"Virginia Beach recorded a median list price of $400,000 in November, up 2.6% year-over-year. Price per square foot rose 2.1% during the same period, outpacing the national decline of 1.0%. The metro also posted 16.2% PPSF growth since 2022, one of the stronger long-term gains among the refuge markets identified in the report. These metrics place Virginia Beach firmly within the cohort of traditionally affordable cities that continue to attract buyers despite broader affordability constraints."
"The closest metro with comparable conditions is Providence, where PPSF increased 3.4% year-over-year and rose 11.1% since 2022. Both metros offer more accessible pricing than their nearby coastal hubs, but Virginia Beach distinguishes itself with a lower median list price and a faster rate of long-term PPSF appreciation. As one of the 50 largest U.S. metros of the month, Virginia Beach saw active listings increase 7.7% year-over-year, while new listings climbed 10.3%."
Buyers are recalibrating expectations amid higher financing costs and weakening national momentum, shifting toward more affordable metros recognized as refuge markets. Virginia Beach offers relative coastal affordability paired with steady price growth, with a median list price of $400,000 in November, up 2.6% year-over-year. Price per square foot rose 2.1% year-over-year and 16.2% since 2022, outpacing many peers. Providence shows similar trends but with slower long-term PPSF gains and a higher median price. Active listings increased 7.7% and new listings climbed 10.3% year-over-year, while days on market rose by one day, signaling continued buyer interest without steep coastal pricing.
Read at SFGATE
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