Real Estate Market Update: Hampton Roads, VA – Trends, Stats, and What’s Next

The Hampton Roads real estate market has been making waves lately, and whether you’re a first-time home buyer, seasoned investor, or looking to sell, there’s plenty to keep an eye on. Let’s dive into the latest stats, what’s driving the market, and what experts predict for the coming year.

Recent Market Statistics

Over the past year, Hampton Roads has seen steady activity despite national fluctuations. Home prices have risen by approximately 4% year-over-year, with the median sales price hovering around $330,000. Inventory remains tight, with homes spending an average of just 22 days on the market before going under contract. Multiple-offer situations are still common, especially in sought-after neighborhoods like Virginia Beach, Chesapeake, and Norfolk.

What’s Driving the Market?

• Low Inventory: Fewer homes are hitting the market, keeping competition fierce and prices resilient.
• Interest Rates: While rates have ticked up compared to the historic lows of recent years, they remain manageable for many buyers, fueling continued demand.
• Local Economy: Hampton Roads benefits from a strong job market, bolstered by the military, shipbuilding, and healthcare sectors.

Predictions for the Coming Year

Looking ahead, experts anticipate a gradual increase in inventory as more sellers gain confidence and some buyers pause due to higher rates. Home price growth is expected to moderate, potentially rising another 2-3%. The pace of sales may slow slightly, giving buyers a bit more breathing room while still favoring well-priced, move-in-ready homes.

Tips for Buyers, Sellers, and Investors

• Buyers: Get pre-approved and be ready to act fast. Focus on neighborhoods with strong appreciation potential.
• Sellers: Well-staged, competitively priced homes are moving quickly. Consider listing before inventory rises further.
• First-Time Home Buyers: Don’t get discouraged by competition—work with a local agent who knows the ins and outs of Hampton Roads.
• Investors: Rental demand remains strong, particularly near military bases and universities. Keep an eye on emerging neighborhoods for value buys.

The Hampton Roads market remains vibrant and full of opportunity for all types of buyers and sellers. Staying informed and working with a knowledgeable local agent can help you make the most of what’s ahead!