Welcome Spring Market! Here’s What it Looks Like Right Now in Hampton Roads
Every week I talk with buyers who are wondering:
“Should I wait?”
And sellers who are asking:
“Is now still a good time to list?”
So instead of opinions, let’s talk about what the data is showing right now in Hampton Roads, specifically the seven cities; Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News. Keep in mind, each city, area, neighborhood AND micro-neighborhood data will be massively different, but if you’re unsure what city is best, heres a general look at all of them.
Inventory Is Slowly Growing (But We’re Still Not Oversupplied)
Across Hampton Roads, the number of homes available has increased slightly compared to earlier this year, giving buyers more options than they had during the extreme
shortage years. Since its already March, we can likely anticipate this number to continue to increase into early Summer months. But we are still well below a balanced market.
Most neighborhoods still only have about 2–3 months of inventory, while a balanced market is closer to 5–6 months.
What this means:
• Buyers have more choices than before
• Sellers still have leverage if priced correctly
• Well-prepared homes are still selling quickly
The days of throwing a sign in the yard and hoping for multiple offers are fading, strategy matters more now.
Home Prices Are Holding Steady
Across the region, median sales prices have remained relatively stable.
Typical median price ranges right now:
Virginia Beach: mid $380Ks – low $400Ks
Chesapeake: low $400Ks – mid $430Ks
Norfolk: low $320Ks – mid $330Ks
Hampton: mid $280Ks – low $300Ks
Newport News: mid $270Ks – low $300Ks
Suffolk: mid $380Ks – low $420Ks
Portsmouth: mid $240Ks – high $260Ks
We are not seeing major price drops, but we are seeing pricing become more realistic.
What this means:
• Buyers may have slightly more negotiating room
• Sellers need accurate pricing from day one
• Overpriced homes tend to sit longer
Homes Are Taking Slightly Longer to Sell
Average days on market has increased slightly compared to the hyper-competitive years.
Most homes right now are selling in roughly:
20–40 days depending on price range and location
However:
• Well-priced homes still move quickly
• Move-in ready homes still attract multiple offers
• Homes that need work or are overpriced sit longer
The market hasn’t slowed dramatically, it has simply normalized.
Interest Rates Are Still Driving Buyer Behavior
Mortgage rates continue to influence buyer activity.
When rates dip, we see immediate increases in showing activity and offers.
When rates rise, buyers pause and evaluate affordability.
We have seen the rates change from 6.5-7% in 2025 and currently floating around 5.5-6% (if you would like to speak to a local lender expert, mine are ROCKSTARS, just ask)
However, something interesting is happening.
Many buyers are realizing that waiting may not create a better opportunity, especially if:
• prices continue gradually rising
• competition increases when rates drop
So many are choosing to buy now and refinance later.
What This Means If You're a Buyer
Right now may actually be one of the most strategic buying windows we've seen in a few years.
Why?
• More homes to choose from
• Slightly less competition
• Sellers more open to negotiation
• Potential future refinancing opportunities
Prepared buyers who understand the numbers are finding great opportunities.
What This Means If You're a Seller
Homes are still selling, but strategy matters more than ever to determine the outcome of that sale.
The sellers winning right now are the ones who:
• price strategically from day one
• prepare the home properly
• invest in strong marketing
• understand buyer psychology
Those homes are still selling quickly and for strong prices.
My Advice to Both Buyers and Sellers
The Hampton Roads market right now is not crashing.
It’s normalizing.
Which actually creates more balanced opportunities for everyone involved.
The key difference between a stressful experience and a successful one usually comes down to strategy, preparation, and understanding the market you’re in.
And that’s where working with the right professional makes all the difference.
If You’re Curious About Your Specific Situation
Every neighborhood and price point behaves differently.
If you're wondering:
• what your home might sell for
• what opportunities exist for buyers right now
• or how to plan your next move strategically
Let’s talk.
No pressure, just good information. Let’s make moves!
— Mel Volland
Your Coastal Virginia Realtor
*Sources: REINMLS, Zillow, Realtor.com, Homes.com, Redfin, Freddie Mac, Fannie Mae, Mortgage News Daily, Bankrate