Home Prices Rising in Hampton Roads

Despite nationwide declines in home prices, the Hampton Roads region is experiencing significant increases in home sales prices. Buyer demand, paired with low inventory, could cause homebuyers to see prices creep even higher as we move further into the spring and summer seasons.

Hampton Roads has seen steady increases in sales prices month-over-month (MOM) since the new year began. March 2023 median sales price (MSP) sat at $320,000 – a 6.67% increase year-over-year (YOY) and a 2.02% increase MOM. Let’s take a look at how sales prices are trending in a few major cities in Hampton Roads.

What Cities Show the Most Significant Increases?

Median sales prices in Hampton and Newport News had the greatest leaps in prices for March. After an 8% dip between January and February 2023, Hampton’s MSP jumped 7% MOM and 9% YOY. Newport News saw an 11% increase MOM and a 13% increase YOY. Hampton ended the first quarter of the year with a MSP of $259,500, while Newport News ended at $278,000.

What Cities Show the Most Significant Decrease?

Portsmouth and Suffolk’s first quarter ended with dips in their MSPs. Portsmouth had a 5% drop MOM and a 4% drop YOY. Suffolk saw a 7% decrease MOM and a an 8% decrease YOY. While Portsmouth saw changes in March, it has hovered around a fairly consistent price point of around $236,000. Virginia Beach showed a similar trend of hovering around $325,000 before spiking to $333,000 in March.

How Could the First Half of the Year End?

The real estate market is always changing, so there’s no guarantee that the trends we see now will continue throughout the second quarter. Changes in mortgage rates and fluctuations in the economy have the potential to impact the market. Keep an eye on these seven cities as we journey through the second quarter of the year.

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