Mid-Year Market Check-In

🏘️ Mid-Year Market Check-In: What’s Really Happening in Coastal Virginia Real Estate?

Introduction

Halfway through 2025 and Coastal Virginia’s real estate scene is shaping up to be a rollercoaster. Let's unpack what buyers and sellers in Norfolk, Virginia Beach & Hampton are seeing on the ground.

Market Snapshot

• Norfolk median sales price reached roughly $325K in May, up 3.2% year‑over‑year, closing in around 28 days

• Zillow reports average home value in Norfolk sits around $305K, inching up 0.8% in the past year

• May saw 1,520 homes on market—up 12% MoM from April

What This Means

• Buyers benefit from growing inventory and stable prices, but still face competition in sought‑after neighborhoods.

• Sellers can expect quick sales (under a month) with room for multiple offers in the right areas.

Regional Comparisons

• The average sale price of homes in the Hampton Roads area is around $391,477, according to The Virginian-Pilot. This figure represents a 6.5% increase compared to the previous year. The median sale price is slightly lower, around $368,900, also reflecting an increase compared to the prior year. 
  Here's a more detailed breakdown:

  • Average Resale Price: $391,477 

  • Average New Home Price: Under $500,000 

  • Median Sale Price: $368,900 

  • Year-over-year Increase: Both average and median prices have increased, with the median price showing a 4.7% increase year-over-year, according to Virginia Business. 

Market Drivers

• Uncertainty around mortgage rates pushing more buyers to act now 

• Summer's natural boost—longer showings, more buyers on the hunt, outdoor-friendly marketing.

How Our Team Helps

• We stay on top of shifting price zones—from $180K to $600K pockets.

• Local staging tips: highlighting summer curb appeal (green lawns, waterfront decks).

• Offer timely advice: held rates, neighborhood-specific insights.

Thinking of engaging mid‑year market trends? Let’s analyze your scenario—whether you're buying, selling, or both. Reach out for a snapshot tailored just for you.