Last month, we addressed one of our most frequently asked questions: “Is it a good time to buy or sell right now in Hampton Roads?” Our answer was not a simple yes or no. After analyzing that data over the past several years, we concluded that though the current market is not garnering the media attention it did a few years ago, it is still a good time to both buy and sell. You can find last month’s update HERE.
August, true to traditional real estate trends for our local market, was slower compared to other months this year but showed greater activity than August of 2024. In terms of active listings, there were 5,709 homes listed for sale last month. Despite August trends, this represents the highest number of active listings since June 2020. Courtesy of the Real Estate Information Network (REIN), here is the summary update chart:
As you can see, the other headline number from August was the median sales price of $370,000, which is 5% higher than August 2024, and even a tiny bit higher than July 2025. The takeaway from all of this is that, while more homes are being listed, sales prices are still staying strong and even showing slight increases.
Interest rates were trending down over the summer in expectation of the Federal Reserve’s rate cut (which did happen last week). Our local market normally stays strong through mid November, so we believe that it is a good time to buy or sell in most situations.
As always, if you are thinking about buying, selling, or investing in real estate, or need help with property management, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk!
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