Market Report

Hampton Roads Market Report

What's happening in the Virginia Beach, Norfolk, Chesapeake, and Hampton Roads real estate market right now.

Key Market Indicators

Figures reflect the latest regional and city data available, current through August 2026. These numbers change monthly. For the most current data, contact me directly.

$430K

Median Sale Price (VB)

Up 7.4% YoY

23

Median Days on Market

VB, Aug 2026

2.9 mo

Inventory (Region)

Balancing

99.3%

Sale-to-List (VB)

Strong

By the City

Virginia Beach

Virginia Beach remains the strongest market in the region. The median sale price ran about $430,000 over the three months ending August 2026, up 7.4% year over year, with a median of about 23 days on market. Detached homes in popular neighborhoods move even faster, averaging about 12 days and selling for roughly 99% of list price in July. The oceanfront and coastal areas command premium pricing, while inland neighborhoods like Kempsville and Centerville offer excellent value for growing families.

Norfolk

Norfolk continues to see steady demand, especially in walkable neighborhoods like Ghent and Colonial Place. The median sale price is around $335,000, up roughly 1.5% from a year ago. Downtown condos appeal to young professionals and military singles, while Larchmont and East Norfolk attract families. New development and revitalization continue to drive activity.

Chesapeake

Chesapeake offers the best space-to-price ratio in the region. Its median sale price ran about $435,000 over the three months ending August 2026, up about 3% year over year. Growing families are drawn to Great Bridge, Hickory, and Grassfield for larger lots and top-rated schools. New construction communities are expanding, and the market remains competitive for well-priced homes.

Hampton Roads Region

The regional median sale price was $388,950 in August 2026, up 5.1% year over year, with active listings up 7.2% and a median of 27 days on market. Supply sits near 2.9 months, moving the market toward balance after years of tight inventory. Military PCS demand and relative affordability compared to other coastal metros keep buyer activity consistent.

What This Means for You

For Buyers

Inventory is still limited, which means competition for well-priced homes. Get pre-approved early, be ready to move quickly, and work with an agent who knows the market. That's where I come in. I know which homes are about to hit the market and which neighborhoods offer the best value right now.

For Sellers

This is still a favorable market for sellers, especially for homes priced correctly and presented well. But overpriced listings are sitting longer. A smart pricing strategy and professional marketing make all the difference. Let me show you what your home is really worth.

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