Virginia Beach Real Estate Soars 9%, Hitting $420K in April 2024 as Market Tightens

The Virginia Beach real estate market sees an intriguing trend with average property values rising 9% in just six months, despite a fall in the volume of sales and shrinking inventory. Meanwhile, neighboring cities each exhibit unique market trends.

authorWritten by Manuel MartinezMay 20, 2024

Virginia Beach, known for its sandy shores and coastal charm, is a good place for home sellers right now. Properties have seen their average values climbing from $385,000 in November of the previous year to an impressive $419,900 as of last month. This represents a near 9% increase over a span of merely six months, signaling an invigorated marketplace for potential homeowners and investors alike.

The below graph shows how house prices have climbed since November 2023

Taking a finer look, the average sale price per square foot in Virginia Beach dropped by $2: from $212 to $210 within the same period. Even though this might seem like a small dip, it represents a normalization following a significant rise. The value per square foot outpaced the sale price per square foot, which increased from $221 to $238. The widening gap implies that although homes are selling for more, they aren’t yet reaching their full listed value potential.

Newly listed homes on the market has, however, slightly shrunk. The number of homes for sale dropped from 568 homes to 530—a possible indicator of a tightening inventory. The number of homes sold has taken a downward turn from 4139 to 3639 sold properties. This 12% fall in sales volume may gesture towards a decelerating pace in home sales.

Next, let’s examine the neighboring cities within Virginia Beach County.

A Comparative Glance at the Neighboring Markets

To the west, Chesapeake’s market displayed a steady trajectory with average property values edging up from $375,000 to $400,000 from May of the previous year to April 2024. The average sale price per square foot remained largely static, with a minor decrease from $197 to $196. This could suggest a strong holding pattern in the market’s valuation of area dimensions.

Norfolk presented a slow but steady climb in average property values from $310,000 to $317,499 during the same period, punctuated by a gentle increase in the sale price per square foot. The figures suggest a gentle but positive market movement, though the climb is more akin to a gentle slope rather than a hill.

Portsmouth comes in as a dark horse with property values jumping from around $240,000 to $265,000. Alongside this, the area witnessed a significant leap in the sale price per square foot from roughly $159 to $163. Proportionally, this marks a more pronounced percentage rise compared to its neighbors, which might spotlight Portsmouth as a possibly burgeoning locale within the Hampton Roads metropolitan area.

In short, Virginia Beach leads the charge with notable average property value hikes, Chesapeake holds steady, Norfolk ascends gradually, and Portsmouth makes a spirited push forward in valuation. Such trends beckon buyers, sellers, and investors to consider more than just the surf when riding the real estate waves of Virginia Beach and its surrounding cities.

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