Tidewater Market Hits Record High Home Prices
If you’re like me, you still call it Tidewater. And you’ve definitely never called it Coastal Virginia — just sayin’.
Despite a slight dip in the number of homes sold in May, Hampton Roads (aka Tidewater) just hit an all-time high for median selling price — landing at $368,900, a nearly 5% year-over-year increase. That edges past the previous high of $360,000 set in June 2024.
That’s not just impressive — it’s historic.
What’s driving it?
According to the latest data from REIN MLS, inventory is finally making a comeback, giving buyers more choices than they’ve had in years. In fact, active listings in May hit 5,276, the highest we’ve seen since July 2020.
Barbara Wolcott, Board President of REIN and a veteran of the local market, put it this way:
“It’s still not technically a balanced market, but buyers certainly have more selection than they’ve had in quite some time.”
Translation? It’s still a seller’s market — just a slightly friendlier one for buyers.
What This Means If You’re Thinking About Buying or Selling
Buyers: You’ve got more options now than at any point in the last five years. Inventory is up, and while prices are still rising, you’ve got leverage — especially if a seller is motivated. Sellers: Median prices are at record highs, so if you’re on the fence about listing, now may be your moment. Yes, competition is creeping back in, but buyers are still out there and actively writing offers — especially for well-presented, well-priced homes.
Real Talk: This Market Isn’t 2019 — and That’s Okay
Let’s be honest. If you’re expecting 3% mortgage rates and 20 competing offers, that ship has sailed. But what we do have is a stabilizing market, motivated buyers, and a lot more clarity heading into the second half of 2025.
The MSI (Month’s Supply of Inventory) is still under 3.0, which means sellers remain in a strong position — though things are trending toward more balance.
Need Help Navigating It All?
That’s where I come in. Whether you’re buying, selling, upsizing, downsizing, or just curious what your home is worth in today’s market, I’m here to help.
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 what your home is worth in today’s market? Ask me here.
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.
To connect, you can call or text me anytime at 757-254-8136 or email me at John@MrWilliamsburg.com.
Thanks for stopping by!
Warmly,
John Womeldorf
A.K.A. Mr. Williamsburg