Real Estate Market Report - Virginia Beach, VA (Jan, 2024)

The median sale/list price for 2023 shows a generally positive trend throughout the year, with a peak in April and May, followed by a slight dip in the summer months before leveling off towards the end of the year. The median price for the first set of data ranges from $350,000 to $385,000, while the second set ranges from $330,000 to $370,000.

The median sale price per square foot has been steadily increasing throughout the year, reaching a peak of $218.617 in October before slightly decreasing to $212.855 in December. The overall trend shows a significant increase in the median sale price per square foot, with a difference of almost $18 between January and December.

The median sale price to list price ratio remained stable at 1.0 for the majority of the year, with a slight increase in April and a more notable increase in May and June. However, the ratio tapered off and returned to 1.0 by September and remained unchanged for the rest of the year.

The first dataset shows an overall increase in the number of properties sold/listed each month, with the highest number in May (799) and the lowest in December (367). The second dataset shows a similar trend, with the highest number of properties listed in May (576) and the lowest in October (451). March showed the highest number of properties listed/sold in both datasets.

The median days on market for listings decreased from 45 days in January to 30 days in August, before increasing again to 43 days in December. The shortest median days on market occurred in May and July, both at 31 days, while the longest median days on market occurred in January and December, both at 43 days.