EZ Search Virginia Beach Real Estate Profile

Ready to take the plunge and start living in Virginia Beach? Before you start house-hunting in this popular coastal city, it pays to understand what lies ahead when purchasing a home 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 allure of its beautiful beaches and range of activities has captivated over 450,000 residents. As the state’s largest city by population, it has a lot to offer and is sure to captivate potential homebuyers. 

The appealing lifestyle includes:

• A three-mile Boardwalk packed with entertainment options adjacent to the wide, golden sands of Virginia Beach
• One of the state’s best K-12 public school districts
• Art districts, performance venues, and a top destination music scene
• Stable and diversified job market backed by military facilities

Virginia Beach is a city that truly has it all for a high quality of life. Its appeal is not just because it’s a beach town–U.S. News and World Report ranked it among the top 30 Best Places to Live in the United States for 2023. Other independent media sites have also praised its work-life balance and family friendliness, making it a top choice for homebuyers.

Its multiple military installations, access to the Chesapeake Bay, and strong tourism industry 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 housing market in Virginia Beach reported total home sales increased by 4% from May 2023 to May 2024. As of 2024, active listings are slowly growing, but it still hasn’t been enough to meet buyer demand. In the spring, Hampton Roads home sales have been about the same as the prior year. 

The median home price for May 2024 was $399,500, setting a new record high in the local real estate market and echoing the record high reported across the Hampton Roads region. Clearly, coastal living remains highly desirable at this time. With low inventory and a desire to live in this thriving region, housing costs continue their year-over-year gains.

Virginia Beach home prices are still under the Virginia state median home price of $425,000 for the same time of year. The greater Hampton Roads region had a 2.16-month supply of inventory, with homes spending a median of 16 days on the market. These figures are longer than the prior year but still show the area favors home buyers on the hunt for single-family homes and townhomes.

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. Month-to-month home sales typically slow in the winter season before increasing again into the spring and summer. 

As a top vacation destination, Virginia Beach does have a high percentage of rental properties. The 2022 Census data shows that just 65% of its housing units were owner-occupied. That’s good for real estate investors, particularly if you’re looking for a short-term rental home or for income-producing property. For military personnel, more homes are catering to your specific needs.

Virginia Beach Neighborhoods

Virginia Beach has multiple excellent neighborhoods. It’s a matter of choosing what you want. Find a home with waterfront access or private marinas. Others are walkable to the creative arts district or the sandy beaches. Others cater to military families. Here’s a small sampling of what’s available:

• Oceanfront: This bustling neighborhood features the iconic Virginia Beach Boardwalk. Living here brings the locals and tourists together. Everyday life is walkable to popular restaurants, shops, and outdoor music stages. Expect a lively atmosphere during the peak season. 
• Great Neck: Find an upscale suburban lifestyle with beautiful homes and excellent schools. Locals have a variety of shopping and dining options. It has recreation centers, country clubs, and waterfront on Broad Bay or the Lynnhaven River.
• VIBE Creative District: Those who love the music scene, museums, and historic sites will be drawn to this active neighborhood a few blocks from the oceanfront.
• Lynnhaven: Lynnhaven was an original borough of Virginia Beach. Most people know it for its mall. Its surrounding neighborhoods are another great mix of suburban and waterfront living. Commuters can jump on Interstate 264 to move around Hampton Roads. It’s also beside the Oceana Naval Air Station.
• Pungo: Escape the tourists in the southern part of the city. The city gives away to endless green spaces, as Pungo is a more agricultural region and prime strawberry growing area.

This is a city with loads of great neighborhoods. Virginia Beach’s best neighborhoods showcase the best of this resort city.

Virginia Beach Condos and Townhomes

The July 2024 market had about 620 listings, and 108 of those were condos and townhomes. Prices for these properties ranged from $165,000 for a two-bedroom, 1,400 sq ft townhome to $950,000 for a three-bedroom, 1,932 sq ft townhome with water views off Chic’s Beach facing Chesapeake Bay. 

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 the famous Virginia Beach boardwalk and the pleasure beaches. Other condos are at the bayfront of the Lynnhaven River or other freshwater ponds. Some are part of the beach resorts and come packed with a range of amenities.

However, condo and townhome properties are spread across Virginia Beach, providing affordable housing near military bases and desirable neighborhoods. 

If you plan to rent your condo or townhome, check with the local HOA and city ordinances.

Virginia Beach Waterfront Homes

As a coastal destination, keep in mind that much of the water access will either be public beaches, designated to naval bases, or a nature preserve. A large section of Virginia Beach’s city limits is the Back Bay National Wildlife Refuge.

That said, you can find some beautiful waterfront properties on the creeks, bays, or oceanfront. Each has its perks. If you dream of having a private dock in your backyard, you’ll probably trend more toward one of the bayfront or riverfront neighborhoods.

In May 2024, prices for the 159 waterfront listings ranged from $165,000 for a waterfront townhome on Little Creek Reservoir to $10.9 million for a 10,968 sq ft home with 1.77 acres on Linkhorn Bay.

Some excellent neighborhoods for waterfront living:

• Quiet Chic’s Beach skips the crowded beaches for the Chesapeake Bay waterfront. Dine on fresh seafood at some delicious restaurants while watching the sun sets.
• Sandbridge Beach is another place to escape the crowds. This oceanfront strip runs five miles along the Atlantic and borders Back Bay National Wildlife Refuge.
• The North End Beaches are the balanced beachfront neighborhoods, with trendy grocers yet just two blocks from the surf.

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

Virginia Beach Military Housing

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

Military housing is available near the bases to help armed forces families. NAS Oceana housing was privatized and run by Liberty Military Housing. It oversees five neighborhoods spread across the Virginia Beach area. Fort Story also has 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 on the major roads 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, the cost of living in Virginia Beach was just one percent higher than the national average. And, in even better news for homebuyers, its overall median home cost was 7% more affordable than most markets. Consider how the national median price in June 2024 was $419,000! 

However, not everything is a bargain in your daily life. Expect to pay more for utility costs and miscellaneous goods and services. That includes items like clothing, auto repair, childcare, and entertainment tickets. Compared to what most Americans are paying, Virginia Beach residents save on transportation, healthcare, and housing. Grocery costs align with what most Americans were paying at that time.

Be aware that Virginia Beach’s cost of living is a little higher than the other Hampton Roads cities. Just consider what you get for what you’re buying: prime access to the waterfront and loads of amenities.

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

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 tapping into the local expertise of a real estate agent.