Virginia Beach House Values Show Impressive Uptrend: Average Value Soars from $375k to $405k in 2023

Property values in Virginia Beach, VA, have seen an impressive upward trend from December 2022 to December 2023. In December 2022, the average value of a property in Virginia Beach was roughly $375,000. However, this value didn’t remain static, showing a slight dip in the early months of 2023. The subtle early fluctuation was overtaken by an upward surge, hitting a peak of about $429,125 in September 2023.

Indicative of a thriving real estate market, the appeal of Virginia Beach has seemingly grown. Contributing factors could include economic growth, societal changes, or improved socio-infrastructures. Slight cooling-off was noticed towards the tail-end of the year when the average property value fell to $405,000 in December 2023. Nevertheless, the overall increase highlights the growth in the property market of the city over the studied period.

Increase in Per Square Foot Value

The per square foot value acts as a crucial parameter to judge market vigor. This value has also demonstrated a generally rising trend throughout the year. The data for December 2022 indicates that the per square foot value stood at approximately $209.9. With the progression of the year, this numerical value climbed, reaching around $222 in December 2023.

This upward trend, albeit with few fluctuations, underlines the fact that the property in Virginia Beach has appreciated in value over time, consequently increasing the per square foot cost. It could also be inferred that more buyers are willing to invest in properties here, showing confidence in their growth potential.

Average Sold Price Fluctuations

Real estate prices were largely subject to fluctuation throughout the examined period in Virginia Beach. The average sold price started at around $342,300 in November 2022, followed by a high of $380,356 in September 2023 before backing down to $362,175 by December 2023.

Despite the variances and fluctuations, this data portrays a broader picture of a generally rising trend in sold prices. The overall uptick points towards increased spending power or higher demand among the population to purchase properties, hinting at Virginia Beach’s flourishing real estate market.

Average Sold Per Square Foot Value

While the data points out the average sold prices have generally increased, another enterprising trend is seen in the average sold per square foot value. The figure rose from around $208.27 in November 2022 to approximately $213.50 in December 2023. This rise translates to higher value properties being sold, or properties in the city becoming more valuable over time.

Property and Property Sold Counts

The count of available properties in Virginia Beach displayed fluctuation, with no discernible trend. However, in terms of the number of properties sold, a peak was recorded in December 2022 with 5,069 properties having been sold. This reduced to 4,020 properties sold in December 2023, potentially indicating a market cooling-off phase.

Median Values

The dataset also includes median values that shed light on different market activities, albeit without specific counts or dates. The highest median value among these was seen in bank-owned properties at around $413,000. In contrast, auctions displayed the lowest median value at roughly $325,247. The median value for properties recently sold was noted to be $365,028, lower than the average sold prices reported monthly, indicating that higher-end sales could be skewing the average.

Overall, the real estate market in Virginia Beach, VA, based on the provided dataset, reflects an environment marked by a general increase in property values, per square foot values, and sold prices. Despite variances, the underlying trend is growth. While the median values could benefit from supporting data for better trend deciphering, the available data still provides valuable insights into an evolving property market.