Local Real Estate Market Heats Up Again — Median Prices Hit New High in Hampton Roads

By John Womeldorf | Mr. Williamsburg | July 2025

For the second month in a row, Hampton Roads has set a new record for median home sale prices — a strong sign that our local real estate market is gaining momentum, even in the face of fluctuating interest rates.

According to June 2025 data released by the Real Estate Information Network (REIN), the median selling price (MSP) reached an all-time high of $375,000, a 4.2% increase over June 2024 and a solid jump from May’s median of $368,900. That’s the second straight month of record-breaking prices, signaling not just buyer demand, but also renewed market confidence.

📈 Sales Activity Up — Along with Inventory

Not only are prices up — so are sales. Settled sales rose to 2,541 in June, an 8% year-over-year increase, and up from 2,445 in May. Pending sales (homes under contract but not yet closed) saw a 15% year-over-year jump — up to 2,468 in June, compared to 2,145 in June 2024.

Perhaps the most encouraging stat? Inventory is finally climbing. Active residential listings across the region rose to 5,437 in June — a 24% increase year-over-year on the Southside and 29% on the Peninsula.

“Despite the increase in the number of homes sold, we have more inventory for buyers to choose from than we have had in quite some time,” said Barbara Wolcott, President of the REIN Board and agent with Berkshire Hathaway RW Towne Realty. “Interest rates seem to be keeping buyers interested, and the rise in inventory is giving them more options.”

🏡 What It Means for Buyers & Sellers in the Region

The Hampton Roads region — which includes Williamsburg, Virginia Beach, Newport News, and surrounding areas — has seen a notable shift from the ultra-competitive market of the past few years. While multiple offers and bidding wars still happen (especially in desirable neighborhoods), the increased inventory is easing some of that pressure.

For sellers, this is still a strong market, especially if you price right and prepare your home well. With the median days on market holding steady at 18, homes that show well and are appropriately priced are moving.

For buyers, the added inventory is a welcome change. With more choices, less competition, and slightly longer days on market, there’s now a bit more breathing room — but with prices still rising, waiting too long could cost more down the line.

🔨 New Construction: Mixed Signals

New construction sales in June were up from May (260 vs. 224) but still lagged behind June 2024’s numbers (283). Builders are staying active, and new homes are still in high demand — especially for buyers looking for modern amenities or lower-maintenance living.

📊 Quick Stats Recap – June 2025 REIN Market Highlights:

Median Sales Price: $375,000 (⬆︎ 4.2% YoY) Settled Sales: 2,541 (⬆︎ 8% YoY) Pending Sales: 2,468 (⬆︎ 15% YoY) Active Listings: 5,437 (⬆︎ 24% YoY) Median Days on Market: 18 Months’ Supply of Inventory: 2.65 (⬆︎ from 2.16 YoY) New Construction Sales: 260 homes

Meet Your Local Guide: Mr. Williamsburg

Pssst! I’m going to let you in on a little secret… While I am a real estate agent, I’m not your average one.

I’ve built my reputation on being a local ambassador first and a Realtor second. Known throughout the region as Mr. Williamsburg, I’ve made it my mission to help people fall in love not just with a house, but with the lifestyle of Greater Williamsburg, Richmond, and Hampton Roads. Whether you’re buying, selling, or just daydreaming for now, I bring a blend of deep community insight, honest advice, and creative marketing that helps buyers and sellers get exactly where they want to go.

Looking to sell your home? I take a storytelling approach that goes beyond square footage and granite countertops. I’ll help you showcase your home’s unique story — one that future buyers can connect with on a personal level. Want to see what I mean? Check out my “Every Home Has a Story” series here.

Want to know the current market value of your home? Ask me here.

Curious about other Williamsburg neighborhoods or looking farther afield in Yorktown, New Kent, Poquoson, Chesapeake, Suffolk, or even Richmond? I’ve helped hundreds of folks find the community that fits their lifestyle and their budget — whether that means a backyard for the dog, a bike path out your front door, or a quiet cul-de-sac near great schools.

Want to know what it’s like to work with me? Don’t take my word for it — check out what my past clients have said here.

Your real estate journey should feel like your journey — not a transaction. I’ll meet you where you are, help you navigate what’s next, and make sure you feel confident every step of the way.

To connect, you can call or text me anytime at 757-254-8136 or email me at John@MrWilliamsburg.com.

Thanks for stopping by — I look forward to helping you find your next home.

Warmly,

John Womeldorf

A.K.A. Mr. Williamsburg