Barry Jenkins Jr - Your Friend in Real Estate Team
Virginia Beach, VA
Single-Family Homes
www.virginiabeachrealtysearch.com Barry@yourfriendlyagent.net (757) 965-6982
Virginia Beach, VA
Mon Jun 17 2019
This week the median list price for Virginia Beach, VA is $385,000 with the market action index hovering around 28. This is less than last month's market action index of 32. Inventory has held steady at or around 2253.
Market Action Index
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.
| Today |
| Last Month |
Slight Buyer's Advantage
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.
Real-Time Market Profile
| Median List Price | $385,000 | |
| Per Square Foot | $169 | |
| Days on Market | 105 | |
| Price Decreased | 33% | |
| Price Increased | 3% | |
| Relisted | 10% | |
| Inventory | 2253 | |
| Median House Rent | $1,650 | |
| Most Expensive | $7,500,000 | |
| Least Expensive | $65,000 | |
| Market Action Index Slight Buyer's Advantage | 28 |
The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.
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 |
|---|---|---|---|---|---|---|---|---|
| $795,000 | 3,600 | 0.5 - 1 acre | 5 | 4 | 24 | 23 | 1 | 187 |
| $460,000 | 2,686 | 0.25 - 0.5 acre | 4 | 3 | 23 | 33 | 2 | 93 |
| $325,000 | 2,077 | 8,000 - 10,000 sqft | 4 | 2 | 33 | 43 | 3 | 67 |
| $238,000 | 1,514 | 6,500 - 8,000 sqft | 3 | 2 | 43 | 32 | 7 | 75 |