Hampton Roads Market Update: Inventory Jumps While Price Growth Moderates
September brought a noticeable change to the Hampton Roads real estate market: buyers had significantly more homes to choose from.
Active inventory reached its highest level since April 2020, homes took a little longer to sell, and months of supply moved closer to three. At the same time, the regional median sale price remained higher than last year and settled sales edged upward.
The result is a market that continues to move toward greater balance without showing a broad decline in home prices.
Inventory Is the Biggest Story
Hampton Roads finished September with 6,357 active listings, up from 6,120 in August and more than 16% higher than September of last year. That is the largest number of homes available across the region since April 2020. For buyers, this matters. More inventory creates more opportunities to compare homes, neighborhoods, condition, and price rather than having to make a decision from a very limited group of properties.
And the increase locally was substantial compared with the broader national trend. Realtor.com reported that active listings nationwide increased about 5.4% year-over-year in September, while Hampton Roads inventory increased more than 16%.
That doesn't automatically make Hampton Roads a buyer's market, but it does mean buyers are seeing more choice than they have in several years.
Pending Sales Slowed
Pending sales fell to 2,009, down from 2,323 in August and 6.95% below September 2025.
That is one of the more important numbers to watch heading into the fall because pending sales represent homes that have gone under contract but have not yet closed. Lower pending activity can eventually show up in future settlement numbers.
Nationally, September also brought softer contract activity. Realtor.com's measure of pending listings declined 4.1% year-over-year as mortgage rates increased during the month. The national and Hampton Roads measurements are not identical, but both point toward some cooling in buyer activity as summer ended.
Closed Sales Still Finished Ahead of Last Year
Despite the decline in pending contracts, 2,142 homes closed during September.
That was slightly below August's 2,204 closings but 1.18% higher than September of last year.
That distinction is important. We're seeing signs that buyers are becoming more selective, but transactions are still moving through the market at roughly the same pace as a year ago.
Prices Are Still Rising, Just More Moderately
The regional median sale price came in at $375,000, down from $388,950 in August but 2.74% higher than the $365,000 median recorded last September.
The year-over-year comparison is the more useful measure because monthly median prices can move based on the mix of homes that happened to sell.
And September showed just how different conditions can be depending on where you are in Hampton Roads.
Among the larger cities:
Virginia Beach: median price up 8.4%
Chesapeake: up 2.5%
Norfolk: up about 1.85%
Portsmouth: up 1.7%
Hampton: up 1.7%
Newport News: up 1.63%
Suffolk: down 3.26%
Outside the seven major cities, York County's median price increased 7.62%, while Smithfield/Isle of Wight declined 2.87%. James City County recorded a larger 14.6% year-over-year decline.
Those differences are a good reminder that there is no single "Hampton Roads market." Your city, neighborhood, property type, condition, and price range can tell a very different story from the regional average.
Buyers Are Getting More Time
The median home spent 30 days on the market in September. That's three days longer than August and three days longer than September 2025.
At the same time, months of supply increased to 2.97, compared with 2.86 in August and 2.63 a year ago. More inventory plus longer market times generally gives buyers additional room to evaluate their options and, depending on the property, potentially negotiate. But we're still sitting at just under three months of supply region-wide. That's considerably tighter than the latest national resale market.
How Hampton Roads Compares Nationally
Official September national closed-sales figures won't be released until October 13, so the latest comparable national existing-home sales data is for August. Nationally, there were 4.9 months of supply, compared with 2.97 locally in September. The national median existing-home price was $429,100, up 1.6% year-over-year, while Hampton Roads posted 2.74% annual price growth in September.
Homes nationally took a median 31 days to sell in August, very close to Hampton Roads' 30-day median in September.
The bigger national story during September was interest rates. Freddie Mac's average 30-year fixed rate increased from 6.71% on September 3 to 7.03% by September 24, and then reached 7.40% on October 8.
Higher rates affect purchasing power, which makes the increase in available homes particularly important. Buyers may have more choices and negotiating opportunities, but monthly payment considerations remain a major part of the decision.
What This Means for Buyers
This is the most selection Hampton Roads buyers have seen in years.
More inventory and longer market times can create opportunities to compare homes more carefully and negotiate when a property has been sitting. But conditions still vary significantly by location and price range, and well-positioned homes can still attract attention quickly.
Budget and financing preparation are especially important with mortgage rates moving higher.
What This Means for Sellers
Prices are still above last year's levels, but sellers are competing against substantially more inventory.
That makes accurate pricing more important. Buyers can afford to compare properties instead of settling for whichever home happens to be available.
Homes that are priced appropriately, presented well, and marketed effectively are better positioned to stand out. Homes that start too high may spend more time on the market and face increased pressure to adjust later.
September's numbers don't point to a dramatic change in the market. They do show a continued shift toward more balance, where buyers have more choices and sellers need to compete more carefully for their attention.
