Virginia Beach Real Estate Market Trends

by Megan Luker VA Beach Realtor

Stay up-to-date on the latest Virginia Beach real estate market trends. Learn about current housing market conditions, mortgage rates, and home prices. Get expert insights on the local real estate market.

The Virginia Beach housing market is experiencing a mix of trends that are shaping the industry. Let's dive into the key factors influencing the market.

Stable and Slow-Paced Housing Market: Nationally, home prices are expected to appreciate at a moderate rate of 3-5% annually from 2025 to 2029.

Mortgage Rates Remain High: The 30-year fixed mortgage rate is projected to stay between 6.5% and 7.5% through 2027, impacting homebuying decisions.

Strong Rental Market: High home prices and mortgage rates are driving up rental demand, with rents expected to increase by 2-3% annually.

Housing Affordability Challenges: The combination of high home prices and mortgage rates is making homeownership more expensive.

Shift to a Buyer's Market: With more homes available for sale, buyers are gaining negotiating power.

Interestingly, certain areas in Virginia Beach are experiencing higher appreciation rates due to their affordability and desirable lifestyle amenities. However, interest rates and economic growth will continue to influence housing market trends in the coming years.

Despite the competitive nature of the Virginia Beach real estate market, current trends suggest that home prices will increase modestly in 2025, with a predicted 3% rise by the end of the year. This makes it an exciting time for sellers.

Do you have any questions about the current state of the real estate market or would you like me to elaborate on any of these points?

Let’s connect and strategize for your 2025 goals.