National data from Realtor.com shows that fewer buyers are shopping under $370K, and that drop matters in Hampton Roads because a significant portion of our local inventory sits at or near that price point. If you own, sell, or invest in that range here, you need to know what this shift actually means.
What the National Numbers Show
Realtor.com reported in August 2026 that the share of online home-shopping traffic going to listings priced below $370,000 has fallen 11.4 percentage points since 2021, landing at 42.8% in 2026. That number is now nearly identical to the 42.2% share of total listings in that price range, which looks like balance on paper. But Realtor.com senior economist Jiayi Xu said plainly that the narrowing gap is being driven by price-sensitive shoppers retreating from the market, not by any restoration of their buying power. In short, fewer buyers are shopping under $370K nationally because many of them have stopped searching altogether.
How This Plays Out in Hampton Roads
Virginia Beach and the broader Hampton Roads region have historically had a strong concentration of homes priced between $280,000 and $380,000, particularly in older neighborhoods, townhome communities, and military-heavy submarkets. That has made the sub-$370K tier one of the busiest price bands locally for years.
The same forces squeezing buyers out of that range nationally are present here. Mortgage rates have kept monthly payments elevated even on modestly priced homes. Wages in Hampton Roads have not kept pace with home price appreciation from 2020 through 2024. First-time buyers who might have qualified for a $320,000 home two years ago now find that payment out of reach, and many have paused their search.
For sellers with homes in that range, this means the pool of qualified buyers has thinned. Homes that would have drawn five offers in 2022 may now sit for three or four weeks before finding one solid offer. That does not mean the market has collapsed at that price point, but it does mean pricing accurately from day one matters more than it did. Find out what your home is worth →
What Sellers and Investors Should Do Differently
• Price based on recent closed sales, not on what similar homes listed for six months ago. Active listings are not comps.
• Condition and presentation matter more when buyer traffic is thinner. A home that needs cosmetic work will sit longer and attract lower offers.
• Investors buying at or below $370K to rent should factor in that rental demand in Hampton Roads remains steady, particularly near military installations and medical corridors. The buy-side slowdown can create acquisition opportunities if you underwrite conservatively.
• If you are a seller holding equity in this price range and considering a move, the window to make a well-timed decision based on your actual home value is worth evaluating now. Find out what your home is worth →
Fewer buyers are shopping under $370K nationally, and Hampton Roads is not immune to that dynamic. The sellers and investors who adjust their expectations and strategies now will be better positioned than those who assume 2021 conditions are coming back.
For more local market context across Hampton Roads cities, visit the Legacy Home Search blog.
Frequently Asked Questions
Are homes under $370K still selling in Virginia Beach and Hampton Roads?
Yes, homes in that price range are still selling, but the pace is slower than during the 2021 to 2022 peak. Buyers are more cautious and more selective, so well-priced and well-presented homes in that range still move, while overpriced or deferred-maintenance properties are sitting longer.
Why are fewer buyers shopping under $370K right now?
The main factor is affordability pressure. Even at a $340,000 price point, current mortgage rates push monthly payments significantly higher than they were three years ago on the same purchase price. Many buyers who qualify on paper are choosing to pause rather than stretch their budgets, which reduces active shopping traffic in that tier.
Should I lower my asking price if my Hampton Roads home is priced under $370K?
Not automatically, but you should price it based on what comparable homes have actually closed for in the past 60 to 90 days in your specific area. If your home has been on the market more than three weeks without serious offers, the price is likely the issue. A local agent with current sales data in your submarket can tell you where the number should be.