What’s up, Hampton Roads family? It’s Monday, March 2, 2026, and you know what that means. The sun is starting to stay out a little longer, the chill is leaving the air, and the housing market is heating up faster than a Sunday dinner.

I’m Sherri Parsons, and along with Alfrado and the rest of The Parsons Real Estate Team, we’ve been keeping our ears to the pavement and our eyes on the data. Whether you’re looking to sell that family home in Chesapeake or trying to find your first spot in Norfolk, you need to know what’s actually happening out here, not just what you hear on the news.

The market has shifted, and if you’re moving with 2022 energy, you’re going to get left behind. We’re in a new season. It’s about being strategic, being educated, and making sure you’re positioning yourself for a win. Let’s break down the five things you need to know about the Hampton Roads market this week.

1. Inventory is Finally Breathing Again

For the last few years, trying to find a house in Hampton Roads felt like trying to find a parking spot at the mall on Christmas Eve. It was tight, it was stressful, and options were slim. But I’ve got some good news for you: the shelves are getting restocked.

As of this month, we are looking at roughly 3,574 active listings across the region. That’s the highest number we’ve seen in a March since 2020. We’re talking about a 14.4% jump from where we were this time last year.

What does that mean for you? It means you actually have choices. You don’t have to settle for the house with the 1970s carpet just because it’s the only one on the block. More inventory means more leverage. For my sellers, don’t get it twisted, this doesn’t mean your house won’t sell. It just means you’ve got to make sure your "product" looks better than the one down the street. We’re moving toward a balanced market, and that’s a win for the community because it keeps the prices from spiraling out of control.

2. The "Feeding Frenzy" is Cooling Down

Remember when every house had 50 people standing on the front lawn and 20 offers on the first day? We’re seeing that intensity dial back, and honestly, it’s a relief.

The data shows that in Hampton specifically, homes are averaging about two offers and staying on the market for about 35 days. Now, 35 days might feel like a long time if you’ve been used to houses selling in 35 minutes, but this is actually a healthy pace. It gives buyers time to do their due diligence, actually getting those inspections done and making sure the foundation isn’t held together by hope and prayer.

With our "month’s supply of inventory" sitting at 1.75, we are moving into a much more buyer-friendly space. You can breathe. You can think. You don’t have to sign your life away in the driveway of an open house. But don't sleep too long, good properties in prime spots like Virginia Beach or North Suffolk still move if the price is right.

3. Prices are Growing, but They Aren't Exploding

Let’s talk about the money. The median sale price in Hampton Roads is currently sitting around $345,000. That’s up about 4.6% from last year.

Now, look at the math: a 4.6% or 5% increase is steady, sustainable growth. Last year, we were seeing jumps closer to 8%. When prices jump too fast, it prices our people out of the neighborhood. When they grow at this pace, it means you’re still building equity and your investment is safe, but we aren't in a "bubble" that's waiting to pop.

If you’re a homeowner, your "bag" is still growing. If you’re a buyer, you’re not chasing a moving target that’s sprinting away from you. This is what we call "market stabilization," and it’s the sweet spot for people who are looking to make a long-term move.

4. The Gap Between Asking and Selling is Closing

In the boardroom, we call this the "sale-to-list ratio." In the streets, we just call it "keeping it real."

Right now, homes in Virginia are selling at about 98.8% to 100% of their asking price. This tells us two things:

1. Sellers are being more realistic with their pricing. They aren't just throwing a number at the wall to see if it sticks.
2. Buyers aren't overpaying by $50,000 just to win a bidding war.

This is a professional market. If you’re selling, your agent (hopefully us!) needs to run the real numbers. You can't just list your house for what your neighbor said their cousin’s house sold for. You have to be precise. And if you’re buying, you have the room to negotiate for things like closing costs or repairs. That’s a major shift from a year ago when sellers wouldn't even look at an offer if it asked for a porch light to be fixed.

5. The Spring Momentum is Real

We are officially entering the "Spring Market." Pending sales are starting to climb, and the energy in the air is different. People are getting their tax returns, they’re looking at their credit, and they’re ready to move.

Even though pending sales are slightly down compared to the absolute chaos of the post-pandemic years, the momentum is building. We expect the next few months to see a lot of activity. If you’ve been sitting on the fence waiting for a sign, this is it. The inventory is there, the prices are steady, and the competition isn't going to knock you out in the first round.

Strategic Moves: How to Win This Week

At The Parsons Real Estate Team, we don’t just give you the data; we give you the game plan. We believe in building wealth through real estate, but you’ve got to do it with your eyes wide open.

For my Buyers:
Don’t just look at the house; look at the math. With more inventory, you have the power to ask questions. Is the roof old? Is the HVAC on its last legs? Use this time to negotiate. Also, if your credit isn't where it needs to be to get those prime rates, let's talk. We offer credit repair services because we want you to walk into that closing room with your head held high, knowing you got the best deal possible.

For my Sellers:
The "easy" days of putting a sign in the yard and going to sleep are over. You need professional marketing, professional staging, and a pricing strategy that makes sense. You have more competition now, other sellers are out here trying to get the same buyers you are. You need to make sure your home stands out. We specialize in making sure your property gets the eyes it deserves, from Norfolk to Portsmouth and beyond.

Final Thoughts from Sherri and Alfrado

Listen, the Hampton Roads market is resilient. We’ve got the military bases, the ports, and a community that knows how to grind. Whether the market is up, down, or sideways, people always need a place to call home.

Our mission at The Parsons Real Estate Team is to be your expert guides. We blend that high-level boardroom professionalism with the real-talk energy our community deserves. We aren't just selling houses; we’re building legacies.

If you’re feeling overwhelmed by the numbers or unsure about your next move, reach out. We’re here to educate, empower, and get you to the finish line. Whether it’s residential, commercial, or getting that credit right, we’ve got you.

Stay blessed, stay educated, and let’s get you into that next chapter.

: Sherri Parsons & The Parsons Real Estate Team