Two of the biggest names in real estate data both said basically the same thing last week, and it’s worth talking through — because the story they’re telling nationally isn’t quite the story happening here.

What the national data actually says

Redfin’s August report showed new listings up 2.6% month-over-month to their highest level in four years, and total active listings at 1.53 million — the most since 2020. Nearly 60% of homes nationally are now selling below their original list price. Zillow’s numbers pointed the same direction: home sales down 0.6% year-over-year and 10.7% month-over-month, with their chief economist saying the market “took a step back” in August and predicting continued softness into year-end.

Put together, that’s a real shift. For the first time in a while, buyers in a lot of the country are gaining some actual negotiating room — more homes to choose from, less competition per listing, more sellers willing to talk about price.

Why Hampton Roads is a different conversation

Here’s the part that matters if you’re buying or selling locally: none of that national loosening has shown up here yet in any meaningful way. Virginia Beach detached homes are still moving at about 2.1 months of supply, Chesapeake at 2.5 months — both still selling at 98-99% of list price. That’s a seller’s market by almost any definition, even while the rest of the country is tilting the other direction.

It’s not that Hampton Roads is immune to what’s happening nationally — Norfolk and Portsmouth have both loosened up some (2.8 and 3.1 months of supply, respectively), giving buyers there real room to negotiate. But “buyers have leverage now” as a blanket national headline just doesn’t hold up if you’re looking at a well-priced home in Virginia Beach or Chesapeake right now.

What this means depending on where you’re standing

If you’re a buyer reading national coverage and expecting more breathing room here, it’s worth having a direct conversation about which submarket you’re actually shopping in — because the answer changes block to block, not just city to city. If you’re a seller in Virginia Beach or Chesapeake, this is still very much your market. If you’re anywhere near Norfolk or Portsmouth, the calculus is shifting, and pricing strategy matters more than it did a few months ago.

Curious what your specific neighborhood looks like right now? Send me a message and I’ll pull the real numbers for your street, not just your city.

📲 757.288.0983 | AgentFaircloth@gmail.com | AgentFaircloth.com

Sources:

Redfin — Housing Supply Hits 6-Year High As New Listings Jump – https://www.redfin.com/news/new-listings-surge-august-2026/

Zillow Group — August Market Report Shows Elevated Rates Dampen Home Sales – https://investors.zillowgroup.com/news-and-events/news/news-details/2026/Zillows-August-Market-Report-shows-elevated-rates-dampen-home-sales/default.aspx

Local figures reflect REIN/Domus Analytics August 2026 data as reported.