October 2026 Housing Update: The Shift You Can't Ignore
Hampton Roads-wide numbers, end of September into early October 2026.
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Hey, what's going on? Here is your fourth quarter Hampton Roads real estate market here in October 2026. And if you've been waiting for the Hampton Roads housing market to crash, the September numbers still aren't showing that. But the market has definitely changed. And if you're in the market, you're definitely feeling that. We finished September with roughly 4,700 homes for sale across Hampton Roads. And that's noticeably more inventory than we had this time last year. At the beginning of October 2025, we had about 4,100 available homes for sale. And today, we're right around 4,700. And sellers, you need to pay attention to this next number. 257 homes came off the market unsold in just the last week, while another 440 sellers reduced their asking price. This has been about 10% of the entire market, reducing their price for the last 8 weeks. But that does not mean that the buyers have disappeared. We still had almost 400 homes go under contract last week with 352 closed sales. In fact, activity in the $450 to $700,000 price range jumped to 92 pending contracts last week. So, what does all this actually mean? This isn't the market where you just stick a price on the house and expect five offers and people lined up around your door. Those days are gone. The market has clearly shifted. Buyers now have more choices. Mortgage rates are approaching 8% and people are becoming much more selective. Think about the utility bills, taxes, and insurance. Everything has gone up and people are feeling it. If your house is positioned correctly, priced correctly and marketed correctly, homes are still selling, especially if you have very solid experienced representation. But if your home is overpriced, the market is becoming much less forgiving. And remember, life is always lifey. People get married and they unfortunately die. They divorce. They relocate, retire, have kids, pay off debt, and move around. But real estate just never stops. But the strategy certainly does. I'm John King with Berkshire Hathaway HomeServices RW Towne Realty. And if you want to know what these numbers mean for your house, your specific situation, and your neighborhood, send me a message anytime. (757) 270-3994. Have a good day. I'll see you all around.