The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market May 2020

Units Sold
617
Active Inventory
1,040
Median Sale Price
$299,900
Days On Market
32
Down -26%
Vs. Year Ago
Down -55%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -29%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 617 sold this month in Virginia Beach City Real Estate versus 654 last month, a decrease of 6%. This month's total units sold was lower than at this time last year, a decrease of 26% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,261 units or 55%. The total number of active inventory this May was 1,040 compared to 2,301 in May 2019. This month's total of 1,040 is lower than the previous month's total supply of available inventory of 1,326, a decrease of 22%.

Median Sale Price
Last May, the median sale price for Virginia Beach City Homes was $284,900. This May, the median sale price was $299,900, an increase of 5% or $15,000 compared to last year. The current median sold price is 5% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
877
Current Contracts
990
Sold Vs. List Price
98.7%
Months of Supply
1.7
Down -29%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -38%
Vs. Year Ago

Months of Supply
In May, there was 1.7 months of supply available in Virginia Beach City, compared to 2.7 in May 2019. That is a decrease of 39% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 877 homes newly listed for sale in Virginia Beach City compared to 1,240 in May 2019, a decrease of 29%. There were 990 current contracts pending sale this May compared to 838 a year ago. The number of current contracts is 18% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Virginia Beach City was 98.7% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 45, a decrease of 29%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.