Hampton Roads Real Estate Market Update | Virginia Beach, Norfolk, Chesapeake & Portsmouth

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Mar 5

Written By Jennifer Dawn

Hampton Roads Market Pulse: Is Now the Time to Buy or Sell?

📢 March 2025 Real Estate Update for Virginia Beach, Norfolk, Chesapeake & Portsmouth

The Hampton Roads real estate market is shifting, and whether you’re a buyer, seller, or investor, staying informed is crucial to making the right move. Let’s dive into the latest market trends and expert insights so you can make confident decisions.

📊 March 2025 Market Overview

Here’s a snapshot of the latest housing trends in Virginia Beach, Norfolk, Chesapeake, and Portsmouth, VA:

Metric Virginia Beach Norfolk Chesapeake Portsmouth

Median Home Price $376,500 $344,469 $438,547 $274,000

Year-over-Year Change +4.6% +5.0% -0.1% +7.6%

Days on Market (DOM) 32 Days 86 Days 89 Days 39 Days

Active Listings N/A 1,343 1,234 N/A

Mortgage Interest Rate 4.5% 4.5% 4.5% 4.5%

🔎 What Does This Mean?

Virginia Beach & Portsmouth: Prices are increasing steadily, making it a strong seller’s market with homes moving quickly.
Norfolk: Buyer activity is rising, pushing home values up by 5.0% year-over-year.
Chesapeake: Home prices have remained steady, offering a balanced market for both buyers and sellers.

🏡 Insights for Buyers

If you're house hunting in Hampton Roads, here’s what you need to know: ✔️ Interest rates remain favorable at 4.5%, keeping mortgage payments more affordable. ✔️ Inventory is still tight, so be prepared to act fast when you find the right home. ✔️ Competition is rising in Norfolk and Virginia Beach—expect multiple offers on well-priced homes. ✔️ Chesapeake offers stability, making it an excellent choice for those looking for fewer bidding wars.

Buyer Tip: Get pre-approved before starting your search to increase your chances of securing the home you want!

📈 Insights for Sellers

Thinking about selling? Now might be the perfect time! ✔️ Homes are selling faster, with Virginia Beach’s DOM dropping to just 32 days. ✔️ Portsmouth has seen the highest price growth (+7.6%), meaning sellers can maximize profits. ✔️ Buyers are competing, especially in hot areas like Norfolk and Virginia Beach. ✔️ Price it right—overpriced homes linger, while competitively priced homes attract multiple offers.

Seller Tip: Request a free home valuation to see how much your property is worth in today’s market. Click Here to Get Your Home Value

💡 Investment Insights

If you're an investor, here’s where you should focus: ✔️ Portsmouth offers the highest appreciation rate (+7.6%), making it a great area for buy-and-hold investments. ✔️ Norfolk is seeing steady price increases, with rental demand remaining strong. ✔️ Chesapeake provides stability, making it ideal for long-term investment strategies. ✔️ Virginia Beach is still a hotspot, but expect higher property prices and competition.

📆 What’s Next?

The market will continue shifting as we head into spring, and staying ahead of trends is key. Whether you’re looking to buy, sell, or invest, I’m here to help you navigate this evolving market with confidence.

📞 Want to discuss your next move? Let’s chat! Schedule a Consultation

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Jennifer Dawn

Jennifer Dawn, REALTOR®

Jennifer Dawn is a dedicated and passionate real estate professional with Berkshire Hathaway HomeServices RW Towne Realty, specializing in residential properties in the Hampton Roads area of Virginia. With a strong focus on client needs, Jennifer ensures a smooth and efficient buying or selling experience for her clients.

Specialties: Buyer's agent, listing agent, and relocation specialist.

Affiliations: Member of the National Association of REALTORS (NAR), Virginia Association of REALTORS (VAR), and Hampton Roads REALTORS Association (HRRA).

Client-Centric Approach: Jennifer believes in building strong, focused relationships with her clients, emphasizing their interests, happiness, and long-term goals. Her commitment to excellence, honor, and integrity ensures that every client receives personalized and professional service.

Community Involvement: Jennifer is actively involved in various real estate associations and committees, including the VAR Public Policy Committee, HRRA Board of Directors, and HRRA Government Affairs Committee. She is also a NAR Commitment to Excellence Ambassador

https://JenniferDawnRealEstate.com