The Hampton Roads spring real estate market 2026 is shaping up differently than the last few years, and if you’re planning a move this season, the numbers tell an interesting story. I’ve been tracking this market since I started selling real estate full-time in 2021, and this spring feels like a turning point.
In This Article
Where the Hampton Roads spring real estate market stands right now
Mortgage rates hit 6.11% as of March 12, according to Freddie Mac’s Primary Mortgage Market Survey. That’s down from 6.65% at the same time last year. Not a massive drop, but enough to put a few hundred dollars back in your monthly payment on a median-priced home. For a $370,000 home in Chesapeake with 5% down, that rate difference saves you about $130 per month. Over 30 years, that adds up.
On the inventory side, we’re finally seeing more options. REIN MLS data shows the southside averaged 2,700 active listings per month through 2025, a 17.56% jump from the year before. Months’ supply of inventory climbed to 2.38 months on average. That’s still a seller’s market by definition (6 months is considered balanced), but it’s the most breathing room buyers have had since 2021.
REIN’s February 2026 report confirmed that both pending sales and settled sales were up month over month. John Chandler, REIN’s 2026 Board President, put it simply: “It’s a good sign to see the real estate market up over last year.”
What prices look like across the region
Here’s the part most people want to know. Prices are still climbing, but the pace has slowed to something more sustainable.
| City | Median Price Range | Year-Over-Year Change |
|---|---|---|
| Virginia Beach | $400K–$457K | +6.2% |
| Chesapeake | $370K–$420K | +4–5% |
| Norfolk | $280K–$330K | +4.2% |
| Suffolk | $350K–$400K | +4–5% |
| Newport News/Hampton | $250K–$320K | +3.7% |
| Portsmouth | $270K | +6.4% |
The region as a whole appreciated 4.17% in 2025, well above the national average of 1.7%. I don’t expect 2026 to be wildly different. The fundamentals here are strong: military employment, port activity at the largest naval base in the world, and a steady stream of PCS families moving in every summer.
What this means if you’re buying this spring
Spring is when inventory picks up and competition heats up. NAR data shows homes sell 20 days faster in spring compared to winter, and sellers typically get more offers. So if you’re a buyer, be ready to move.
Here’s what I’m telling my clients right now: get your pre-approval locked in before you start touring homes. With rates at 6.11%, you have a window that could shift. If you’re military and using a VA loan, your buying power is actually stronger than most people realize — no down payment, no PMI, and competitive rates. I work with VA buyers every week, and the biggest mistake I see is waiting for rates to drop another half point while prices keep climbing.
If you’re looking at Virginia Beach or Chesapeake, expect competition in the $350K–$450K range. That’s where most of the demand is. Norfolk still offers the best value for buyers who want to be close to Naval Station Norfolk, especially in neighborhoods like Ghent and Colonial Place where you can find homes under $350K with character and walkability.
What this means if you’re selling this spring
Sellers still have an edge, but it’s not the free-for-all of 2022. The days of listing a home on Thursday and having five offers by Monday are mostly behind us in this market.
What I’m seeing work right now: homes that are priced correctly from day one and show well are still moving fast. Homes that are overpriced by even 3–5% are sitting. The market is rewarding preparation over speculation.
Portsmouth is worth watching — homes there sold in a median of 33 days in early 2026, nearly 20% faster than the same period last year, and the median price jumped 6.4% to $270K. If you own in Portsmouth and have been thinking about selling, your equity position is probably better than you think.
The military factor in the Hampton Roads spring real estate market
I can’t talk about the Hampton Roads spring real estate market without mentioning the military piece. With Naval Station Norfolk, NAS Oceana, Joint Expeditionary Base Little Creek-Fort Story, Langley AFB, and Fort Eustis all within driving distance, PCS season (May through August) drives a significant chunk of housing demand every year.
If you’re PCSing into Hampton Roads this spring or summer, start your home search early. Inventory looks better than it has in years, but the best-priced homes in popular neighborhoods still move within a couple of weeks. I PCS’d here myself as a Navy SWO, and I know firsthand how tight the timeline can be when you’re trying to house hunt during a 10-day permissive TDY window.
For military families weighing renting versus buying, run the numbers with current BAH rates against a VA loan payment. In most Hampton Roads cities, buying with a VA loan puts you in a comparable or better position than renting, especially with rates below where they were a year ago.
What I’m watching this spring
Three things I have my eye on as we move into April and May.
Whether rates stay near 6% or creep back toward 6.5%. Freddie Mac’s economists think rates will trend down, but global events (including the current geopolitical tensions) could push Treasury yields higher and take rates with them.
How quickly new listings hit the market. If inventory keeps climbing at the pace we saw in 2025, we could see a more balanced market by summer. That would be good for everyone.
And PCS orders. The volume of military moves into Hampton Roads between May and August will shape the second half of the year. A busy PCS season means more demand, tighter inventory in the most popular neighborhoods, and upward pressure on prices.
Ready to talk about your move?
Whether you’re buying, selling, or just trying to figure out your timing, I’m happy to walk you through what the data looks like for your specific neighborhood and price range. That’s what I do — I dig into the numbers so you don’t have to guess.
Reach out anytime. You can contact me here or search Hampton Roads homes to see what’s available right now.