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

$320,000

$223/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

-$17,000(-5.0%)

Key Takeaway

Homes in Virginia Beach have sold for 5% less than they did a month ago.

Summary: The median home sold price in Virginia Beach was $320,000 in October 2024, down 5% from last month, and the median price per square foot was $223.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 --
N/A
2 --
N/A
3 $337K$320K
-5.0%
4 --
N/A
5+ --
N/A

Summary: Virginia Beach housing prices by bedroom type for October 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 decreased by 5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in Virginia Beach, VA

How many homes are available in Virginia Beach, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1,9132,081+8.8%

Summary: The Virginia Beach real estate market had 2,081 homes for sale in October 2024, a 8.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3434
0.0%
2 344373
+8.4%
3 727783
+7.7%
4 561617
+10.0%
5+ 247274
+10.9%

Summary: The Virginia Beach housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 10.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
446413-7.4%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Virginia Beach, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 413 homes were sold or pending in Virginia Beach in October 2024, down by 7.4% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% 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

Sep 2024Oct 2024CHANGE
24 Days27 Days+14.5%

Summary: Homes in Virginia Beach had an average of 27 days on market in Oct 2024, up by 14.5% compared to last month.

Breakdown of Home Sale Times

279 Homes Were Sold
Under 30 Days

117 Homes Were Sold
In 30 - 90 Days

17 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 October 2024, 413 homes were sold in Virginia Beach; 68% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 4% 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 18 Days Ago

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