There isn't one official "average price" for Virginia Beach, but two public numbers are close: the Census Bureau puts the median value of owner-occupied homes at $382,500 (2020-2024 survey), and the city's FY 2027 median home assessment was reported at $383,600. Recent sold prices move monthly, so check live listings and current sales reports.
Key facts
- Median value of owner-occupied homes: $382,500 (U.S. Census Bureau, American Community Survey 2020-2024).
- FY 2027 median home assessment: $383,600, up $18,300 from the year before, as reported from the city assessor's annual report.
- About 70% of Virginia Beach homes are assessed between $250,000 and $499,000 (City of Virginia Beach).
- Median appreciation across all property for FY 2027 was 5.23%, down from double-digit increases in 2023 (City of Virginia Beach).
- Total taxable assessed value reached $92.3 billion, a 6% increase over the prior year.
Why do different websites show different Virginia Beach home prices?
If you've searched this question, you've probably seen three or four different numbers. They aren't necessarily wrong. They're measuring different things.
- Census median value comes from homeowners estimating what their home is worth, averaged over five years of surveys. It's stable and reliable for comparing cities, but it lags the market.
- City assessments are the Real Estate Assessor's estimate of market value for tax purposes, set once a year. They cover every home, not just the ones that sold.
- Median sold price comes from the MLS and reflects only the homes that actually closed that month. It moves with the season and with the mix of homes that happened to sell.
- Online estimates are computer models. Some are close, and some miss badly on waterfront homes, renovated homes and unusual lots.
When a buyer asks me what homes cost here, I give them the public baseline and then show them what's actually for sale and recently sold in the areas they care about. That second step matters more.
What do Virginia Beach homes actually cost by type and area?
Price in Virginia Beach is driven by four things: water, school zone, age and size of the home, and lot. The city's own assessment data shows how wide the range is. About 70% of homes are assessed under $500,000, but new construction runs higher. The assessor reported that more than 66% of new construction is valued at $500,000 or more, and about a third of new homes are valued at $1 million or more.
Here's a practical way to think about it:
| What you're looking for | What usually pushes price up | What usually brings price down |
|---|---|---|
| Detached single-family home | Larger lot, newer build, popular school zone, water access | Older systems, busy road, smaller lot |
| Townhome or condo | Ocean or bay views, newer building, amenities | Higher HOA fees, older building, limited parking |
| Waterfront | Deep-water access, no fixed bridges, bulkhead condition | Shallow water, flood zone costs, older bulkheads |
| Rural or acreage (south of the Green Line) | Usable acreage, newer well and septic | Wetlands, road frontage limits, older systems |
Rather than quote prices that will be stale in a month, I'd rather you see them live. These searches update as listings come on the market:
- All Virginia Beach homes for sale, newest first
- Virginia Beach homes under $300,000
- Virginia Beach homes from $300,000 to $500,000
For neighborhood-level detail, start with the guides to Kempsville, Great Neck, Princess Anne and the Oceanfront.
Is Virginia Beach a buyer's or seller's market right now?
The honest answer is that it depends on where and what you're buying. A three-bedroom ranch in a sought-after school zone can draw several offers in the same week that a high-end oceanfront condo sits for months.
The numbers that tell you who has the leverage are:
- Months of supply. How long it would take to sell every active listing at the current pace. Lower numbers favor sellers.
- Days on market for comparable homes. Not the citywide figure. The figure for homes like the one you want.
- Sale-to-list price ratio. Whether similar homes are closing above, at or below their asking price.
- Price reductions. How many active listings in your range have already cut their price.
The Real Estate Information Network (REIN), our regional MLS, and Virginia REALTORS both publish market data. I can pull these four numbers for a specific zip code, school zone or price band so you're negotiating with facts, not headlines.
How have Virginia Beach home values changed recently?
The clearest public picture comes from the city's FY 2027 assessor's report, presented to City Council in February 2026:
- Total taxable property value rose 6% to $92.3 billion.
- Median appreciation across all property was 5.23%, down from double-digit increases in 2023.
- Residential detached homes make up 60.9% of total assessed value, with condominiums at 11.2%.
- New construction reached nearly $720 million in 2025, the highest in years.
The takeaway: values are still rising, but more slowly than during the 2021-2023 run-up. That usually means buyers have a bit more room to negotiate on homes that aren't priced right, while well-priced, move-in-ready homes still sell.
What does a "median" home cost you per month?
The price is only part of the payment. In Virginia Beach, plan for:
- Principal and interest on your loan, which depends on your rate and down payment.
- Real estate tax at the city's general rate of $0.97 per $100 of assessed value. On a home assessed at $383,600, that works out to about $3,721 a year before any relief program. A few areas, such as Sandbridge and Town Center, have an added special service district rate.
- Homeowners insurance, plus flood insurance if the home is in a flood zone or you choose to carry it.
- HOA or condo fees, if any.
- Mortgage insurance on some loans with less than 20% down. VA loans don't carry monthly mortgage insurance.
The Census Bureau reports the median monthly owner cost with a mortgage in Virginia Beach at $2,100 (2020-2024). That figure includes owners who bought years ago at lower prices and rates, so a new purchase today will often cost more. Get a real payment estimate from a lender before you set your search budget.
How can I tell if a specific home is priced right?
This is where a local agent earns their keep. To judge a list price, I look at:
- Closed sales of similar homes within the last three to six months, as close by as possible.
- Pending sales, which show where the market is heading before those sales close.
- Active competition the buyer can choose instead.
- Adjustments for condition, updates, lot, garage, water access and flood zone.
- The city assessment and any recent permits on the city's property search.
If you're selling, the same process tells you where to list. My guide to finding out what your Virginia Beach home is worth walks through it step by step, and the older post on factors that determine home values in different areas covers the location side.
Ready to see what your budget buys in Virginia Beach?
Start with a live search of Virginia Beach homes for sale, then contact me or call or text (757) 919-8874. Tell me your budget, the areas you're curious about and your must-haves, and I'll send recent sold prices for those exact neighborhoods so you know what's realistic before you tour.
Barry Jenkins, Legacy Home Team at LPT Realty
Sources
- U.S. Census Bureau QuickFacts: Virginia Beach city, Virginia
- City of Virginia Beach: Nine Property Trends from the Real Estate Assessor's Annual Report (FY 2027)
- The Virginian-Pilot: Virginia Beach property values will increase again (Feb. 26, 2026)
- City of Virginia Beach Real Estate Assessor: Tax Rates
- Virginia REALTORS: Market Data
- REIN (Real Estate Information Network)
Frequently asked questions
What is the median home value in Virginia Beach?
The Census Bureau's 2020-2024 American Community Survey puts the median value of owner-occupied homes in Virginia Beach at $382,500, and the city's FY 2027 median home assessment was reported at $383,600. Recent sold prices can run higher or lower, so check the latest REIN or Virginia REALTORS report or a live search.
Is Virginia Beach a buyer's market or a seller's market?
It changes by price range and neighborhood, and it can shift within a few months. The best gauge is months of supply and how long comparable homes sat before going under contract. I pull those numbers for the exact area and price range you're looking at.
How fast do homes sell in Virginia Beach?
Days on market varies a lot by condition, price and location. Well-priced homes in popular school zones often go quickly, while homes that need work or are priced high can sit. Ask your agent for the median days on market for recent comparable sales, not the citywide average.
Which areas of Virginia Beach are the most affordable?
Affordability depends on the type of home as much as the area. Condos and townhomes generally cost less than detached homes nearby. The fastest way to see what fits your budget is a price-filtered search of Virginia Beach listings, then a conversation about trade-offs.
Will home prices in Virginia Beach drop?
Nobody can promise that. The city assessor reported that appreciation has slowed from the double-digit increases of 2023 to a median of 5.23% for the FY 2027 assessments, but slowing growth is not the same as falling prices. Buy what you can comfortably afford and plan to keep.
Is my tax assessment the same as what my home would sell for?
Not exactly. Virginia Beach assessments are the city's estimate of market value for tax purposes and are set once a year. A sale price reflects your home's condition, updates and the market on the day it sells, so the two often differ.