The Long & Foster Market Minute

Focus On: Virginia Beach City Housing Market July 2022

Units Sold
721
Active Inventory
617
Median Sale Price
$340,000
Days On Market
15
Down -26%
Vs. Year Ago
Down -43%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 721 sold this month in Virginia Beach City Real Estate versus 790 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 26% versus July 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 462 units or 43%. The total number of active inventory this July was 617 compared to 1,079 in July 2021. This month's total of 617 is lower than the previous month's total supply of available inventory of 816, a decrease of 24%.

Median Sale Price
Last July, the median sale price for Virginia Beach City Homes was $326,000. This July, the median sale price was $340,000, an increase of 4% or $14,000 compared to last year. The current median sold price is 3% lower than in June.

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


New Listings
776
Current Contracts
858
Sold Vs. List Price
101.1%
Months of Supply
0.9
Down -31%
Vs. Year Ago
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago

Months of Supply
In July, there was 0.9 months of supply available in Virginia Beach City, compared to 1.1 in July 2021. That is a decrease of 22% 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 776 homes newly listed for sale in Virginia Beach City compared to 1,125 in July 2021, a decrease of 31%. There were 858 current contracts pending sale this July compared to 914 a year ago. The number of current contracts is 6% lower than last July.

Sale Price to List Price Ratio
In July, the average sale price in Virginia Beach City was 101.1% 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 15, lower than the average last year, which was 16, a decrease of 6%.

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.