Better Homes & Gardens Real Estate
Virginia Beach, VA
Single-Family Homes
SeeVirginiaBeachVaHomes.com Admin@Yourfriendlyagent.net 757-654-5059
Virginia Beach, VA
Wed Oct 09 2024
This week the median list price for Virginia Beach, VA is $517,480 with the market action index hovering around 54. This is less than last month's market action index of 55. Inventory has increased to 420.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $517,480 | |
| Median Price of New Listings | $490,000 | |
| Per Square Foot | $248 | |
| Average Days on Market | 56 | |
| Median Days on Market | 28 | |
| Price Decreased | 41% | |
| Price Increased | 2% | |
| Relisted | 11% | |
| Inventory | 420 | |
| Median Rent | ||
| Market Action | 54 | |
| Strong Seller's Market | ||
The market seems to have paused around this plateau. 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 |
|---|---|---|---|---|---|---|---|---|
| $1,275,000 | 3,400 | 0.5 - 1 acre | 5 | 3.5 | 28 | 17 | 16 | 49 |
| $623,000 | 2,650 | 0.25 - 0.5 acre | 4 | 2.5 | 29 | 25 | 17 | 28 |
| $449,000 | 2,000 | 8,000 - 10,000 sqft | 4 | 2.5 | 42 | 22 | 14 | 28 |
| $350,000 | 1,454 | 6,500 - 8,000 sqft | 3 | 2 | 56 | 24 | 28 | 21 |