The Virginia Beach housing market continues to exhibit strong demand, characterized by rising home prices and limited inventory. As of June 2026, the average home value in Virginia Beach reached $432,734, marking a 3.2% increase over the past year. Homes are typically going under contract in approximately 21 days, indicating a competitive market environment.
Home Prices and Sales
Over the three months ending in May 2026, the median sale price of homes in Virginia Beach was $415,000, reflecting a 5.1% increase compared to the same period last year. The median sale price per square foot rose to $244, up 3.4% year-over-year. Despite the price appreciation, the number of homes sold in May decreased slightly to 1,607 from 1,665 the previous year, suggesting that higher prices may be impacting sales volume.
Inventory and Market Dynamics
The market remains tight, with only 1.5 months of supply available, underscoring a strong seller’s market. In March 2026, there were 733 homes available, a slight decrease from the previous year. This limited inventory has led to homes selling at 99.82% of their asking price, highlighting the competitive nature of the market.
Rental Market Trends
The rental market in Virginia Beach has also experienced growth. As of June 2026, the average rent reached $2,065, a 4.6% increase over the past year. This rise in rental prices reflects the overall demand for housing in the area.
Looking Ahead
Given the current market conditions, prospective buyers should be prepared for a competitive environment, with limited inventory and rising prices. Sellers, on the other hand, may find favorable conditions to list their properties. Staying informed about market trends and working with knowledgeable local real estate professionals can provide valuable guidance in navigating the Virginia Beach housing market.