Is Now a Good Time to Buy a House in Hampton Roads? (2027)

Yes, now can be a good time to buy a house in Hampton Roads if you plan to stay several years and the monthly payment works at today's rates. It is a poor time if your plan depends on rates falling in 2027. As of October 29, 2026, the 30-year fixed rate averaged 7.24% in Freddie Mac's Primary Mortgage Market Survey, up from 6.17% a year earlier, and the two major forecasts published in October 2026 expect rates to stay above 7% through 2027. Local prices have eased since spring: the median sold price across ten Hampton Roads cities was $370,000 in September 2026, down from $390,000 in June (VaHome analysis of REIN MLS data, September 2026). This guide from Tom & Dariya Milan, Realtors covers what buyers should know going into 2027: rates and forecasts, prices and supply by city, VA loan and BAH figures, and the payment math that should drive the decision.

Mortgage Rates Going Into 2027

Freddie Mac's weekly survey is the standard national benchmark. It averages rates lenders offered on purchase loans to borrowers with good or excellent credit and 20% down, so your own quote can be higher or lower, and VA, FHA and low-down-payment loans are priced differently. Rates rose for most of 2026, from a low of 5.98% on February 26 to 7.40% on October 8 and October 15, then eased to 7.24% by October 29.

What the rate means for your payment

On a $370,000, 30-year loan (the September 2026 regional median price, used as a round example), principal and interest is about $2,522 a month at 7.24%, compared with about $2,259 at last year's 6.17%. That $263 a month is the real cost of the past year's rate move. Each half point is worth roughly $125 a month on the same loan. Property taxes, homeowners insurance, HOA dues and any mortgage insurance come on top. For more on this math, see how a 1% rate increase changes your buying power.

What the forecasts say, and how much to trust them

These are forecasts, not facts, from two named sources published in October 2026:

• Fannie Mae ESR Housing Forecast, October 12, 2026: the 30-year rate averages 7.4% in the fourth quarter of 2026 and 7.5% in each quarter of 2027 (interest-rate inputs as of September 30, 2026). National home prices (Fannie Mae HPI) rise 2.7% in 2026 and 0.6% in 2027, fourth quarter over fourth quarter. Total U.S. home sales come in at 4.67 million in 2026 and 4.71 million in 2027. Fannie Mae October 2026 Housing Forecast.
• MBA forecast, October 11, 2026: the 30-year rate averages 7.3% in the fourth quarter of 2026 and stays above 7% through 2027. Purchase mortgage originations rise 0.8% in 2027, and national home price growth slows in 2027 before picking up in 2028. MBA October 2026 forecast release.

Read any forecast as a range. A year ago, Fannie Mae's October 2025 Housing Forecast expected the 30-year rate to average 5.9% in the fourth quarter of 2026. Every weekly reading in October 2026 has been above 7.2%. Forecasts can miss by a full point in either direction, so a purchase plan that only works if rates fall rests on a guess.

Hampton Roads Prices and Inventory: What the 2026 Data Shows

VaHome compiles closed residential sales for ten Hampton Roads cities from REIN MLS records each month. The regional median sold price was $355,000 in March 2026, $365,000 in April, $370,000 in May, $390,000 in June, $380,900 in July, $377,500 in August and $370,000 in September (VaHome analysis of REIN MLS data, September 2026). Median days on market went from 15 in April through June to 22 in September, and new listings fell to 3,995 in September from 5,258 in August.

The September median was about 5% below June's. That is a cooling from the spring peak, not a collapse, and buyers this fall have had more time to look and negotiate than they did in May or June. VaHome's own record of closings starts in early 2026, so same-month-last-year comparisons on the Hampton Roads housing market report begin in February 2027. Until then, treat the 2026 figures as a spring-to-fall pattern rather than a long-term trend.

Inventory and Supply Dynamics

On October 29, 2026, 4,739 homes were for sale in the ten cities and 2,586 were under contract. Divided by September's 1,785 closings, that is about 2.7 months of supply. Supply varies by city, from 2.1 months in Virginia Beach to 4.0 in Suffolk and 3.8 in Williamsburg. Lower supply gives sellers more leverage; higher supply gives buyers more choice and more room to ask for repairs or closing-cost help. Nationally, Fannie Mae's October 2026 forecast calls for home prices to rise 0.6% in 2027. No forecast cited here covers Hampton Roads specifically, so the city numbers below are the better local guide.

City-by-City: Prices and Supply, September 2026

Hampton Roads is several markets. The median price in Virginia Beach is more than $150,000 above Portsmouth's, and supply in Suffolk is nearly double Virginia Beach's.

City	Closed sales	Median sold price	Median $/sq ft	Median days on market	Months of supply
Virginia Beach	502	$442,500	$251	17	2.1
Chesapeake	285	$410,000	$221	21	2.6
Norfolk	245	$331,000	$214	21	2.5
Suffolk	133	$395,000	$208	31	4.0
Portsmouth	130	$289,500	$187	21	2.3
Hampton	157	$304,900	$196	24	2.5
Newport News	158	$309,950	$197	28	2.7
Williamsburg	113	$440,000	$223	26	3.8
York County	46	$516,450	$225	20	2.7
Poquoson	16	$385,000	$216	38	5.4
Ten cities combined	1,785	$370,000	$219	22	2.7

Source: VaHome analysis of REIN MLS data, September 2026. Months of supply is homes for sale on October 29, 2026 divided by September 2026 closings. Small samples, such as Poquoson's 16 sales, can swing a lot from month to month.

Neighborhood-Specific Trends

Within each city, prices and pace also vary by neighborhood and ZIP code, and each city's market report breaks them out. VaHome's 297 neighborhood guides cover what is for sale and local market facts in each area. If you are focused on one city, browse Virginia Beach homes for sale, or use the guide to neighborhoods near the bases to compare drive times.

BAH, PCS Timing and the 2027 Numbers to Watch

The Basic Allowance for Housing (BAH) is set by pay grade, dependency status and duty-station ZIP code, and it is not taxed because it is an allowance rather than pay (DoD Military Compensation). Rates are built from local rental costs, not ownership costs such as property taxes and maintenance, so a mortgage payment equal to your BAH does not make owning cost-neutral. The 2026 rates took effect January 1, 2026, with an average increase of 4.2% (DoD release, December 11, 2025). The 2027 rates had not been published as of October 29, 2026; recent releases have come in mid-December. Until then, plan on your 2026 rate, which you can look up with the Hampton Roads BAH calculator, and see how much house you can afford on BAH.

PCS Move Costs and Closing Costs

For a PCS buyer, the report date usually sets the timeline more than the market does. Get your Certificate of Eligibility and a preapproval before you tour homes, so an offer can go in the week you find the right one. If your closing will fall close to your arrival date, ask your lender how long VA appraisals are taking. The Hampton Roads PCS checklist covers the order of steps.

VA Loan Eligibility and Costs

Key Benefits of VA Loans

A VA-backed purchase loan requires no down payment as long as the price is not higher than the appraised value, and it has no private mortgage insurance (VA.gov). With full entitlement there is no VA loan limit, although the lender still approves the loan based on your credit, income and debts. If part of your entitlement is tied up in another VA loan, the county loan limit matters: the 2026 one-unit limit in Hampton Roads is $832,750. The FHFA usually announces 2027 limits in late November.

Most borrowers pay a one-time VA funding fee, a percentage of the loan amount (VA rates effective April 7, 2023):

Down payment	First use	After first use
Less than 5%	2.15%	3.3%
5% or more	1.5%	1.5%
10% or more	1.25%	1.25%

You do not pay the fee if you receive VA compensation for a service-connected disability, along with a few other exemptions VA lists. The VA loan guide for Hampton Roads covers the full process.

Eligibility Requirements

Current service members generally qualify after 90 continuous days of service. Veterans who served after August 2, 1990 generally need 24 continuous months or the full period they were called to active duty (at least 90 days). National Guard and Reserve members can qualify with 90 days of non-training active-duty service or six creditable years, and some surviving spouses qualify through Dependency and Indemnity Compensation (VA eligibility rules). You prove eligibility with a Certificate of Eligibility (COE), and your lender still reviews credit and debt-to-income ratio.

Affordability: Buy Now or Wait?

Down Payment and Closing Costs

Freddie Mac suggests budgeting 2% to 5% of the purchase price for closing costs, or about $7,400 to $18,500 on a $370,000 home (Freddie Mac). On a VA purchase, only the funding fee can be financed; other costs are paid at closing or covered by seller credits. Sellers can pay a VA buyer's normal closing costs without a cap, while other concessions, such as paying the funding fee or paying off debts, are capped at 4% of the home's reasonable value. See VA loan closing costs in Hampton Roads for a line-by-line view.

For other loan types, the 2026 FHA one-unit limit in the Virginia Beach-Chesapeake-Norfolk metro is $757,850 (HUD), and the 2026 conforming limit is $832,750 (FHFA). 2027 FHA limits are expected from HUD in late November or December.

A simple test for buying now versus waiting

• Payment test: the full monthly payment (principal, interest, taxes, insurance, any HOA) fits your budget at today's rate, with no refinance assumed.
• Time test: you expect to own long enough, usually several years, for the home to cover your closing and selling costs.
• Refinance is an option, not a plan: it only helps if rates fall far enough to cover refinance costs, and neither forecast above expects that in 2027.
• Waiting has costs too: rent keeps going out, and if rates do drop, buyers who paused may come back at the same time.

Buyers who stay in the market are adapting. MBA reported on October 11, 2026 that adjustable-rate loans made up almost 10% of mortgage applications over the prior month and that more buyers are paying points to lower their rate. Seller-paid credits can also fund a rate buydown. Compare quotes from more than one lender; our list of Hampton Roads mortgage lenders is a starting point, and first-time buyers should read the Hampton Roads first-time home buyer guide.

Key Takeaways

• Rates are high and forecast to stay there: 7.24% as of October 29, 2026; Fannie Mae and MBA both expect 7% or higher through 2027.
• Local prices have cooled, not crashed: the ten-city median fell from $390,000 in June to $370,000 in September 2026.
• Supply depends on the city: 2.1 months in Virginia Beach, 4.0 in Suffolk, 2.7 region-wide.
• Use real figures, not 2027 guesses: 2027 BAH rates and FHA and conforming loan limits are expected in late November and December 2026.
• Decide on the payment: if it works at today's rate and you plan to stay, the timing question mostly answers itself.

Frequently Asked Questions

What is the current mortgage rate in Hampton Roads?

Freddie Mac's national average for a 30-year fixed loan was 7.24% for the week of October 29, 2026, and 6.60% for a 15-year fixed. Freddie Mac does not publish a Hampton Roads rate; your quote depends on credit, down payment, loan type and points, so compare several lenders on the same day.

Will mortgage rates drop in 2027?

The two major forecasts published in October 2026 say not by much: Fannie Mae expects a 7.5% average through 2027 and MBA expects rates above 7%. Forecasts have missed by a point or more within a year before, so plan around today's rate.

Will Hampton Roads home prices drop in 2027?

No forecast cited here covers Hampton Roads directly. Locally, the September 2026 median was about 5% below the June peak, with 2.7 months of supply. Nationally, Fannie Mae forecasts 0.6% price growth in 2027, which suggests flat prices rather than a decline.

How does BAH affect my home search?

BAH is a useful budget anchor, but it is based on rental costs, and owning adds taxes, insurance and maintenance. Use your 2026 rate until the 2027 rates come out, expected in mid-December.

Are VA loans available to all service members?

Most current service members qualify after 90 continuous days of service; veterans, Guard and Reserve members, and some surviving spouses have their own requirements. You need a Certificate of Eligibility, and the lender still reviews your credit and debts.

How much should I save for closing costs?

Freddie Mac suggests 2% to 5% of the purchase price. On a VA purchase, only the funding fee can be rolled into the loan, so plan to cover the rest in cash or negotiate seller credits.

Do I need a real estate agent if I am using a VA loan?

An agent is not required, but a VA buyer's agent should know how VA appraisals, the minimum property requirements and the seller-concession rules work. Tom and Dariya both hold the National Association of Realtors' Military Relocation Professional (MRP) certification and work with VA buyers across Hampton Roads.

How do I check if a home is in a flood zone?

Look the address up on FEMA's Flood Map Service Center, and ask for a flood insurance quote before your inspection period ends. Our guide to checking flood zones in Norfolk and Virginia Beach walks through it.

The Bottom Line for 2027 Buyers

Going into 2027, Hampton Roads buyers face rates above 7%, local prices that cooled from their June 2026 peak, and supply that ranges from tight in Virginia Beach to more open in Suffolk. Neither major forecast gives a strong reason to wait for lower rates, and none points to a local price drop. If the payment works today and you plan to stay, buying now is a sound choice; if it only works at a lower rate, keep saving and watch the monthly market report. To start, browse active listings in Hampton Roads or call Tom & Dariya Milan, Realtors at (757) 777-7577 for a personalized consultation.

Disclaimer: Tom & Dariya Milan, Realtors. Brokered by LPT Realty. Licensed real estate agents in Virginia. 249 Central Park Ave, Ste 300-220, Virginia Beach, VA 23462. (757) 777-7577. VaHome.com. Equal Housing Opportunity. Listing data comes from the REIN MLS and is deemed reliable but not guaranteed; prices and availability can change.