Happy Monday, Hampton Roads! Let's talk about what's really happening in our local real estate market right now: no sugar coating, no real estate jargon that makes your eyes glaze over. Just the facts you need to make smart decisions about your home and your money.

February 2026 is bringing some interesting shifts to our neighborhoods, and whether you're thinking about selling, buying, or just trying to understand why your assessment notice looks different this year, I've got you covered. Let's break down the five things you absolutely need to know this week.

1. Your Home's Value Just Got a Serious Boost (And That's Both Good News and Complicated)

Here's the headline: residential property values in Hampton jumped 7.7 percent in Fiscal Year 2025. That's not a typo. If you own a home in Hampton, you just saw your property value increase by an average of $17,000 to $20,000.

The median home value now sits at $258,600, while the mean (average) value is $279,101. For context, that's a bigger increase than last year's 7 percent jump.

So what does this mean for you?

If you're a homeowner: Your equity just grew significantly without you doing a single renovation. That's wealth building in action. This is especially important for military families who might be considering whether to sell when they PCS or hold onto the property as a rental. With this kind of appreciation, holding could make sense if the numbers work.

If you're planning to sell: You're in a strong position. These value increases reflect real market demand in Hampton Roads. Buyers are still paying top dollar for quality homes in good neighborhoods.

If you're trying to buy: It's not getting cheaper, but don't panic. We'll talk about what the actual market conditions look like in a minute.

2. Homes Are Sitting a Little Longer (And Here's Why That Matters)

Now, here's where the story gets interesting. Despite those strong values and a median sales price of $299,999, homes are taking longer to sell than they did last year.

The median time on market has extended to 21 days, up from 15 days in 2025.

Let me translate what this means in real terms: We're moving from "blink and you'll miss it" to "you actually have time to think about your decision."

This is not a market crash. This is not panic time. This is actually a healthier market dynamic for both buyers and sellers.

For buyers: You don't have to write offers sight unseen anymore. You have breathing room to get proper inspections, compare properties, and negotiate without feeling like you're in a bidding war every single time.

For sellers: Don't freak out if your home doesn't go under contract in the first weekend. Price it right from day one, make sure it shows well, and understand that "21 days" is still a fast market by historical standards. Many markets across the country are seeing 30-45 days or longer.

The key here is expectation management. If your agent is telling you to price aggressively because "homes are flying off the market," they're working with outdated data. The market has balanced out, and that's actually a good thing.

3. Mortgage Rates Are Staying Stubborn (Plan Accordingly)

Let's keep it real: mortgage rates are likely to stay above 6 percent for the foreseeable future. Hampton's City Assessor Libby Griebel confirmed this outlook, and it's influencing how buyers are moving through the market.

I know this isn't the news anyone wants to hear, especially if you remember the sub-3 percent rates from a few years back. But here's the thing: waiting for rates to drop to those levels again is like waiting for gas to go back to $1.50 a gallon. It's not happening anytime soon.

What you should do instead:

If you're a buyer with decent credit and stable income, stop waiting for the "perfect" rate. Focus on buying the right home in the right neighborhood. You can always refinance later if rates drop. But you can't go back in time and buy at today's prices if home values continue climbing at 7+ percent annually.

If you're a seller, understand that your buyer pool is dealing with higher monthly payments than they would have a few years ago. That doesn't mean you should drop your price drastically, but it does mean you need to make sure your home shows well and justifies its asking price.

4. Your Property Tax Bill Is About To Get Interesting (But There's Context)

Here's the part that makes homeowners nervous: that 7.7 percent increase in property values is going to be a major factor in determining Hampton's property tax rate for Fiscal Year 2026, which starts July 1.

Before you start drafting angry emails to City Hall, listen to this: City Manager Mary Bunting pointed out that Hampton has lowered tax rates in each of the past three years in response to rising assessments.

Here's how this typically works: Your property value goes up, but the city often adjusts the tax rate downward to keep the overall tax burden reasonable. It's not always dollar-for-dollar, but it does provide some relief.

What you need to do:

• Watch for the proposed tax rate when it's announced
• Calculate what your actual tax bill will be (assessed value × tax rate)
• Attend public hearings if you have concerns
• Budget for a potential increase just in case

The city knows that homeowners are dealing with inflation in every other area of life. They're not trying to make it worse. But they also have roads to fix, schools to run, and services to provide.

5. You Have Until March 10 To Challenge Your Assessment (Don't Sleep On This)

Property owners should have received notification postcards on February 7 showing any changes to your assessed value. If you looked at that number and thought "there's no way my house is worth that much," you have options.

The deadline to request an office review is March 10. Appeals to the Board of Review are due by April 10.

Here's when you should consider appealing:

• Your home has significant damage or needed repairs that weren't considered
• Comparable homes in your neighborhood sold for significantly less
• There's an error in the property details (wrong square footage, incorrect number of bedrooms, etc.)
• Your neighborhood has seen declining values that aren't reflected in the assessment

Here's when you probably shouldn't waste your time:

• You just don't like paying taxes (join the club, but that's not grounds for appeal)
• Zillow says your home is worth less (Zillow estimates aren't official appraisals)
• You're basing your opinion on emotion rather than data

If you're serious about challenging your assessment, pull together recent comparable sales, document any property issues, and be prepared to make a factual case. The assessor's office isn't trying to scam you: they're working with data and formulas. But they can make mistakes, and they will correct them if you bring evidence.

The Bottom Line: What This All Means for Your Next Move

The Hampton Roads market in February 2026 is what I call "mature": it's not the wild frenzy of 2021-2022, and it's not a crash. It's a market where informed buyers and sellers who work with knowledgeable agents can still win.

If you're thinking about buying: Get pre-approved, understand what you can truly afford at today's rates, and move with purpose when you find the right property. The 21-day average means you have time to be strategic, but good homes in desirable neighborhoods are still moving.

If you're thinking about selling: Price it right, stage it well, and work with an agent who understands current market timing. Your home will sell, but it needs to be positioned correctly from day one.

If you're sitting tight: Make sure you're building equity through principal paydown and appreciation. That 7.7 percent increase in home values is real wealth creation, especially if you bought in the last few years.

The Hampton Roads real estate market is strong, stable, and still favoring people who do their homework. Whether you're in Norfolk, Virginia Beach, Newport News, or anywhere else in the 757, the fundamentals remain solid.

Got questions about your specific situation? That's what we're here for. The Parsons Real Estate Team isn't just about transactions: we're about making sure you understand exactly what's happening in your neighborhood and how it affects your family's financial future.

Let's make it happen.

: Sherri & Alfredo Parsons
The Parsons Real Estate Team
Your Hampton Roads Real Estate Resource