March 2025 Hampton Roads Real Estate Market Report

Published April 2025 | Data Source: REIN, Inc.

As spring unfolds, the Hampton Roads real estate market is showing clear signs of shifting dynamics. According to the latest data released by the Real Estate Information Network, Inc. (REIN), market trends for March 2025 reflect both opportunity and uncertainty in the residential sector across the region’s seven major cities: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Hampton, and Newport News, along with several outlying areas.

Let’s break down what the numbers reveal.

Active Listings Jump Over 27%

The most noticeable shift in the market is the significant increase in active listings, which surged by 27.06% year-over-year. In March 2025, there were 4,541 homes on the market, compared to just 3,574 in March 2024. This jump gives buyers more options than they’ve had in quite some time and signals a potential softening of the ultra-competitive conditions that defined the past few years.

Pending Sales on the Rise

There’s good news for sellers too: pending sales are up 5.14%, with 2,333 homes under contract in March 2025, compared to 2,219 a year earlier. This increase suggests that even with more homes on the market, buyer demand remains steady—though it may take a little longer and a more strategic approach to get to contract.

Settled Sales Dip Slightly

Despite strong pending activity, settled sales were down 3.16%, totaling 1,992 in March compared to 2,057 the year prior. This slight drop could be the result of delayed closings or buyer hesitancy amid broader economic uncertainties, including interest rate fluctuations and inflation concerns.

New Construction Sales Decline

One of the more notable downturns was in the new construction sector, which saw a 10.16% decline. March 2025 recorded 221 new construction sales, down from 246 in March 2024. This mirrors national trends, where rising construction costs and tightened lending have made new builds less accessible to many buyers.

Median Sales Price Continues to Climb

In spite of shifting sales activity, home values remain resilient. The median sales price for March 2025 rose 4.67%, reaching $347,500—up from $332,000 in March 2024. This appreciation reflects continued buyer competition for well-priced, move-in-ready homes, especially in high-demand submarkets like Virginia Beach and Chesapeake.

What It All Means

For buyers, increased inventory means more choices, less bidding war fatigue, and potentially more negotiating room. However, rising home prices still require strategic budgeting and often pre-approval in hand before shopping.

For sellers, pricing strategy and home preparation are more critical than ever. With more competition on the market, properties that are staged well, priced right, and marketed thoroughly will have the edge.

For investors and new construction watchers, the dip in new build sales may represent a temporary cooling or a longer-term adjustment in the face of economic pressures and affordability concerns.

About This Data

All data is provided by REIN, Inc. (Real Estate Information Network), the multiple listing service for southeastern Virginia, which includes the cities of:

• Norfolk

• Virginia Beach

• Chesapeake

• Portsmouth

• Suffolk

• Hampton

• Newport News

As well as surrounding counties and rural areas.

About Me – John “Mr. Williamsburg” Womeldorf

I’m John Womeldorf—better known as Mr. Williamsburg—and I’ve been helping people buy and sell homes across the Hampton Roads and Williamsburg regions for over 20 years. As both a long-time resident and seasoned REALTOR®, I offer more than just local expertise—I bring personal insight into what makes each neighborhood and community unique.

Whether you’re considering a move, exploring your investment options, or just love staying in the know about our local real estate market, I’m here to help.

If you’re thinking about buying or selling a home in Hampton Roads or Williamsburg, I’d love to be your resource and advocate.

Contact Me:

Phone: 757-254-8136

Email: john@mrwilliamsburg.com

Website: mrwilliamsburg.com