Is Now a Good Time to Buy in Hampton Roads? The October 2026 Answer

Is now a good time to buy in Hampton Roads? For most buyers, yes, and the October 2026 numbers finally give you room to breathe. Inventory is the highest it has been in years, price growth has slowed to a sustainable pace, and sellers are coming back to the table on terms. The caveat is mortgage rates, which are still keeping monthly payments the real constraint. Here is the data and what it means for you.

The Latest Numbers: September 2026

REIN's October figures typically release in mid-November, so the most current verified picture is September 2026. Region-wide, the median home price in Hampton Roads was about $375,000, up 2.7% from September 2025, after August registered $388,950. Price growth has moderated but has not turned negative, which is exactly what a healthy market does after a hot stretch.

The headline story is inventory. Active listings hit roughly 6,357 at the end of September, up from about 6,120 in August and more than 16% above a year earlier, the highest level the region has seen since April 2020. Months of supply runs anywhere from about 1.4 to 3.1 across the metro, still seller-favorable overall, but the gap is closing fast. In segments like Portsmouth and much of the attached and condo market, buyers already have genuine negotiating room.

What That Means for Buyers Right Now

For the first time in years, you can tour homes for sale in Hampton Roads without the panic clock. Days on market stretches from about 20 days in Chesapeake to roughly 31 in Suffolk for detached homes, and correctly priced properties are the ones moving. Sellers are still collecting about 96% to 99% of list price on average, so this is not a buyer's market yet, but multiple-offer shootouts are mostly gone and contingencies are back on the table.

The honest catch is mortgage rates, which have hovered near 7.28% on the 30-year in recent weeks. High rates compress budgets, and that is why so many buyers ask whether waiting for a rate drop is smarter. The forecasts for the rest of 2026 point to rates staying flat rather than falling sharply, which means the math rarely improves by waiting. If you plan to stay in the home five years or more, buying now while inventory is up and competition is down is defensible. Our complete buying guide walks through the full process, from pre-approval to closing.

Where the Action Is

Virginia Beach still runs a step ahead of the region: detached medians sit near $472,000 in the city, with well-priced homes in strong school zones moving quickly. The best values right now tend to be at slightly higher price points and in neighborhoods where inventory has grown the most. For a neighborhood-level read on where to look, start with our Virginia Beach neighborhoods guide, and I keep the latest figures updated on the Hampton Roads market report page.

The Bottom Line

Is now a good time to buy in Hampton Roads? If you have a five-plus year timeline, a stable income, and a pre-approval in hand, the worst of the frenzy is behind you and the inventory is on your side. Prices are not crashing, but they are climbing at a normal pace for the first time in years, and that is exactly the environment where a patient buyer with a sharp agent wins.