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Virginia Beach, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Virginia Beach, VA Housing Market Trends

With 457,672 people, 172,452 houses or apartments, and a median cost of homes of $377,052, Virginia Beach real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Virginia Beach, accounting for 55.22% of the city's housing units. Other types of housing that are prevalent in Virginia Beach include row houses and other attached homes ( 19.55%), large apartment complexes or high rise apartments ( 18.12%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.03%).

The most prevalent building size and type in Virginia Beach are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.30% owning and 36.70% renting.

There is a lot of housing in Virginia Beach built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Virginia Beach built between 1940-1969 ( 19.76%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.46%). There's also some housing in Virginia Beach built before 1939 ( 1.19%).

Virginia Beach Home Appreciation Rates

Virginia Beach's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Virginia Beach during the period has been just 4.50%, which is lower than 70% of US communities.

Over the last year, Virginia Beach appreciation rates have trailed the rest of the nation. In the last twelve months, Virginia Beach's appreciation rate has been 11.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Virginia Beach were at 3.24%, which equates to an annual appreciation rate of 13.60%.

Notably, Virginia Beach's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Virginia Beach's latest annual appreciation rate is lower than 70% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Virginia Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Virginia Beach - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Virginia Beach real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$377,052

Virginia Beach, VA HOME PRICES

> $1,340,000
$1,005,001 - $1,340,000
$670,001 - $1,005,000
$536,001 - $670,000
$402,001 - $536,000
$268,001 - $402,000
$134,001 - $268,000
$67,001 - $134,000
$0 - $67,000
1.9%
1.9%
2.5%
2.5%
7.6%
7.6%
9.1%
9.1%
19.7%
19.7%
34.8%
34.8%
20.2%
20.2%
1.5%
1.5%
2.6%
2.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for VA

Value Relative To Nation

Number Of Homes And Apartments:
172,452

Virginia Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
168.08% 4.43%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,345 / per month

Homeownership Rate

Owners
Renters
Vacant
63.3%
63.3%
36.7%
36.7%
7.2%
7.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.5%
16.5%
62.6%
62.6%
19.8%
19.8%
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.2%
55.2%
19.6%
19.6%
6.0%
6.0%
18.1%
18.1%
1.0%
1.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
5.9%
5.9%
22.4%
22.4%
39.1%
39.1%
25.0%
25.0%
6.5%
6.5%
0.0% 100.0%
% OF HOMES