RealTrends Market Report

Virginia Beach, VA

Single-Family Homes

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Virginia Beach, VA

Fri Jun 21 2024
This week the median list price for Virginia Beach, VA is $499,999 with the market action index hovering around 65. This is less than last month's market action index of 68. Inventory has held steady at or around 363. Click here to stay informed with the Virginia Beach market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’ll be looking for a persistent downward trend. If we see a persistent trend, especially if the MAI falls from the Seller’s Market zone to the Buyer’s Market zone, expect downward pressure on prices. There is already some evidence prices moving lower.

Virginia Beach, VA

Fri Jun 21 2024
This week the median list price for Virginia Beach, VA is $499,999 with the market action index hovering around 65. This is less than last month's market action index of 68. Inventory has held steady at or around 363. Click here to stay informed with the Virginia Beach market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’ll be looking for a persistent downward trend. If we see a persistent trend, especially if the MAI falls from the Seller’s Market zone to the Buyer’s Market zone, expect downward pressure on prices. There is already some evidence prices moving lower.

Real-Time Market Profile

Never miss important changes in the Virginia Beach market.
Median List Price $499,999
Median Price of New Listings $488,000
Per Square Foot $253
Average Days on Market 49
Median Days on Market 21
Price Decreased 25%
Price Increased 3%
Relisted 7%
Inventory 363
Median Rent
Market Action 65
Strong Seller's Market

Again this week we see a downward notch for prices. Prices continue to pull back from the market’s highs. The Market Action Index is a good leading indicator for the durability of this trend.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$1,400,000 3,588 0.5 - 1 acre 5 3.5 29 11 10 42
$615,000 2,502 0.25 - 0.5 acre 4 2.5 33 21 23 14
$440,000 1,892 6,500 - 8,000 sqft 4 2.5 40 24 16 14
$349,990 1,425 6,500 - 8,000 sqft 3 2 55 18 30 21