Mid-Year Market Check-In: What Buyers & Sellers Need to Know in Hampton Roads

Hard to believe, but we’re already halfway through 2025! As the summer sun shines on Hampton Roads, the local real estate market is buzzing with activity — and shifting in ways that matter whether you’re buying, selling, or simply watching your home’s value.

Here’s your July mid-year check-in, packed with insights to help you navigate today’s market with confidence.

🔎 How’s the Market So Far?

• Inventory is up — and options are growing: Active listings across Hampton Roads have climbed by more than 20% since January, giving buyers more homes to choose from. Sellers are facing a bit more competition, but overall, this trend is helping bring balance to the market.

• Prices remain resilient: Median sales prices have continued a steady upward trend compared to last year, with many areas — including Virginia Beach and Chesapeake — seeing home values holding firm or rising modestly. Even with more inventory, demand hasn’t cooled dramatically.

• Homes still sell quickly — but not every home: Well-priced, move-in ready homes in sought-after neighborhoods are going under contract in fewer than 30 days. However, properties that need updates or are overpriced are sitting longer than they did in 2023 or early 2024.

• Rates offer some stability: After a volatile start to the year, mortgage rates have found a relative plateau. While they’re not at historic lows, they’ve remained within a range that allows many buyers to plan more confidently — which is helping keep the market moving.

🏡 What Buyers Need to Know:

✅ You have more choices — but don’t get complacent. It’s tempting to think you can shop around forever with more listings hitting the market, but the best homes still go fast. Being pre-approved and ready to make a serious offer is key to landing your dream home.

✅ Location flexibility is your friend. If you’re open to exploring up-and-coming neighborhoods like Deep Creek or Kempsville, you may find more opportunities and better value than in highly competitive areas.

✅ Negotiation is back on the table. Unlike the ultra-hot seller’s market of 2021-2022, many sellers today are willing to negotiate on price, repairs, or closing costs. Don’t be afraid to ask — but do so strategically.

✅ Plan for closing costs. Even with creative financing options, many buyers forget to budget for closing costs, which can run 2-4% of the purchase price. Preparing ahead can save you headaches later.

📦 What Sellers Need to Know:

✅ First impressions sell homes. Buyers are seeing more options, which means your home has to stand out. Professional staging, deep cleaning, and high-quality photography are essential in 2025.

✅ Pricing right is everything. Overpricing in a market with growing inventory almost always leads to price reductions, more days on market, and stress. Accurate pricing gets you sold faster and often for a better final price.

✅ Expect more questions from buyers. With more choices, buyers are taking more time to consider and are asking for detailed information, repairs, and even seller concessions — plan for this so you aren’t caught off guard.

✅ Work with a strategy. The days of throwing up a “For Sale” sign and expecting a bidding war are mostly behind us. Sellers who take the time to prep their home, time their listing, and work with an experienced agent are seeing the best results.

🔮 What’s Ahead for the Rest of 2025?

Experts predict we’ll see continued steady (but not explosive) price growth in Hampton Roads as supply and demand find better balance. Barring major economic shifts, rates should remain relatively stable, and sellers who prepare well will continue to see strong results.

Whether you’re thinking about upsizing, downsizing, relocating, or buying your first home, the key is staying informed — and making a plan you feel confident about.

📝 Final Thoughts

Summer is one of the best times to make a move, with longer days, more flexible schedules, and great opportunities for both buyers and sellers. But it’s also a time when market conditions can change quickly. Having a trusted real estate advisor on your side is the best way to navigate this market with confidence and ease.

📲 Ready to talk about your real estate goals? I’m here to help you strategize, plan, and make your next move a successful one. Contact me today to get started!