In short: Hampton Roads home prices have largely leveled off after several years of steady increases, inventory has grown modestly, and well-priced homes are still selling in under a month, while overpriced homes are sitting significantly longer.
If you're watching the Hampton Roads market from the sidelines, the short version is this: prices have leveled off after a multi-year run-up, inventory has grown modestly compared to the last few springs, and well-priced homes are still moving quickly — while overpriced homes are sitting for months.
Inventory is loosening, but it's still a competitive market for good listings
Across Norfolk, Virginia Beach, and Chesapeake, active listing counts have grown compared to the tight-inventory years of 2021-2023. That doesn't mean it's a buyer's market outright — it means buyers finally have more than two or three homes to choose from in their price range, and well-priced, well-presented homes in popular neighborhoods (Ghent, Larchmont, Hilltop, Great Neck) are still generating multiple offers.
What this means if you're selling
Pricing accuracy matters more now than it did two years ago. A home priced even 3-5% above a realistic comp-based value is likely to sit, then eventually sell for close to (or below) where it should have started. A tight, data-backed CMA before you list is the single biggest lever you control.
What this means if you're buying
You have more breathing room to negotiate on days-on-market listings, but move-in ready homes in high-demand school zones or near Naval Station Norfolk are still competitive. Get pre-approved before you tour, not after you find "the one."
What about interest rates?
Rate movement continues to be the biggest swing factor in monthly payment affordability. Locking a rate the moment you're comfortable with the payment — rather than trying to time the market perfectly — remains the more reliable strategy for most buyers.
Frequently asked questions
If your home is priced accurately for current comps and shows well, yes — well-priced homes are still selling in weeks, not months. Overpriced homes are the ones sitting on the market.
Prices have largely leveled off rather than dropped significantly. Some segments (starter homes under $350k) remain competitive, while higher price points have more room to negotiate.
Inventory has grown moderately compared to the tightest years of the pandemic-era market, giving buyers more options, though well-located and well-priced homes still move fast.
Have a Hampton Roads real estate question?
Our team answers questions like these every day. Reach out and we'll give you a straight answer.
Contact HRVA Homes