"Inventory on the Rise In December, Virginia Beach experienced an 8.2% increase in active listings compared to the previous year, bringing the total to 749 homes on the market. While this rise in inventory was more modest than the national average of 12.1%, the market saw a remarkable 38.6% year-over-year surge in newly listed homes, with 366 properties entering the scene. This substantial influx signaled a vibrant and dynamic market, teeming with opportunities for sellers to capitalize on increased buyer interest."
"Prices on an Upward Trend The median listing price in Virginia Beach soared to $449,950 in December, marking a notable 5.0% increase from the previous year. In stark contrast to the national trend, where the median list price saw a slight dip of 0.6%, Virginia Beach stood strong. Sellers enjoyed a relatively low price reduction share of 10.1%, a testament to their confidence amidst fervent demand. The market vibrated with potential as homes commanded impressive values."
"Stable Time on Market Homes in Virginia Beach spent a median of 40 days on the market in December, reflecting a slight increase of 1.3% from last year. This was considerably shorter than the national median of 73 days, which experienced a larger year-over-year increase of 5.0%. The relatively stable days on market underscored the brisk pace of transactions and sustained buyer enthusiasm, even as inventory levels climbed."
Virginia Beach recorded an 8.2% increase in active listings year-over-year to 749 homes in December. Newly listed homes rose 38.6% to 366 properties, indicating heightened seller activity. The median listing price climbed 5.0% to $449,950, outperforming the national median list price decline of 0.6%. Price reduction share was relatively low at 10.1%, reflecting seller confidence amid strong demand. Homes spent a median of 40 days on market, a 1.3% increase but substantially below the national median of 73 days. These metrics show rising supply alongside sustained buyer interest and robust pricing.
Read at SFGATE
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