"Active listings in Virginia Beach fell 5.2% year-over-year to 650 homes in February, while nationally, inventory grew 7.9% over the same period."
"The median list price in Virginia Beach hit $479,900, reflecting a 15.6% year-over-year increase, while the national median fell 2.1% to $403,450."
"Only 12% of Virginia Beach listings experienced a price reduction, compared to 15.5% nationally, indicating that sellers were not willing to negotiate."
"The typical Virginia Beach home sold in just 33 days in February, which is less than half the time it took to sell a typical home across the country."
Virginia Beach's housing market is characterized by a significant decrease in inventory and a sharp increase in prices. Active listings fell by 5.2% year-over-year, while the median list price rose by 15.6%. In contrast, the national market saw an increase in inventory and a decrease in prices. Homes in Virginia Beach sold in an average of 33 days, significantly faster than the national average of 70 days. Sellers maintain strong leverage due to limited options for buyers.
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