Building Costs Per Square Foot in the City of Virginia Beach (VA), USA

Residential Construction Market Analysis in the City of Virginia Beach (VA), USA

Newly Built House in Virginia Beach 2341 Treesong Trl VA23456 – 6 Bedrooms and 5 Baths with 2 Attached Garages on Gross Floor Area 3,076 sqft – Built in 2022 – Price $915,000

Building costs are -3% below the national average in the City of Virginia Beach in Virginia. Somewhere beyond the sea is your dream home, and in this article, we will give you all the information so you know if that place is Virginia Beach. These beaches are often overshadowed by other more paradisiacal ones, but Virginia Beach has the advantage that despite being a coastal city, it does not lose its city spirit, with people living here all year round, and job offers at all hours.

In this article, we will delve into the Virginia Beach real estate market, from its construction outlook to the projects in the residential construction market, the trends that are coming in the future, and the current values.

Virginia Beach (VA) Construction Outlook

The construction outlook of Virginia Beach is exactly what you’d expect from a coastal city. There are even people who claim that this city has the same vibes that California beaches had in the 60s.

That should be taken as a compliment. Virginia Beach is like a time capsule, where the buildings are somewhat old, but other modern ones are also allowed, and both coexist in the city skyline without problems.

There are also some typical beach houses and others that are more luxurious and worthy of celebrities. Even when these houses have wood as the exterior of their walls, they still have some type of insulation or internal lining, especially those that are facing the sea.

Virginia Beach (VA) Housing Market Analysis and Forecast

Virginia Beach’s real estate market is probably the most prosperous in the state, as there is always a demand for people looking to buy property, and the properties listed are regularly updated.

The market usually has a boom in April and May of each year. This is history in the Virginia Beach real estate market and is not necessarily the case in other parts of Virginia or the United States in general. The increase in those months is because buyers are looking for summer properties, and Virginia Beach is relatively inexpensive compared to other summer cities.

For this reason, values ​​are usually 10% higher in the spring months, since most properties are purchased before summer arrives. In the summer there is a mini drop in prices, and then it stabilizes during the following months. Basically, if you are looking for a property in Virginia Beach, you should buy it in winter, this will help you get it at a cheaper price and you will also have time to renovate it (if necessary) to live in it or sell it before the summer.

Apart from that, on an annual basis, all residential properties in Virginia Beach saw an increase of between 10% and 15% during 2022. These numbers are quite good, especially considering that there was a break during 2020. expect it to continue to grow, reaching 10% annual growth in 2023.

Houses take as little as 26 days on average to sell. This number is better than what was in other years, but it is slower than in the months before the summer. At that time of the year 2022, the amount of time that a house was listed was only 17 days before selling.

Virginia Beach (VA) Average House Price (Median Home Price)

The median home price for properties in Virginia Beach (VA) is $330,000. This value grew by 6.5% when compared to the values ​​at the beginning of the year, so it is fairly stable growth. This trend is expected to continue through 2023.

It is important to remember that the median home price is a value that is obtained as an average of all the residential properties that are listed and their respective prices. For that reason, actual values ​​have a very wide variation depending on the type of property it is, its current condition, and the area in which it is located.

To give you a more exact idea we will share the current numbers of the different properties. In the case of single-family homes, the average value is $402,000, with an annual growth of 9%. In any case, the peak in the value of these properties occurred in April of this year when they were worth $420,000.

On the other hand, townhouses are popular in some parts of Virginia Beach (VA) and are more affordable. Its average is $250,000, with an annual growth of 11%. The annual peak was in April when they reached a value of $255,000. In the case of condo/co-op properties, their average value is $285,000 with an annual increase of 9.6% in value. Its annual peak was in April when it averaged $315,000.

Proposed Residential Building Projects in Virginia Beach (VA)

Being a coastal city, what really shines in the real estate market are the projects related to beach properties. Therefore, get ready to read all about luxury, tourism, and ocean-view properties.

In the case of the northern region of Virginia Beach, some luxury house projects are facing the sea. They are houses similar to the mansions you would see in another city, with more than 8 rooms, and a giant garden and garage. These houses, despite their size and luxury, have an expensive price due to their privileged oceanfront views. They are houses that cost more than $1,000,000 and are expected to be ready before the summer of 2023.

Being a coastal city there are also many projects related to tourism. For example, some buildings are intended to be hotels, or even to be rented. Renting is one of the biggest businesses, especially during the summer, since there are people who only want to live in Virginia Beach when the weather is good, so if you are an investor you should not lose sight of that.

The apartments offered for rent are in buildings that combine temporary rentals and other tenants who own them. Following this format, there are 3 buildings projected to be ready during 2023 or 2024, and they will continue with the same architectural spirit as those already in the city.

There are some condominiums and townhouses under construction, although these projects are designed so that later people who want to live in Virginia Beach buy them. That is, they are intended to be sold, not rented unless that objective is not achieved.

Newly Built House in Virginia Beach 4509 Lee Avenue VA23455 – 3 Bedrooms and 4 Baths with 2 Attached Garages on Gross Floor Area 1,742 sqft – Built in 2022 – Price $649,900

Building Costs Per Square Foot for Single Family Homes in the City of Virginia Beach (VA), USA

Building costs are -3% below the national average in the City of Virginia Beach in Virginia.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Virginia Beach City ranges from $334.54 per sqft to $512.84 per sqft, with the average being $394.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Virginia Beach City ranges from $203.32 per sqft to $311.66 per sqft, with the average being $239.94 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Virginia Beach City ranges from $131.44 per sqft to $199.64 per sqft, with the average being $153.88 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Virginia Beach City ranges from $95.92 per sqft to $147.10 per sqft, with the average being $113.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Virginia Beach City ranges from $77.86 per sqft to $119.24 per sqft, with the average being $91.81 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Virginia Beach City ranges from $61.41 per sqft to $94.13 per sqft, with the average being $72.44 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.