If you are a homeowner in Virginia Beach, Virginia you are likley seeing your neighbors putting their homes on the market and in short order you are seeing them pack up and move out. This is due to the simple fact that Virginia Beach Real Estate values are rising, and the inventory is too low for the number of buyers.
The Virginia beach real estate market has started to move once again, that is it is incresing and 2017 isn’t over yet. The numbers I am using will only compare sales data from January 1, 2016 through December 10, 2016 to the sales date from January 1, 2017 through December 10, 2017.
Over the years some confusion has occured regarding average and median pricing. Average is the result of a calculation where you tally all the values and then divide by the number of values you have.
So, if you have 300 homes and the total sales price of all 300 homes came to 72,000,000, you would then divid 72,000,000 by 300 to get the average sales price of $240,000.
The median is not a calculation, you simply order the home sale prices from lowest to highest, or highest to lowest, find the middle value in the column and there you have your median price.
So, now with that out of the way, lets look at the Virginia Beach real estate markets performance:
In 2016 6,818 homes sold with an average price of $297,358 and a median price of $247,000
In 2017 6,854 homes sold with an average price of $306,970 and a median price of $254,000
There was an increase in home sales between 2016 and 2017 which came to .00528 or .528%
This seemingly small increase brings with it a profound affect. There was a 2.64% increase in the average sales price and a 2.83% increase in the Median sales price. This increae in property values may be just enough for some homeowners to finally sell with little or no money being spent out of pocket, or for others a nice amount of extra cash.
If you are one of those in Virginia Beach who has been waiting for the tides to turn it may be time to speak to one of our real estate professionals about getting your home on the market and in front of buyers. Take advantage of the low inventory, and the highly motivated buyers who are looking for a home like yours.