Market Update

Friday Jul 15 2022

This week the median list price for Virginia Beach, VA is $420,000 with the market action index (MAI) hovering around 68 (indicating a strong seller's market).

However, this is less than last month's market action index of 74. Inventory has increased to 523, which is somewhat expected in this housing climate.

The market has been cooling over time and prices plateaued for a while. 

Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Key Takeaways

Inventory is slightly rising, which means more options for buyers,  but it also remains a great time to sell. If your listing your home, you can expect a little more haggling from the buyers side, as people will try to take advantage of the press on the market starting to slow down nationwide.  We keep on moving, though, so stay focused on your priorities, not the news. 

Around Town

Eat, drink, and salsa the night away at the Norfolk Latino Music & Food Festival on Saturday, July 23, 2022 from 4pm to 10pm at Town Point Park along the Downtown Norfolk Waterfront!

Come out and support church missions Saturday July 16th at our monthly Flea Market!! Vendor spaces are 10' x 10' for $12. Setup starts at 7 am, you provide tables and chairs. More Info HERE

July 17th - The 2022 VBLA Ocean Swim Series 3K or Mile Swim is the second of three races on the VBLA Ocean Swim Series Calendar. More info and sign up HERE