Is Virginia Beach, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Virginia Beach is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Virginia Beach has remained a Seller's Market.

Key Takeaway

Virginia Beach is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Virginia Beach, VA

How much do homes in Virginia Beach, VA cost?

Median Sold Price

$560,000

$220/sqft

Based on all homes sold in November 2024.

Difference Since Last Month

+$240,000(+75.0%)

Key Takeaway

Homes in Virginia Beach have sold for 75% more than they did a month ago.

Summary: The median home sold price in Virginia Beach was $560,000 in November 2024, up 75% from last month, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 --
N/A
2 --
N/A
3 $320K-
N/A
4 --
N/A
5+ -$560K
N/A

Summary: Virginia Beach housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Virginia Beach
+75.0%
Corolla
-24.3%

Housing Supply in Virginia Beach, VA

How many homes are available in Virginia Beach, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1,9972,044+2.4%

Summary: The Virginia Beach real estate market had 2,044 homes for sale in November 2024, a 2.4% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 3337
+12.1%
2 359361
+0.6%
3 747777
+4.0%
4 595604
+1.5%
5+ 263265
+0.8%

Summary: The Virginia Beach housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.1%, 2 bedroom homes increased by 0.6%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 0.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
460368-20.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Virginia Beach, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.

Summary: A total of 368 homes were sold or pending in Virginia Beach in November 2024, down by 20.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.

Days on Market for Virginia Beach, VA

How long does it take to sell a home in Virginia Beach, VA?

Average Sale Time

Oct 2024Nov 2024CHANGE
27 Days22 Days-19.8%

Summary: Homes in Virginia Beach had an average of 22 days on market in Nov 2024, down by 19.8% compared to last month.

Breakdown of Home Sale Times

263 Homes Were Sold
Under 30 Days

97 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Virginia Beach are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 368 homes were sold in Virginia Beach; 71% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Virginia Beach, VA

Nearby Markets to Virginia Beach, VA

What housing markets are near Virginia Beach, VA?