Virginia Beach Real Estate Market

Virginia Beach Real Estate Market

The current Virginia Beach real estate market has cooled down immensely, compared to the boom between 2002 and 2005. Homes are staying on the market much longer and sellers are lucky to get five showings per week. For sale by owners are having a hard time selling and looking towards realtors now more than ever for help selling their home. As the summer of 2006 came to a close, the nation as a whole was down by over 18% with new home sales compared to the summer of 2005. As we ease into 2007, our real estate market should keep the same pace as it set in 2006.

Average median home sales in Virginia Beach, Virginia have stayed away from depreciation and have leveled off nicely. Buyers now have the power to make a deal happen and have gone from overbidding to demanding seller assisted closing costs. Even the perfect home has the potential to sit on the market for a period of three months now, especially with the holiday season rapidly approaching. Spending money on advertising does work, but it can turn into quite the expense if not done correctly. Below, you can find some statistics and an article about the past real estate market transition regarding the “Real Estate Bubble.”

Number of Homes Closed From 1/1/03-1/1/04

8,820 *rough estimate

Number of Homes Closed From 1/1/04-1/1/05

9,080 *rough estimate

Number of Homes Closed From 1/1/05-1/1/06

8,760 *rough estimate

Number of Homes Closed From 1/1/06-9/20/06

5,830 *rough estimate

Keep in mind, these figures do not represent the number of homes that were listed for sale or the number of listed homes that expired. To view more statistics about the Virginia Beach Real Estate market, please visit this link:

Virginia Beach Real Estate Market