In August, home prices rose slightly from the month before, with a median listing price of $450,000.
The number of listings on the market shrank 2.5% from last month, which is a bigger decrease than normal for this time of the year in Virginia Beach, and homes are also selling slower than at the same time last year.
Home prices in Virginia Beach
Typically, home price per square foot in Virginia Beach tend to rise in August. And the most recent data shows that the price per square foot increased by 1.1% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in the Resort City are outpacing the national market.
Virginia Beach inventory
In August, there were 880 homes for sale in Virginia Beach, which was 2.5% less than the month before and 11.5% more than the same time last year.
Meanwhile, active inventory across the nation fell by 0.4% from last month to 1,098,681.
The number of new listings in Virginia Beach was 520, which was 18.2% less than the month before and 5.1% less than the same time last year.
Nationally, the number of new listings fell by 7.5% from last month to 402,268.
Time on market
Homes in Virginia Beach take an average of 35 days to sell, according to August figures.
This is one day more than the previous month and six days more than the same month last year.
For comparison, nationally homes spent an average of 60 days on the market in August.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Virginia Beach, VA.