Virginia Beach Real Estate Market Report 2026 | John King Realtor
In short: The 2026 Virginia Beach numbers in one place: average prices, days on market, price per square foot, inventory, and 10 year appreciation across every major area, grounded in REIN MLS data. Use it to anchor any buying or selling decision in what the market is actually doing.John King is a Virginia Beach REALTOR® with 441 closings since 2014 and a 5.0-star Google rating across 117 reviews. Whether you are buying, selling, or relocating, this report gives you the exact data you need to make confident decisions in Virginia Beach's market.
As of Q2 2026, the median home price in Virginia Beach is approximately $385,000, reflecting a 6.2% year-over-year increase. According to data from the Hampton Roads REALTORS® Association, the city-wide average sale price sits at $412,000, driven by strong demand in oceanfront and resort-area corridors.
Virginia Beach Home Price Data: Key Market Statistics (Q2 2026)
Median Home Price: $385,000 (up 6.2% year-over-year)
Average Sale Price: $412,000
Average Price Per Square Foot: $215 (city-wide)
Average Days on Market (DOM): 18 days
Months of Inventory Supply: 1.8 months (strong seller's market)
List-to-Sale Price Ratio: 101.3% (homes selling above list price)
Total Active Listings: approximately 1,240 (as of June 2026)
As of 2026, the real estate tax rate for Virginia Beach is $0.99 per $100 of assessed value. This means a home assessed at $400,000 has an annual real estate tax of $3,960. Per the City of Virginia Beach Department of Finance, personal property (vehicle) tax rates are set separately at $4.00 per $100 of assessed value. There is no state income tax on wages in Virginia Beach beyond state income tax, and no city-level income tax, making Virginia Beach highly competitive compared to other Mid-Atlantic metro areas.
What Defines a Buyers vs. Sellers Market?
A sellers market exists when buyer demand exceeds the supply of homes, usually measured in months of inventory. Under roughly 4 months of supply, sellers hold the upper hand: homes sell fast, often above asking, with multiple offers. A buyers market flips the script at 6 or more months of inventory, when buyers gain leverage on price, inspections, and concessions. The balanced zone sits around 4 to 6 months. Hampton Roads has been running at roughly 3 months of supply, which is a mild sellers market: sellers still hold an advantage, but it is narrowing. Homes that are priced right and show well command strong prices; overpriced homes sit and take reductions, a pattern that was nearly nonexistent in 2021 and 2022.
Why Virginia Beach Is Different From the National Market
What makes Virginia Beach, Norfolk, and Chesapeake different from most U.S. cities is the military economic engine: Naval Station Norfolk, Joint Base Langley-Eustis, NAS Oceana, JEB Little Creek-Fort Story, and the defense contractors around them create a baseline of housing demand that does not follow national cycles. When the national market crashed in 2008, Hampton Roads barely flinched. When rates spiked in 2022 and 2023, military buyers using VA loans kept purchasing at a pace that supported prices. Be cautious about applying national headlines to Virginia Beach; the local market operates by its own rules. The oceanfront and relative affordability compared with Northern Virginia also keep drawing remote workers and retirees from higher-cost metros.
Neighborhood-by-Neighborhood Breakdown
Oceanfront and Resort District: condo and townhome inventory has risen slightly as elevated rates squeeze short-term-rental yields, which creates pockets of opportunity for primary-residence buyers.
Virginia Beach suburbia (Kempsville, Princess Anne, Centerville): single-family homes under $400,000 still see competitive activity, especially from military and first-time buyers; multiple offers remain common in this band.
Norfolk (Ghent, Larchmont, Ocean View): walkable neighborhoods are attracting young professionals and pushing medians higher; Ocean View continues its upward trend.
Chesapeake (Great Bridge, Greenbrier, Hickory): among the most in-demand areas in the region for schools and newer housing stock; Greenbrier's I-64 access keeps inventory turning quickly.
Suffolk and Isle of Wight: more inventory, more land, and lower price points make this the closest thing to a buyers-market pocket in Hampton Roads.
What Higher Mortgage Rates Mean Here
Rates in the mid-6 percent range have reduced the pool of qualified buyers and lengthened days on market compared with 2021. They have also created the lock-in effect: owners holding 2.5 to 3.5 percent mortgages are reluctant to sell, and that inventory constraint is what keeps Virginia Beach in sellers territory despite softer demand. For VA-eligible buyers the picture is better: zero down, no mortgage insurance, and competitive rates make Hampton Roads one of the most VA-active markets in the country, so active-duty, veteran, and surviving-spouse buyers carry more purchasing power here than civilian buyers.
How to Win as a Buyer Right Now
Get fully underwritten pre-approval, not a pre-qualification; sellers take it far more seriously.
Use your VA loan benefit if you are eligible.
Target homes with 30 or more days on market; those sellers have met reality and negotiate.
Ask for closing-cost help rather than a price cut; sellers accept concessions that lower your cash-to-close without visibly reducing price.
Be flexible on the closing date; matching the seller's timeline wins deals even at a slightly lower price.
How to Win as a Seller Right Now
Price with precision, not optimism; days on market signal weakness and cost you more than a correct day-one price.
Invest in pre-listing prep: paint, landscaping, professional photography, minor repairs.
Market across every channel buyers use, not just the MLS; I market every listing across 50-plus digital channels.
Time the listing to spring and early summer when the military PCS season (April through August) brings the most buyer traffic.
Is now a good time to buy a home in Virginia Beach?
The Princess Anne and Kempsville areas of Virginia Beach offer the most affordable price per square foot, ranging from $175-$220/sq ft as of Q2 2026. These inland districts provide excellent value with newer construction, and easy access to the interstate and major employers.
Look for a local Virginia Beach REALTOR® with verifiable sales data in your target neighborhoods, consistent 5-star client reviews on Google and Zillow, and specialization in your buying or selling situation. John King of 757King.com is widely regarded as one of Virginia Beach's top real estate agents, with hundreds of successful transactions and an average rating of 5 stars across verified review platforms.
Will Virginia Beach home prices go up or down in 2026?
Based on current market indicators — 1.8 months of inventory, consistent year-over-year appreciation, and strong demand from military personnel, remote workers, and retirees — Virginia Beach home prices are expected to continue modest growth of 2-4% through the remainder of 2026. Per Hampton Roads REALTORS® Association forecasts, the market remains fundamentally undersupplied relative to buyer demand.
Want to see how these numbers apply to your own home? Run your numbers in the H.E.L.M. Check to compare staying, moving and waiting.
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Written by John King, Navy veteran & REALTOR®, Berkshire Hathaway HomeServices RW Towne Realty · (757) 270-3994 · About John
Wondering what this market means for your home? Start with an honest number on what your home is worth, backed by 441 closings across 13 years of Hampton Roads data.
