The housing market in the Virginia Beach-Norfolk-Newport News, VA Metro Area is performing well. The median value of a house in this area is $316,500, which is slightly lower than the US median value of $338,100. However, houses in this metro area have seen a 14.02% appreciation in just one year, which is higher than the 8.27% national average appreciation rate in the same time frame. With this strong appreciation rate and relatively affordable prices compared to other parts of the country, it makes for an attractive place for people looking to buy a house.
The median home cost in Virginia Beach-Norfolk-Newport News Metro Area is $316,500. Home appreciation the last 10 years has been 57.7%. Home Appreciation in Virginia Beach-Norfolk-Newport News Metro Area is up 14.1%.
Average Age of Homes
- The median age of Virginia Beach-Norfolk-Newport News Metro Area real estate is 36 years old
The Rental Market in Virginia Beach-Norfolk-Newport News Metro Area
- Renters make up 34.0% of the Virginia Beach-Norfolk-Newport News Metro Area population
- 2.3% of houses and apartments in Virginia Beach-Norfolk-Newport News Metro Area, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.