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What is coming to the Virginia Beach Real Estate Market In 2023?

Overview

As we come into the new year, many of you may be asking what is the housing market like in Virginia Beach today? And is it still a good time to either buy or sell? Well, with interest rates on the rise and a lot of talk about recession, it would be fair to have some concerns about our local market as well. Thankfully, we have some hopeful statistics that show that all the news may not be so bad.

The Virginia Beach real estate market is still extremely competitive. In December 2022, Virginia Beach home prices were up 4.6% compared to 2021, selling for a median price of $340,000. On average, homes in Virginia Beach sell after 25 days on the market, compared to 23 days in 2021, which is still very competitive to the market post-pandemic. Many homes get multiple offers, some with waived contingencies. The average home sells around list price and goes pending in 24 days. Desired and popular properties can sell for about 2% above list price and go pending in around 13 days.

We are going to focus on interest rates those more desirable properties in this post.

Interest Rates

In the past year, we have seen interest rates change at a highly volatile pace, and many are wondering if mortgage rates will continue to heighten into 2023 as well. Never before have the interest rates double in a year like they did in 2022, so many buyers may be throwing in the towel, thinking there is little outlook for them to purchase a home any time soon.

Though interest rates are much higher now than they were at the beginning of 2022, we predict that the local market will definitely see more stabilization this year, which would mean interest rates hovering close to the current rate for the rest of this year.

Bayfront and Oceanfront Market

When it comes to Oceanfront and Bayfront property, the story is still a little different. Let us tell you a little story about something that happened on our team recently. We had a listing in the short drive area of Virginia Beach, and it went under contract in two days with multiple offers over the asking price. Even with all the talk about a slowing market, we wanted to remind you that if you’re a homeowner in the shore drive area, North End, and some of these highly desirable parts of Virginia Beach, people are willing to compete to get into a house there.

You will need to have a plan in place and your house needs to be ready. So if you’re thinking about selling in Virginia Beach, we’d love to show you our plan, how we can replicate that success for you.

We do not think you need to intimidated by what the economy is doing in our local market, and still believe you can trust your local real estate market to either buy or sell in 2023.

Send us an email, or give us a call and we would be glad to come up with a plan for your home in 2023.

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