More Options for Buyers as Summer Winds Down: August 2025 Hampton Roads Market Update
As summer draws to a close, the Hampton Roads housing market is showing some interesting shifts — particularly for buyers who have been waiting for more opportunities. According to the Real Estate Information Network (REIN), which tracks activity across Virginia Beach, Norfolk, Chesapeake, Suffolk, Hampton, Portsmouth, and 15 surrounding cities and counties, the number of homes available for sale in August 2025 hit its highest level in five years.
That increase in supply is good news for buyers, especially with mortgage rates recently easing to their lowest point of the year. With more homes to choose from and improved affordability, late 2025 is shaping up as a more favorable time to make a move.
What the Numbers Show
Active listings: 5,709 in August, up 18.7% year-over-year and nearly 19% higher than July’s 5,437. Pending sales: 2,212, a jump of 8.5% from last year (though slightly below July’s 2,257). Settled sales: 2,243 in August, down 1.7% from 2,282 the year before. Median sales price: $370,000, up 5.6% year-over-year from $350,250 in August 2024. Month’s supply of inventory: 2.77, compared to 2.38 a year ago — meaning buyers have more choices. New construction sales: 201 in August, down 11.5% from the same month last year. Median days on market: 25, a modest increase from 21 days in 2024.
Local Highlights
Suffolk led the region with the largest jump in active listings, up nearly 19%. Norfolk followed with a significant 16.8% increase. Among larger communities, Chesapeake posted the highest median sales price at $425,000, reflecting a 3.4% year-over-year rise.
What This Means for Buyers and Sellers
For buyers, the late-summer market finally offers breathing room after years of tight inventory. With rates at a 10-month low and more homes available, it’s a strategic time to explore options.
For sellers, while there’s more competition, strong pricing power remains. Homes are still selling at higher prices than last year, and the Hampton Roads market continues to draw steady demand.
About REIN
REIN (Real Estate Information Network) is the regional MLS, serving real estate professionals in 15 cities and counties across Hampton Roads, stretching from Williamsburg east to Virginia Beach and south to the North Carolina border.
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, Hampton Roads, and even Richmond. 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 in Hampton Roads or Williamsburg? 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.
Curious about what your home is worth in today’s market? Ask me here.
Or, if you’re new to the area and want to explore neighborhoods from Virginia Beach to Williamsburg, Yorktown, New Kent, Suffolk, Chesapeake, and Richmond, I can help you find the perfect fit for your lifestyle and budget.
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. To connect, you can call or text me anytime at 757-254-8136 or email me at John@MrWilliamsburg.com.
Thanks for reading,
John Womeldorf
A.K.A. Mr. Williamsburg