What’s Fueling Rising Home Prices in Hampton Roads? A 2025 Market Breakdown

by Davina Hughes

Median prices in Hampton Roads hit $345,000 in 2025, which is up 4.6% from last year. With more listings and higher mortgage rates, you’d think prices would cool. But that’s not happening here. Why? Because demand, supply, and lifestyle appeal are all pushing prices higher. Let’s unpack it.

1. Top Factors Driving Prices Higher

Steady Demand: Military transfers never stop. Add in young professionals, retirees, and families relocating from higher-cost areas like Northern Virginia, and you’ve got constant demand.
Low Supply: Yes, listings are up. But with only two months of inventory, there still aren’t enough homes to meet demand.
Lifestyle Appeal: Hampton Roads offers a mix of affordability, coastal living, and career opportunities. People are willing to pay for that.

2. What Buyers Should Do

Don’t Wait for Prices to Drop: Real estate in Hampton Roads rarely goes backward. Waiting means paying more later.
Focus on Equity Building: Even if your rate is higher, refinancing later is an option. Lost equity is not.
Shop With Strategy: With more homes on the market, you can be picky—but don’t procrastinate so long that you miss opportunities.

3. What Sellers Should Do

Price Realistically: The days of throwing out a crazy number and getting multiple offers are over.
Invest in Presentation: Staging, repairs, and fresh paint go a long way in standing out.
Be Flexible: Buyers are asking for concessions again. Meeting them halfway can get your home sold faster.

If you’re a buyer, don’t sit on the sidelines hoping prices will fall. If you’re a seller, don’t assume buyers will fight for your home without effort. Let’s create a plan that works for you in today’s market.