Hampton Roads Real Estate Market Readying for Spring
As we transition into the spring homebuying season, the Hampton Roads real estate market is showing signs of improvement. Despite February being a shorter month and bringing its share of wintry weather, both pending and settled sales increased from January. However, when comparing year-over-year data, the market is experiencing a mix of trends—active listings and median home prices are up, while settled and pending sales are down.
Market Trends Across Hampton Roads
According to the Real Estate Information Network (REIN), which provides MLS data for Hampton Roads, February saw a rise in available inventory, giving buyers more options. At the same time, sellers are benefiting from steady price growth, with the median sale price rising over 5% compared to last year.
Barbara Wolcott, President of REIN’s Board of Directors, noted that mortgage rates have been trending downward, which could further stimulate the market as we move into spring. “Having more homes on the market is good for buyers, while strong selling prices are good for sellers,” Wolcott said.
February 2025 Market Statistics for Hampton Roads
• Active Residential Listings: 4,340 homes were on the market in February, down slightly from 4,366 in January but up 21.6% from February 2024.
• Pending Sales: 1,875 homes went under contract, up from 1,748 in January but down 8% from February 2024.
• Settled Sales: 1,551 homes closed in February, an increase from 1,389 in January but down 9.25% from last year.
• Median Sale Price (MSP): The median price of homes sold in February was $345,000, up from $340,000 in January and 5.43% higher than February 2024.
• Month’s Supply of Inventory (MSI): The MSI held steady at 2.12 months, compared to 1.73 months in February 2024. This increase in inventory provides buyers with more choices and less pressure to make immediate decisions.
• Median Days on Market (DOM): Homes took a median of 28 days to sell, slightly longer than 27 days in January and six days longer than in February 2024.
• New Construction Sales: 168 newly built homes sold through the MLS, down from 200 in February 2024.
Regional Breakdown
Hampton Roads is a diverse market, encompassing several distinct regions, each with its own real estate trends. Local Realtor associations in Williamsburg, Gloucester, Central Virginia, and other submarkets report individual statistics that contribute to the overall market picture. While these regions share common trends, such as increased inventory and slightly longer days on market, pricing and sales activity can vary based on local demand.
What This Means for Buyers and Sellers
For buyers, a 22% increase in active listings means more choices and potentially less competition, especially as mortgage rates continue to show signs of decline. However, prices are still rising, making it important to act strategically when looking for a home.
For sellers, rising median prices signal a strong market, but longer days on market mean that properly pricing and marketing a home is more crucial than ever. Well-presented, competitively priced homes continue to sell in a reasonable timeframe.
Stay Informed with Local Real Estate Insights
I share these market updates to keep buyers and sellers informed about the real estate landscape in Williamsburg, Hampton Roads, and beyond. Understanding these trends can help you make smarter decisions, whether you’re looking to buy, sell, or invest in the area.
About Me
I’m John Womeldorf, also known as Mr. Williamsburg, a local real estate expert with over 20 years of experience helping clients navigate the housing market. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell your home, I provide expert guidance tailored to your needs.
If you’re thinking about buying or selling, I’d love to help! Feel free to reach out:
Let’s find your perfect home or get yours sold with confidence!