In October, home prices rose slightly from the month before, with a median listing price of $454,694.
The number of listings on the market remained practically unchanged from last month, but it is a smaller 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 October. But the most recent data shows that the price per square foot decreased by 2.4% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Resort City are larger the national market.
Virginia Beach inventory
In October, there were 856 homes for sale in Virginia Beach, which was 0.9% less than the month before and 5.3% more than the same time last year.
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.
The number of new listings in Virginia Beach was 516, which was 1.6% more than the month before and 0.4% less than the same time last year.
Nationally, the number of new listings fell by 2.7% from last month to 384,264.
Time on market
Homes in Virginia Beach take an average of 36 days to sell, according to October figures.
This is the same as the previous month and three days more than the same month last year.
For comparison, nationally homes spent an average of 63 days on the market in October.
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.