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| MAY 2025 | |||
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| Units Sold 619 |
Active Inventory 787 |
Median Sale Price $407,500 |
Days On Market 21 |
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| Up 2% Vs. Year Ago |
Up 12% Vs. Year Ago |
Up 2% Vs. Year Ago |
Up 5% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in May, with 619 sold this month in Virginia Beach City Real Estate versus 586 last month, an increase of 6%. This month's total units sold was higher than at this time last year, an increase of 2% versus May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 87 units or 12%. The total number of active inventory this May was 787 compared to 700 in May 2024. This month's total of 787 is lower than the previous month's total supply of available inventory of 856, a decrease of 8%. |
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Median Sale Price
Last May, the median sale price for Virginia Beach City Homes was $399,000. This May, the median sale price was $407,500, an increase of 2% or $8,500 compared to last year. The current median sold price is 7% 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. |
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| New Listings 867 |
Current Contracts 795 |
Sold Vs. List Price 100.3% |
Months of Supply 1.3 |
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| Up 17% Vs. Year Ago |
Up 34% Vs. Year Ago |
No Change Vs. Year Ago |
Up 9% Vs. Year Ago |
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Months of Supply
In May, there was 1.3 months of supply available in Virginia Beach City, compared to 1.2 in May 2024. That is an increase of 10% 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. |
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New Listings & Current Contracts
This month there were 867 homes newly listed for sale in Virginia Beach City compared to 741 in May 2024, an increase of 17%. There were 795 current contracts pending sale this May compared to 595 a year ago. The number of current contracts is 34% higher than last May. |
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Sale Price to List Price Ratio
In May, the average sale price in Virginia Beach City was 100.3% of the average list price, which is similar compared to a year ago. Days on Market
This month, the average number of days on market was 21, higher than the average last year, which was 20, an increase of 5%. | |||
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| *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. | |||
 Information 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. |
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