The Hampton Roads housing market is still moving, and February gave us a clearer picture of where things are heading this spring.
Across Virginia Beach, Chesapeake, Norfolk, Suffolk, and Portsmouth, home prices are holding strong while inventory continues to slowly improve. That means buyers are seeing a few more options than last year, but well priced homes are still getting solid attention.
What stood out in February
Prices across the Southside remain healthy overall, continuing the steady growth trend we have been watching. In Virginia Beach alone, 358 homes sold in February, down slightly from January but still showing steady buyer activity.
Pending sales remain an important indicator for what is coming next, and regionally they have been trending upward compared to last year, signaling continued demand as we move into the spring market.
City by city vibe
Virginia Beach continues to lead the way with consistent demand and steady pricing.
Chesapeake is still seeing strong price growth and remains attractive for buyers looking for more space.
Norfolk is holding stable, especially in popular established neighborhoods.
Suffolk continues to offer value opportunities, particularly for buyers willing to be a bit outside the core.
Portsmouth has shown some of the strongest year over year price movement in the region, catching many buyers’ attention.
What this means for you
For sellers, the market is still favorable, especially if your home is well prepared and priced correctly.
For buyers, more inventory is slowly creating breathing room, but the best homes are still moving quickly, so preparation matters.
As we head toward the busy spring season, expect activity to continue picking up.
If you want the numbers for your specific neighborhood or are thinking about making a move this year, I am always happy to help.
— Christina Fleck
Key Notes 757