Hampton Roads Housing Market Update: November 2026

The short answer for November 2026: the Hampton Roads real estate market is healthy, more balanced than it has been in years, and still moving at a steady clip. Prices are up modestly year over year, inventory is sitting at levels not seen since 2020, and the first meaningful mortgage-rate relief of the fall just showed up. Here is what the latest data says and what it means whether you are buying or selling.

The Regional Numbers

Regionwide, the median sale price came in around $375,000 in September, up about 2.7% from a year ago, per REIN MLS data, after the summer peak of about $389,900 in July. Buyers had 6,357 active listings to choose from through September, up more than 16% from a year earlier and the most since April 2020. That leaves the region just under three months of supply, with the summer monthly reads showing homes going under contract at a median of about 23 days on market. It is not a give-away buyer's market, but it is a long way from the multiple-offer sprints of a few years ago.

Virginia Beach Tells a Different Story

Virginia Beach continues to run hotter than the region. Long & Foster's September report put the city's median sale price at $444,250, up about 10% year over year, while Redfin's rolling three-month median sits near $430,000, with homes selling in about 28 days. Zillow's average home value estimate is $424,785, up 3.1% from a year ago. The honest headline: the Virginia Beach real estate market held its value through the inventory surge better than most of the region, and the strongest neighborhoods, like Great Neck, Alanton, and the Red Mill area, still see real competition. If you are weighing where to look, our Virginia Beach neighborhood guide breaks down each area, and our Chesapeake guide is worth a read if you want more square footage for the same money.

What the Extra Inventory Means for Buyers

For buyers, the extra inventory is the story. There are more homes for sale in Hampton Roads than at any point since spring 2020, which means time to tour, room to negotiate on inspections or closing help, and far fewer blind bidding wars. Mortgage rates eased from the low 7s to the mid 7s this fall, which helps the monthly math too; my November mortgage rate update has the full breakdown. If you are buying a home in Virginia Beach, well-priced listings in good zones still move fast, so start with a real pre-approval and a short list of neighborhoods. The complete buying process, start to finish, starts here.

What It Means for Sellers

For sellers, November is the month when pricing discipline decides everything. When inventory is high and days on market stretch, the first two weeks on the market set your outcome: price it right from day one, fix what an inspector would flag, and present the home like the best value on the street. That is how you sell a home in Hampton Roads quickly even in a balanced market. Not sure where your price should land? Request a free home valuation and I will pull the comps for your exact neighborhood.

Where I See This Going

I expect this balance to carry into 2027: steady demand from the military, shipbuilding, and defense economy; stable prices with gentle growth; and a market where preparation beats luck. A real estate agent in Virginia Beach with 24 years of local data will tell you the averages hide your street until someone actually digs into the numbers. That is what I do every day. Talk soon.