninsula Markets

Newport News posted one of the strongest gains in the region with 157 homes sold, representing a 24.6% increase. Hampton recorded 130 closings, up 14% compared to February 2025.

These increases suggest that buyer demand is still very much present, especially when inventory becomes available.

Key Hampton Roads Market Statistics (February)

Here are some of the most important numbers from the REIN report:

Active Listings

4,499 homes on the market Up 3.66% year-over-year January had 4,528 active listings

Pending Sales

1,988 homes under contract Up 12.06% compared to February 2025

Settled Sales

1,600 homes closed Up from 1,576 in January Up 3.16% year-over-year

Median Sale Price

$355,000 Up from $346,000 last February

Months Supply of Inventory

2.14 months Essentially unchanged from last year

Median Days on Market

30 days Down from 41 days in January Slightly higher than 28 days last February

New Construction Sales

161 new homes sold through the MLS Down from 213 in January

A Note About MLS Systems in Virginia

While this report reflects data from REIN, it’s worth noting that Virginia’s real estate data is still somewhat fragmented.

There are multiple Realtor associations and MLS systems across the state—including those serving areas like Williamsburg, Gloucester, Richmond, and beyond. Many of these MLS systems overlap geographically, meaning agents often belong to multiple systems to see the full picture of what’s happening in the market.

From my perspective as someone who works across several regions, it can feel redundant, old-fashioned, confusing, and costly for agents and brokerages alike.

Hopefully, at some point in the future we will see a more unified statewide MLS system, which would make accessing data simpler and more transparent for both real estate professionals and consumers.

What This Means for Buyers and Sellers

From where I sit in the market every day, these numbers line up with what I’m seeing on the ground.

Inventory is still historically tight, but we’re beginning to see slightly more listings coming to market. When a well-priced home hits the market in a desirable neighborhood, it’s not unusual to see strong interest quickly.

For buyers, the slight dip in mortgage rates may open the door again.

For sellers, the continued shortage of inventory means properly priced homes are still attracting serious buyers.

Why I Write These Market Updates

As someone who has been selling homes in the Williamsburg and greater Hampton Roads region for more than two decades, I’ve found that many buyers and sellers appreciate understanding what the numbers actually mean.

Real estate headlines can sometimes feel confusing or contradictory. My goal with these updates is to translate the regional data into real-world insights that help people make better decisions.

I’ve had the privilege of helping clients buy and sell homes from the North Carolina border to west of Richmond and everywhere in between, and staying on top of market trends is one of the most important parts of that job.

About the Author

I’m John Womeldorf, also known as Mr. Williamsburg, a licensed Realtor with Liz Moore & Associates. For more than 20 years, I’ve helped clients buy and sell homes across the Hampton Roads and Central Virginia region.

My work often goes beyond simply opening doors and writing contracts. I spend a great deal of time helping people understand the lifestyle, neighborhoods, and unique character of the communities throughout this region—from Williamsburg and Yorktown to Smithfield, Chesapeake, and Richmond.

Whether you’re relocating, downsizing, buying your first home, or simply trying to understand what your property might be worth in today’s market, I’m always happy to help.

You can reach me anytime:

📞 Phone: 757-254-8136

📧 Email: John@MrWilliamsburg.com

🌐 Website: https://mrwilliamsburg.com

If you’re curious about the value of your home or thinking about making a move, feel free to reach out. I’m always glad to talk real estate.