End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Virginia Beach, VA (Jan-Nov 2023)

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End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Virginia Beach, VA (Jan-Nov 2023)

Introduction:
In this report, we present an analysis of the median sale price per square foot (SF) for newly built houses in Virginia Beach, VA, from January to November 2023. The data, sourced from Zillow, provides insights into the trends and fluctuations in the local real estate market over the course of the year.

Analysis and Trends:
The monthly median sale price per SF for new homes in Virginia Beach, VA, ranged from a low of $191.48 in March to a high of $209.69 in October. Let’s examine the data more closely:

Month Median Sale Price Per SF ($)
January 199.88
February 197.69
March 191.48
April 198.25
May 197.97
June 206.50
July 202.67
August 206.50
September 206.19
October 209.69
November 200.83

Monthly Percentage Changes:
To better understand the fluctuations, let’s calculate the monthly percentage changes:

Month Percentage Change (%)
January
February -1.09
March -3.13
April 3.57
May -0.14
June 4.29
July -1.84
August 1.89
September -0.15
October 2.58
November -4.23

Annual and Quarterly Averages:
The annual average median sale price per SF for 2023 is $200.36. Quarterly averages are as follows:

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  • Q1: $196.35
  • Q2: $201.91
  • Q3: $205.12
  • Q4: $205.73

Trends and Insights:

  • The data reveals fluctuations throughout the year, with the highest prices observed in the summer months and a slight dip towards the end of the year.
  • Despite some variability, there’s an overall upward trend in median sale prices per SF, with Q4 showing the highest quarterly average.
  • March and November witnessed the most significant percentage declines, while June and October saw the most substantial increases.
  • The annual average indicates a relatively stable market with a modest overall increase in prices compared to the previous year.

Market Analysis and Outlook:
Based on the trends observed in 2023, it was generally a favorable time for both buyers and sellers in the Virginia Beach new construction housing market. Buyers benefited from occasional dips in prices, particularly in March and November, while sellers enjoyed overall appreciation in property values, especially during the summer months.

Looking ahead to 2024, we anticipate continued growth in the market, albeit at a more moderate pace. Factors such as steady demand, low inventory levels, and favorable economic conditions are expected to support prices. However, potential interest rate increases and macroeconomic uncertainties could introduce some volatility.

Conclusion:
In conclusion, the real estate market for newly built homes in Virginia Beach, VA, exhibited fluctuations throughout 2023 but generally trended upward. Both buyers and sellers found opportunities in this dynamic market. As we move into 2024, cautious optimism prevails, with expectations of continued growth tempered by awareness of potential market risks.

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