Virginia Beach, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Virginia Beach, VA Real Estate Data

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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Virginia Beach Housing Market Information

With a population of 452,745, 166,242 total housing units (homes and apartments), and a median house value of $269,192, 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 54.43% of the city's housing units. Other types of housing that are prevalent in Virginia Beach include row houses and other attached homes ( 20.80%), large apartment complexes or high rise apartments ( 17.70%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.97%).

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 61.97% owning and 38.03% 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 ( 21.18%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.82%). There's also some housing in Virginia Beach built before 1939 ( 1.18%).

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 -0.87%, 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 3.10%, 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 1.95%, which equates to an annual appreciation rate of 8.03%.

Relative to Virginia, our data show that Virginia Beach's latest annual appreciation rate is higher than 50% 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:
$269,192

Virginia Beach, VA HOME PRICES

Value Range
> $1,094,000 1.5
$820,001 - $1,094,000 1.7
$547,001 - $820,000 6.0
$438,001 - $547,000 6.6
$328,001 - $438,000 17.2
$219,001 - $328,000 35.8
$109,001 - $219,000 26.1
$55,001 - $109,000 1.8
$0 - $55,000 3.2

High for VA
High for Nation

Value Relative to Nation Value Relative to State
20.7389191404649 25.4847645429363

Number Of Homes And Apartments:
166,242

Virginia Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
93.45% 3.84% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,694 / per month

Homeownership Rate

Homeownership
Owners 61.97
Renters 38.03
Vacant 8.06

Housing Market Details

 

Age of Homes

AGE OF Virginia Beach HOMES
2000 or Newer 12.8
1970 - 1999 64.8
1940 - 1969 21.2
1939 or Older 1.2

Types of Homes

TYPE OF Virginia Beach HOMES
Single-Family 54.4
Townhomes 20.8
Small Apt. Buildings 6.0
Apt. Complexes 17.7
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Virginia Beach HOMES
No Bedroom 0.81
1 Bedroom 6.17
2 Bedrooms 23.37
3 Bedrooms 40.52
4 Bedrooms 23.07
5 or more bedrooms 6.07