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| Focus On: Virginia Beach City Housing Market | August 2023 | ||
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| Units Sold 510 |
Active Inventory 503 |
Median Sale Price $365,000 |
Days On Market 17 |
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| Down -29% Vs. Year Ago |
Down -36% Vs. Year Ago |
Up 11% Vs. Year Ago |
Down -6% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in August, with 510 sold this month in Virginia Beach City Real Estate versus 518 last month, a decrease of 2%. This month's total units sold was lower than at this time last year, a decrease of 29% versus August 2022. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 277 units or 36%. The total number of active inventory this August was 503 compared to 780 in August 2022. This month's total of 503 is lower than the previous month's total supply of available inventory of 587, a decrease of 14%. |
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Median Sale Price
Last August, the median sale price for Virginia Beach City Homes was $330,000. This August, the median sale price was $365,000, an increase of 11% or $35,000 compared to last year. The current median sold price is 3% lower than in July. 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 632 |
Current Contracts 633 |
Sold Vs. List Price 100.9% |
Months of Supply 1.0 |
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| Down -13% Vs. Year Ago |
Down -5% Vs. Year Ago |
Up 1% Vs. Year Ago |
Down -9% Vs. Year Ago |
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Months of Supply
In August, there was 1.0 months of supply available in Virginia Beach City, compared to 1.1 in August 2022. That is a decrease of 9% 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 632 homes newly listed for sale in Virginia Beach City compared to 723 in August 2022, a decrease of 13%. There were 633 current contracts pending sale this August compared to 667 a year ago. The number of current contracts is 5% lower than last August. |
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Sale Price to List Price Ratio
In August, the average sale price in Virginia Beach City was 100.9% of the average list price, which is 0.9% higher than at this time last year. Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 18, a decrease of 6%. | |||
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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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