Is Now a Good Time to Buy in Hampton Roads?

It is the question I hear every single day: "Is now a good time to buy?" The short answer is that for most buyers, 2026 is shaping up to be the most favorable market we have seen in several years. Here is why -- and what you need to consider before making your move.

Where the Market Stands Right Now

As of mid-2026, the Hampton Roads market is best described as transitioning toward balance. For context, during 2021 through 2023 we had less than a month of inventory in many segments, and buyers were competing against 10 to 15 offers on every desirable home. That frenzy has cooled. Regional inventory has climbed roughly 7% year over year, giving buyers more choices than they have had since 2019.

The regionwide months-of-supply sits at about 2.7 months as of mid-2026. That is still below the 4 to 5 months that signals a true balanced market, but it is a meaningful improvement. What that means for you as a buyer: less competition, more time to make decisions, and more room to negotiate on terms like inspections and closing costs.

Prices Are Still Climbing -- but Slower

The median home price in Hampton Roads hit roughly $395,000 in June 2026, up about 5% year over year. That is healthy appreciation -- the kind of steady growth that builds equity without the risk of a correction. Virginia Beach, the tightest submarket, still sees detached homes selling at or above list price with a list-to-sale ratio around 100.1%. But even here, buyers are facing fewer bidding wars than they did a couple of years ago.

The takeaway: waiting for prices to drop is not a winning strategy in this market. The data does not support a price decline. What we are seeing is a normalization, not a crash. Buyers who jump in now buy at today's prices and start building equity immediately.

The Virginia Beach Factor

Virginia Beach remains the hottest market in Hampton Roads by a wide margin. With roughly 1.5 to 1.9 months of supply for detached homes, it is still a seller's market here. But even in Virginia Beach, the landscape has shifted. Active listings are up, days on market have stretched slightly, and buyers who are pre-approved and working with an experienced agent are finding opportunities that did not exist in 2022 or 2023. If Virginia Beach is your target, now is a good time to be looking -- just come prepared to move quickly on the right home.

The Rental Alternative Is Not Getting Cheaper

One factor that often gets overlooked is the rent-versus-buy calculation. Rents across Hampton Roads have climbed steadily. Meanwhile, mortgage rates, while higher than the historic lows of 2020 and 2021, have stabilized. When you add in equity building, tax benefits, and the fact that Virginia Beach has one of the lowest property tax rates in the region at about $0.97 per $100 of assessed value, buying makes strong financial sense for anyone planning to stay in the area for three years or more.

Who Should Buy Right Now?

If you have stable employment, good credit, and a down payment saved, this is a solid time to buy. The market is giving buyers more leverage than they have had in years. You can ask for concessions, negotiate repair credits, and take your time finding the right property. Here is who benefits most in today's market:

• First-time buyers -- More inventory means more entry-level options. VA and FHA loans are going strong, and first-time buyer programs through VHDA (Virginia Housing Development Authority) can help with down payment assistance.
• Military buyers using VA loans -- VA loans remain one of the most powerful home buying tools available, and today's market is far more accommodating for VA buyers than it was during the peak frenzy when some sellers rejected VA offers.
• Move-up buyers -- If you already own a home in Hampton Roads, you have built substantial equity over the past several years. Selling now and using that equity to move into your next home is a proven strategy.
• Relocating professionals -- With strong employment in healthcare, the port, and technology, Hampton Roads continues to attract new residents. If you are moving here for work, buying now locks in your housing cost and builds equity from day one.

The Bottom Line

Is now a good time to buy in Hampton Roads? For most buyers, yes. The market is healthier and more balanced than it has been since before the pandemic. Prices are appreciating at a sustainable rate, inventory is improving, and buyers have more negotiating power than they have had in years. The key is to work with someone who knows the local market neighborhood by neighborhood -- not just the regional averages. That is where I come in.