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Virginia Beach real estate market overview
- Average Monthly Rent: $1,583
- Home Price/Value Percentage Change: 3.00%
- Median Home Value: $370,922
- Best Time To Sell a Home: April
- Affordability Index: Moderate
- Days To Sell a House: 20
- Job Market: Weak
- Public School Ranking: 4
Location and weather
Virginia Beach is the most populated city in Virginia and is located in the Hampton Roads metropolitan area. It lies on the Atlantic Ocean, at the mouth of Chesapeake Bay. Due to its location along an oceanfront view, this city brings in visitors from all over to spend time at the many hotels, motels and restaurants it has to offer.
Virginia Beach also offers events like the East Coast Surfing Championship and the North American Sand Soccer Championship, which is a soccer tournament that takes place on the beach. Some of the city's other attractions include the Virginia Aquarium and Marine Science Center, First Landing State Park, Back Bay Wildlife Refuge and The Adventure Park.
In Virginia Beach, summers are warm while winters are cold and windy. Summer temperatures reach highs in the 80's and lows in the 60's. During winter, temperatures reach highs in the 50's and lows in the mid 30's.
Population, job market and cost of living
The population in Virginia Beach is 465,914, and has a growth rate of 0.46% annually.
The job growth has decreased by -5.75% over the last year and in ten years, is predicted to have increased by 33.23%. The major industries of Virginia Beach include health care and social assistance, retail trade, and public administration. Substantial companies to work for in this city are STIHL Incorporated, Venture Realty Group, Amerigroup and USAF Police Alumni Association.
The cost of living in Virginia Beach is slightly higher than the national average, making it a bit more expensive. With expanding job growth, warm summers and an atmosphere where beach enthusiasts thrive, it's understandable why Virginia Beach appeals to so many. Despite higher living costs, the amenities, scenic views and extensive amounts of activities to choose from make it all worth it.
Virginia Beach real estate market details
- Green Run
- North Virginia Beach
- Macons Corner
- Sandbridge
- Naval Air Station Oceana
The average monthly rent in Virginia Beach is $1,583 for an average apartment size of 973 sq. feet.
There has been a 3.0% increase in median home value over the last year. As of 2023, the median home value is $370,922.
On average, homes in Virginia Beach sell after 20 days on the market.
The best time to sell a home for the highest valued sale is during April. For the quickest sale, homeowners should sell in August.
The affordability index in Virginia Beach is 103. This number indicates moderate affordability in this city.
The top ranked public schools are Old Donation School, Kingston Elementary School, Green Run Collegiate Elementary School, North Landing Elementary School and Floyd Kellam High School. This information is based on data measuring academic performance and equity.