May 2025 Market Update: Cooling Headlines, but Hampton Roads Is Holding Steady
You’ve probably seen the headlines: The housing market is cooling. Buyers are gaining power.
And on a national level, that’s true—inventory is up, homes are sitting longer, and more sellers are adjusting their prices.
But real estate is local. So what’s really happening here in Hampton Roads?
Let’s take a look at what May’s numbers reveal for the 757—and what they mean for buyers, sellers, and homeowners keeping a close eye on the market.
📊 Greater Hampton Roads Market Snapshot – May 2025
Median Sales Price: $368,900 (up 5.4% year-over-year)
Active Inventory: 3,642 homes (up 9.2%)
New Listings: 5,254 (up 8.0%)
Median Days on Market: 14 (unchanged from April)
Median Price per Sq Ft: $212 (up 0.5%)
% of List Price Received: 100.1%
Months of Inventory: 2.1 (slightly down from April)
🔑 What This Means for Buyers
Buyers are definitely getting more choices than they had this time last year, and the market pace has shifted from frantic to focused. But let’s be clear—this isn’t a buyer’s market just yet.
Homes are still moving fast and often closing at or above asking price.
If you’re buying this summer:
✅ Get pre-approved early—speed still matters
✅ Know where you can negotiate and where you can’t
✅ Ignore national headlines—Hampton Roads has its own rhythm
🏡 What This Means for Sellers
The market still favors sellers in Hampton Roads, but it’s no longer the wild west of 2021–2022. The shift means strategy is everything now.
If you’re selling this season:
✅ Price based on real-time local data—not national averages
✅ Prep your home thoroughly—clean, stage, and showcase what makes it special
✅ Take early offers seriously—your best one may come fast
With median days on market holding steady at 14 days, serious buyers are still showing up. But they’re savvier and less likely to chase overpriced listings.
💬 Erika’s Take
Nationally, we’re seeing early signs of a buyer’s market. But here in Hampton Roads? It’s a different story.
This market is still strong and fast-moving, but with just enough breathing room to make thoughtful decisions—for both buyers and sellers. That makes this summer a rare window of opportunity for those who are well-prepared.
📲 Thinking about buying or selling this year—or just wondering what your home is worth? Let’s talk. I’d love to help you build a strategy that works for your goals and your timeline.
Erika Granderson
@theeotakurealtor
📱 434-258-3103
📧 erika@hogangrp.com
📍 Serving Newport News, Hampton, and the entire 757
