Virginia Beach, VA home prices and housing market

Virginia Beach home values rose nearly four percent this year, yet a fifth of sellers are still cutting prices. If you are thinking about selling in the next year, that gap is the whole story, so let me walk you through it. The typical home here is now worth about four hundred sixty-two thousand dollars, up about 3.7 percent from last August, and homes that are priced right are moving, going under contract in a median of 31 days. Inventory is not overwhelming either, with about one thousand one hundred homes for sale and just over 600 new listings hitting the market. But here is the catch. The median asking price is sitting at four hundred ninety-five thousand dollars, roughly thirty-three thousand dollars above what the typical home is actually worth, and about 22 percent of active listings have already taken a price cut. That tells you buyers here are paying fair prices but refusing to chase. So the move is simple: price at the market, not above it, and you can be sold in about a month, while overpricing puts you in the group cutting later. If you want to know where your home lands in this market, get a free home value estimate at Home Value Pros dot com.