Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 14, 2026
The short answer: September brought a modest increase in national home sales, but it did not erase the negotiating room buyers have gained from higher inventory and longer marketing times. For Hampton Roads buyers, that can mean more time to compare homes and more opportunities to discuss repairs, credits or timing. For sellers, it makes realistic pricing and strong presentation more important.
The key word is national. These figures provide useful context, but they do not prove that every Virginia Beach, Norfolk, Chesapeake, Portsmouth or Suffolk neighborhood is moving the same way.
What changed in the September housing report?
The National Association of REALTORS reported on October 13 that September existing-home sales increased 1.5% from August to a seasonally adjusted annual rate of 3.99 million. Sales were still 2.2% below September 2025.
| September 2026 measure | National result | What it suggests |
|---|---|---|
| Existing-home sales | +1.5% monthly; -2.2% annually | A monthly improvement, not a full rebound |
| Inventory | 1.60 million homes; 4.8 months of supply | More choice than one year earlier |
| Median price | $417,500; +1.3% annually | Prices still rose nationally |
| Median time on market | 33 days, up from 31 in August | Some buyers have more decision time |
The South also recorded a 2.8% monthly sales increase, while its median price rose just 0.2% from a year earlier. That broad regional result is closer to Hampton Roads than the national total, but it still covers a vast area and should not be treated as a local forecast.
Does this make Hampton Roads a buyer's market?
Not automatically. A balanced national supply figure can exist alongside very different local conditions. An updated home in a popular Virginia Beach neighborhood may attract quick competition, while a property with deferred maintenance, flood-insurance questions or an ambitious asking price may sit longer.
Our local takeaway is that leverage is becoming more property-specific. Buyers should compare recent closed sales, current competition and the home's time on market before deciding how aggressively to negotiate. For verified local data and monthly city-by-city context, see our Virginia Beach and Hampton Roads Real Estate Market Report.
What can buyers negotiate besides price?
- Repairs or credits: Use inspection findings and contractor estimates rather than a generic request.
- Closing costs: A seller credit can reduce cash needed at closing, subject to loan-program limits.
- Closing date or possession: Flexible timing can have real value to a seller.
- Personal property or warranties: These can help, but should never replace due diligence on the home itself.
Mortgage costs still matter. Freddie Mac's October 8 survey put the average 30-year fixed rate at 7.40%, so buyers should compare the payment impact of a price reduction with a seller-paid rate buydown or closing-cost credit. Actual rates vary by borrower and lender.
What should Hampton Roads sellers do now?
Sellers do not need to assume that every buyer has the upper hand. They do need a strategy grounded in the competition buyers can see today. Review active listings, pending sales and recent closed sales separately; address obvious condition issues before launch; and evaluate offers by estimated net proceeds, financing strength and contingencies - not price alone.
Nationally, Redfin estimated there were substantially more sellers than buyers in August across the markets it tracks. Its September 10 analysis was driven heavily by Sun Belt markets and did not establish the same gap for Hampton Roads. It is a reason to watch competition, not a reason to assume a local result.
The bottom line
September's report points to a market where buyers may have more choices, while well-positioned homes can still command attention. The best decision comes from matching current local evidence to the specific city, neighborhood, price range and property type.
Ask The Morton Group for a local buying or selling strategy