The August numbers are in, and the Hampton Roads real estate market continues to show signs of a market that is active, but changing.
Compared with July 2026, fewer homes were available for sale and fewer homes closed, while the number of properties going under contract increased significantly. At the same time, homes spent a little longer on the market and the median sales price remained relatively stable.
So, what does all of that actually mean if you're thinking about buying or selling a home in Hampton Roads? Let's break it down.
According to REIN's August 2026 Market Summary, the latest numbers were:
The report compares August's monthly figures with July 2026 and was updated September 2, 2026.
One of the most notable numbers this month is the 20.8% increase in new contracts, with 1,646 homes going under contract.
That's an encouraging sign of buyer activity. Even though other metrics softened from July, buyers were still making moves in August.
For sellers, this is an important reminder that buyers haven't disappeared. However, getting their attention may require a thoughtful pricing and marketing strategy—especially as homes are taking slightly longer to sell.
For buyers, increased contract activity means desirable homes can still attract attention quickly. Being prepared before the right property hits the market can put you in a much better position to act confidently.
The median home spent 21 days on the market in August, up 10.5% from July.
That doesn't mean homes aren't selling—1,655 homes sold during the month—but it does suggest that sellers shouldn't necessarily expect every property to move immediately.
This makes those first few weeks on the market especially important.
Accurate pricing, strong presentation, professional marketing, convenient showing availability, and understanding the competition around your home can all play an important role in attracting the right buyer.
The median sales price was $372,000, just 0.8% lower than the previous month.
A month-to-month change of less than 1% is a good reminder not to make major real estate decisions based on a single headline or statistic.
Real estate is also extremely local. The market for a particular home can look very different depending on its city, neighborhood, price range, condition, and competing inventory.
That's why a broad Hampton Roads market update is a useful starting point—but it isn't a substitute for looking specifically at what's happening around your home or in the neighborhoods where you're hoping to buy.
Active inventory stood at 4,522 homes, down 1.4%, while the number of homes for sale was 2,509, down 9.1% compared with July.
For buyers, that means having a clear understanding of your priorities can be helpful when the right property becomes available.
For sellers, inventory isn't just about how many homes are on the market across Hampton Roads. Your competition is the group of homes a buyer is likely to compare directly with yours.
Knowing how those homes are priced, presented, and positioned can help shape a stronger listing strategy.
If you're considering buying, August's numbers don't suggest that you need to rush—but they do reinforce the importance of being prepared.
With new contracts increasing substantially from July, there are clearly buyers actively making offers.
Before beginning your search, consider getting your financing in order, establishing a comfortable budget, identifying your must-haves versus nice-to-haves, and talking through your offer strategy with your real estate agent.
The goal isn't simply to "win" a house. It's to make a purchase that makes sense for your family, finances, and long-term plans.
For sellers, August reinforces the importance of strategy over assumptions.
Homes are still selling and buyers are still writing contracts, but the increase in median days on market means sellers should be thoughtful about how their property enters the market.
Rather than choosing a list price based solely on what a neighbor sold for months ago or an online estimate, look at the most recent comparable sales, current competing listings, property condition, buyer activity, and what's happening within your specific neighborhood and price point.
The first impression your home makes—both online and in person—still matters.
August's market wasn't simply "good" or "bad."
It was a mixed market: new contracts increased 20.8%, median days on market increased 10.5%, closed sales decreased 16.5%, and the median sales price changed only slightly.
That's exactly why understanding the numbers in context matters.
If you're considering buying or selling in Virginia Beach, Chesapeake, Norfolk, or the surrounding Hampton Roads area, we'd be happy to take the broad market data one step further and show you what's happening in the neighborhoods and price range that actually matter to you.
Thinking about making a move? Let's create a game plan.
Patrick Datsko, REALTOR® | SRES®
Datsko Home Sales | OWN Real Estate
Serving Hampton Roads, Virginia
**Market data provided by REIN, Inc. and updated September 2, 2026.