If you've been keeping an eye on the housing market, you've probably heard mixed messages in the news. Some headlines suggest the market is slowing, while others claim home prices continue to climb. So what's really happening here in Hampton Roads?
The answer is somewhere in the middleāand that's actually good news.
Our local market continues to transition into a healthier, more balanced environment. Instead of heavily favoring buyers or sellers, we're seeing conditions that create opportunities for both. Buyers have more breathing room than they did a year ago, while sellers are still benefiting from steady appreciation and strong demand.
Let's take a closer look at what the numbers tell us.
One of the most encouraging statistics this month is the number of homes that successfully closed.
2,101 homes sold in Juneāan increase of 7.5% compared to last year.
Despite higher mortgage rates than we've seen over the past several years, buyers are still purchasing homes. People continue to relocate, families are growing, downsizing remains common, and first-time buyers are entering the market.
This tells us that while buyers may be more cautious, they haven't disappearedāthey're simply making more intentional decisions.
The median sales price reached $380,000, representing a 4.1% increase year over year.
For homeowners, this is welcome news.
Unlike the rapid price spikes experienced during the pandemic housing boom, today's appreciation is occurring at a much more sustainable pace. That's healthier for the overall market because it allows homeowners to continue building equity while reducing the risk of dramatic price swings.
For sellers, this means well-maintained homes are still commanding excellent prices when they're properly marketed and priced.
There are currently 4,190 active listings, up 1.7% from last year.
While this isn't a dramatic increase, it represents continued progress toward a more balanced market.
Over the past few years, buyers often felt pressured to make offers immediately with little opportunity to compare homes or negotiate terms. Today's buyers have a few more choices available, allowing them to make thoughtful decisions instead of rushing into purchases.
This increase in inventory also creates healthier competition among listings, encouraging sellers to prepare their homes carefully before hitting the market.
Compared to May, the number of homes currently listed for sale decreased by 1.2%.
This isn't unusual as we move through the summer selling season. Inventory levels naturally fluctuate throughout the year, and small month-to-month changes are common.
While it's something we'll continue to monitor, this slight decrease doesn't indicate a major shift in market conditions.
The median days on market increased to 16 days, up 14.3% from last year.
At first glance, that may sound like homes are sitting for a long timeābut historically, 16 days is still remarkably fast.
The biggest difference is that buyers now have a little more time to view homes, compare options, and make informed decisions before submitting an offer.
For sellers, this reinforces the importance of presentation. Professional photography, strategic pricing, thoughtful staging, and effective marketing all play a larger role than they did when nearly every home received multiple offers within a weekend.
There were 1,658 new homes placed under contract, down 1.7% from last year.
This modest decline isn't necessarily cause for concern.
Contract activity often fluctuates due to seasonal trends, interest rate movements, and buyer confidence. Many buyers today are taking additional time to evaluate their options and ensure they're making the right long-term investment.
Although homes may take a few extra days to go under contract, qualified buyers continue entering the market every week.
If you're planning to purchase a home this year, you're entering one of the healthiest markets we've seen in quite some time.
You'll likely have more homes to choose from, face less competition than buyers experienced over the past several years, and enjoy greater opportunities to negotiate repairs, inspections, or seller concessions.
Many buyers are waiting for interest rates to fall before making a move. While lower rates could certainly improve affordability, it's also important to remember that increased buyer demand often leads to greater competition. Meanwhile, local home values continue to appreciate, meaning waiting for significantly lower home prices may not provide the savings many expect.
For homeowners considering selling, the market remains very favorableābut success depends more on strategy than ever before.
Buyers are still actively purchasing homes, but they're comparing more properties, paying closer attention to condition, and carefully evaluating pricing.
The homes receiving the strongest interest today are those that are well-prepared, professionally marketed, and accurately priced from the beginning.
In today's market, thoughtful preparation often makes the difference between generating strong interest quickly and sitting on the market longer than expected.
The June numbers point to a market that's becoming healthierānot weaker.
We're seeing steady home appreciation, strong buyer activity, improving inventory, and a pace that allows both buyers and sellers to make confident decisions.
Whether you're planning to move next month or simply curious about your home's current value, understanding your local market is one of the best ways to make informed decisions.
As always, if you'd like to discuss what these trends mean for your neighborhood or your real estate goals, we're here to help.
Patrick Datsko
Datsko Home Sales
Guiding You Home With Confidence.