EZ Search Virginia Beach Real Estate Profile

Ready to take the plunge and buy a home in Virginia Beach? Before you start house-hunting in this popular coastal area, it pays to understand what lies ahead when purchasing a property here. Learn about real estate trends, housing availability, and what to expect from Virginia Beach real estate.

Why buy a home in Virginia Beach?

The beach city’s charms have won over 450,000 residents. The state’s largest city by population definitely has a lot going for it. 

The appealing lifestyle includes:

• A three-mile Boardwalk adjacent to the wide, golden sands of Virginia Beach
• One of the state’s best K-12 public education districts
• Art districts, performance venues, and a top destination music scene
• Stable and diversified job market 

US News and World Report placed it in the top 30 Best Places to Live in the United States for 2023. Other independent media sites gave it high marks for its work-life balance and for its family friendliness.

Plus, its significant military presence and tourism component are ideal for real estate investors looking for income-producing properties with a steady tenant stream. 

Virginia Beach Real Estate Profile

Using recent data, the City of Virginia Beach home sales dropped by 27% from August 2022 to August 2023. However, month-to-month home sales between July and August 2023 were exactly the same: 515 homes closed. As of September 2023, active listings are slowly growing, but it still hasn’t been enough to meet buyer demand.

Median sale prices for August 2023 were $365,000. That price is down from the record high of $375,000 posted the prior two consecutive months. However, it’s $35,000 more than homebuyers paid in August 2022. Market demand is why median sale prices continue their year over year gains. Virginia Beach home prices are higher than the Hampton Roads region median, which was at $333,000 in September 2023. The greater Hampton Roads region had a 1.76-month supply of inventory with homes spending a median 17 days on the market. 

Be aware of seasonality in sales activity. Local real estate agents report the spring and summer months are traditionally the busiest times for real estate activity in the Virginia Beach area. You can see what homes are available now in the Virginia Beach region.

As a top vacation destination, Virginia Beach does have a high percentage of rental properties. The 2022 Census data shows just 65% of its housing units were owner-occupied properties. That’s good for real estate investors, particularly if you’re looking in the short-term rental space or for income producing property.

Virginia Beach Neighborhoods

Virginia Beach has multiple excellent neighborhoods, some with waterfront access and private marinas, some walkable to the creative arts district, and others catering to military families. Here’s a small sampling of what’s available:

• Oceanfront: This bustling neighborhood features the iconic Virginia Beach Boardwalk, making it a hub for tourists and locals alike. Living here means you’re walkable to these popular restaurants, shops, and outdoor music stages. 
• Great Neck: Great Neck offers an upscale suburban lifestyle with beautiful homes, excellent schools, and a variety of shopping and dining options.
• Lynnhaven: Lynnhaven was an original borough of Virginia Beach. Most people know it for its mall, but its surrounding neighborhoods are another great mix of suburban and waterfront living.
• Pungo: Escape the tourists in the southern part of the city. Pungo is known for its rural charm and agricultural heritage as a strawberry growing area.

For an even deeper dive, check out our guide to Virginia Beach’s best neighborhoods.

Virginia Beach condos and townhomes

The October 2023 market had about 755 listings, and 220 of those were condos and townhomes. Prices for these properties ranged from $148,000 for a two bedroom 866 square-foot condo to $2.5 million for a three-bedroom, 4,700 sq ft unit in a luxury high rise. 

Your choices for a condo or townhome include living on the beachfront in one of the towers on the Atlantic ocean. These provide excellent access to that famous Virginia Beach boardwalk and the Atlantic surf. Other condos are Bayfront to Lynnhaven Roads. However, condo and townhome properties are spread across Virginia Beach, providing affordable housing near the military bases and desirable neighborhoods. 

If you’re planning to rent your condo or townhome, remember to check with the local HOA and the city ordinances.

Virginia Beach waterfront homes

For being a coastal destination, keep in mind a lot of the water access is either going to be public beaches, designated to the naval bases, or is a nature preserve. After all, a large section of Virginia Beach city limits is the Back Bay National Wildlife Refuge.

That said, of course you can find some beautiful waterfront properties on the creeks, bays, or ocean front. Each obviously has its own perks. If your dream is to have a private dock in your backyard, you’ll probably trend more towards one of the bayfront neighborhoods.

October 2023 prices for the 82 waterfront listings went from $75,000 for a vacant Elizabeth River lot to $6.9 million for a 9,593 sq ft home with 1.6 acres on Linkhorn Bay.

Another food for thought if you want to buy waterfront: price out local homeowner’s insurance and look at the home’s hurricane features. Newer homes are built to more current codes that are more resilient to these storms. 

Virginia Beach military housing

On base living may be an option for unaccompanied personnel at some of the six bases, but for families, you’ll need other arrangements. The Navy Housing Center can be your resource for finding appropriate housing arrangements.

Military housing is available near the bases. NAS Oceana housing was privatized and run by Liberty Military Housing. It oversees five neighborhoods spread across the Virginia Beach area. Fort Story also had family homes on the installation exclusively for active-duty families.

The NAS notes that if you choose off-base housing, do keep commute times as a factor.  Traffic often backs up at the bridges and tunnels if you choose to live across the waterways.

How Virginia Beach cost of living compares

We traditionally think of living near the waterfront as being more expensive. With its expansive coastline and high rankings as a vacation destination, you’d expect Virginia Beach real estate prices and overall expenses to be higher.

Based on indexed expenses from the second quarter of 2023, Virginia Beach’s cost of living is just one percent higher than the national average. And, in even better news for homebuyers, its overall housing market was 7% more affordable than most markets. Consider how the national median price  in July 2023 was $402,600! 

However, not everything is a bargain. Expect to pay more for utility costs and for miscellaneous goods and services, such as clothing, auto repair, childcare, and entertainment tickets. But compared to what most Americans are paying, Virginia Beach residents save in transportation, healthcare, and housing. Grocery costs are right in line with what most Americans were playing at that time.

Do be aware if you compare the cost of living across the other Hampton Road cities, Virginia Beach does run a little higher. Just consider what you get for what you’re buying: prime access waterfront and entertainment.

Of course, your specific cost of living will depend on where in Virginia Beach you buy and your lifestyle. Definitely expect Virginia Beach real estate prices to rise the closer to the coastline or bays you get.

Buying a home in Virginia Beach

In a nutshell, Virginia Beach is like a dream come true – a place where you can enjoy beaches, career growth, family life, and interesting cultural attractions. It’s not just a place to live; it’s a place to love. And when it comes to Virginia Beach real estate, you’ll find the choices are as vast as the city’s many advantages. Make buying a Virginia Beach home easier by seeing what’s available today.