03/14/2026
Recent data from our local MLS, REIN.
Median selling prices (MSP) across the Seven Cities of Hampton Roads during February were a mixed bag of above average, average, and below average year-over-year price growth.
Historically, price growth of between 3%-5% from one year to the next is considered the average. However, according to REIN data for February, and National Association of Realtors data for January 2026, the market may be showing significant cooling.
Overall, REIN data shows residential year-over-year MSP growth of 2.6% for February and an MSP of $355,000. NAR data for January shows a national MSP of $396,000 for all housing types.
As seen below, REIN data for February indicates three of the seven large cities recorded above average price growth, while three cities experienced below average price growth, and one fell directly in the average price growth range.
City MSP Year-Over Change
Chesapeake $426,500 16.48%
Portsmouth $285,000 9.26%
Hampton $297,500 8.38%
Norfolk $329,950 4.09%
Newport News $293,000 1.74%
Suffolk $395,000 1.61%
Virginia Beach $389,750 -0.06%
Chesapeake, which also had the highest MSP of the Seven Cities at $426,500, had the largest year-over increase at 16.48%, followed by Portsmouth at 9.26%. Those two cities also had the largest increases of the Seven Cities during January, with Chesapeake showing a year-over-year increase of 10.2% while Portsmouth’s MSP was up by 17.3%.
Virginia Beach, which had the third highest MSP at $389,750 and the most units sold at 384 (a 9% year-over increase), was the only city of the seven to record negative price growth, falling by 0.06%.
Across the rest of Hampton Roads during February, of the communities with more than 30 units sold, Smithfield and the Isle of Wight (35 units sold) had the highest MSP in the region at $490,945. That represents a year-over-year increase of 19.7% and was the largest increase for Hampton Roads communities.
Frank and Krissie Cole, Real Estate Brokers ,Virginia
