Mayor Donnie Tuck, City Of Hampton | City Of Hampton website
Mayor Donnie Tuck, City Of Hampton | City Of Hampton website
Residential property values in Hampton have increased by 7.7% in Fiscal Year 2025, surpassing the previous year's growth of 7%. This data was presented to the City Council by the Office of the Real Estate Assessor.
These figures will play a significant role in determining Hampton's property tax rate for Fiscal Year 2026, which starts on July 1. City Manager Mary Bunting addressed concerns about potential tax increases: "The first reaction for a lot of people is that taxes are going up, and we'll have that discussion about tax rates and how to adjust them. In each of the past three years we have lowered the tax rate in response to rising property assessments. But for most people, your biggest investment is your home, and it's good to see the value and equity of your home going up."
Assessor Libby Griebel reported that out of 4,160 property transfers, the median sales price was $299,999. The median sales price for residential homes rose by 7%, consistent with trends across the Hampton Roads region.
The average home value in Hampton is now $279,101, reflecting an increase of nearly $20,000 from previous figures. The median home value stands at $258,600—an increase exceeding $17,000.
Griebel informed the City Council that while prices remain robust, homes are taking longer to sell; they stayed on the market for a median time of 21 days compared to last year's 15 days. She anticipates continued price growth alongside mortgage rates remaining above 6%. Investors continue to monitor Hampton's market closely as it stands to gain from improved commuting options once the Hampton Roads Bridge-Tunnel Expansion concludes.
On February 7th, postcards were dispatched notifying property owners about changes in assessed values. Updates were also made available on the Real Estate Property Information Search website. Residents wishing to contest their assessment can contact via phone at 757-727-8311 or email [email protected].
The deadline for requesting an office review by the assessor is March 10th; appeals must be filed with the Board of Review by April 10th. All appeals will be concluded by June 30th.
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