February 2026 Hampton Roads Market Update: Faster Pace, Stronger Demand, and Stable Prices

If you’ve been wondering what the Hampton Roads housing market is doing as we move toward spring, February gave us a pretty practical answer: buyers are more active than they were a year ago, closings improved, and homes are moving faster than they did in January, while inventory remains tight enough to keep the market competitive in the right price ranges.

Here are the top numbers from February across Hampton Roads. Active listings ended the month at 4,499, slightly lower than January, but up 3.66% compared with February of last year. That’s a helpful improvement, but it’s not a major inventory reset. We’re still working from a relatively lean supply base.

On the demand side, the strongest signal was pending sales. February recorded 1,988 pending sales, up 12.06% year-over-year. Pendings matter because they usually tell us what’s likely to show up in closings over the next several weeks. Settled sales (closings) finished at 1,600, up from January and up 3.16% compared with last February.

Prices remained steady. The median sale price in February was $355,000, essentially flat compared with January, and up 2.60% from February 2025. Month-to-month median price shifts can happen simply due to what types of homes sold, but year-over-year gives a more stable read on direction, and February stayed positive.

One of the most noticeable changes was market tempo. Median days on market dropped to 30 days in February, down from 41 in January. That’s a big month-over-month shift and it fits the normal seasonal pattern of a spring ramp. It doesn’t mean every home sells in a weekend, but it does tell us that well-positioned listings are finding buyers more quickly than they were just a month ago.

Inventory remains the limiting factor. Months’ supply of inventory measured 2.14 in February. In practical terms, that means Hampton Roads is still closer to a seller-leaning environment than a balanced one, especially in neighborhoods and price ranges where buyer demand is strongest.

How does this compare nationally?
It’s helpful to keep one eye on national benchmarks, especially for rate context and overall inventory trends. National resale reporting in February showed modest improvement month-over-month, but activity remained slightly down year-over-year. The national median sale price was higher than Hampton Roads, and the U.S. supply level (months’ supply) was meaningfully higher than what we have locally. That’s one reason Hampton Roads can still feel competitive even when headlines suggest things are “cooling.”

What this means if you’re buying
February’s faster pace is a reminder that preparation matters. If you’re planning to buy this spring, it helps to know your payment comfort zone, have your financing ready, and be decisive when the right home hits the market, while still protecting yourself with proper due diligence.

What this means if you’re selling
This is still a market where strategy wins. Tight inventory is supportive, but buyers are value-conscious. Pricing correctly, presenting the home well, and making the condition feel “easy yes” are the practical levers that drive strong activity.

If you’d like a quick snapshot for your neighborhood, what’s selling, what’s sitting, and what buyers are paying attention to right now, I’m happy to pull a targeted update.