Virginia Beach Real Estate Statistics 2023-2022
- The average days on market for homes in Virginia Beach in 2022 is 10 days, indicating a fast-moving market.
- Virginia Beach has a homeownership rate of 66.9%, higher than the national average of 65.8%.
- The number of new construction homes sold in Virginia Beach increased by 25.4% in 2022 compared to the previous year.
- Virginia Beach’s luxury home market saw an increase of 20% in median sales price in 2022.
- Virginia Beach has one of the lowest property tax rates in the Hampton Roads region at $0.99 per $100 of assessed value.
Key Virginia Beach Real Estate Stats Explained
CavaBuys.com shows that the median home price in Virginia Beach increased by 12% in 2022 to $336,800. This statistic suggests a strong demand for housing in Virginia Beach, driven by factors such as low interest rates and an influx of homebuyers. This trend may have a significant impact on the affordability of housing for local residents.
Virginia Beach’s median home value in 2022 is $300,000, a 10.3% increase from the previous year. This statistic suggests a strong seller’s market in Virginia Beach, with high demand and limited supply. It may also have an impact on the overall economy of the city, as a strong housing market can lead to increased economic activity.
There has been a 27% increase in the number of homes sold in Virginia Beach in 2022 compared to the previous year. This statistic suggests that the real estate market in Virginia Beach is thriving, with a higher demand for homes and more buyers entering the market. However, this may also lead to a shortage of available housing options and increased competition among buyers.
Other sources also provide valuable insights into Virginia Beach’s real estate market in 2022. For example, an article on Forbes.com notes that Virginia Beach is among the top 10 US cities with the strongest housing markets in 2022. Meanwhile, a report by the Virginia Beach Department of Economic Development highlights the city’s low cost of living and affordable housing as key factors in attracting new residents and businesses.
In summary, Virginia Beach‘s real estate market in 2022 appears to be thriving, with a strong demand for housing, a seller’s market, and increased home sales. While this may be good news for sellers and the local economy, it may also lead to affordability concerns and limited housing options for buyers. As such, it will be important to closely monitor Virginia Beach’s real estate market trends in the coming years.
Virginia Beach Real Estate Stats Cited sources:
Virginia Beach Business Journal: https://www.virginiabusiness.com/article/housing-market-remains-hot-in-virginia-beach/
Virginia Beach Department of Economic Development: https://www.yesvirginiabeach.com/LiveHere/Pages/Housing.aspx