Top Mega Teams in Virginia Beach, Virginia – Ranked by Sides

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2023 Virginia Beach, Virginia Housing Market Summary

Virginia Beach, Virginia started 2023 with a total of 370 single-family homes on the market, with a median home price of $449,900 and an average price per square foot of $277. By the end of the year, inventory had decreased to 300 homes on the market (-18%), with a median home price of $482,450 (+7%) and an average price per square foot of $297 (+7%).

At the start of 2023, the median days on market (DOM) was 49 days – by the end of the year, median DOM had increased to 56 days.

Virginia Beach started the year with 36% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 42% of Virginia Beach homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Virginia Beach started 2023 as a strong seller’s market, with an MAI score of 47; by the end of the year, the MAI had dropped to 42 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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