Virginia Beach, Virginia Housing Market Prices
Virginia Beach Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 21% above the Virginia median$308,620
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Median rent 9% above the Virginia median$1,713
Housing Market Overview
| Metric | Virginia Beach | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $308,620 | $256,082 | $248,835 |
| Price Trend (Annual %) | 3.9% | 3.5% | 7.5% |
| Median Gross Rent | $1,713 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Virginia Beach is about 21% higher than in Virginia. Rent is about 9% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Virginia Beach, up about 3.9% and 4.0% a year respectively. Rent is changing faster.
Median rent in Virginia Beach rose about 38.7% between 2015 and 2024, from $1,235 to $1,713. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Virginia Beach.
Buying the median-priced home in Virginia Beach costs roughly 15.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Virginia Beach. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Virginia Beach | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $308,620 | $256,082 | $248,835 |
| Median Household Income | $93,171 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.3 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Virginia Beach rose about 29.8%, while median household income rose about 42.4% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Virginia Beach | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.3% | 61.5% | 58.5% |
| Rental Rate | 32.7% | 29.8% | 31.2% |
| Vacancy Rate | 6.0% | 8.7% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Virginia Beach has a homeownership rate of 61.3%, about the same as the Virginia average of 61.5%. Its housing vacancy rate is 6.0%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Virginia Beach | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1983 | 1982 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Virginia Beach was built around 1983. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 13.0 years on average.
Virginia Beach, VA Housing Compared With Nearby Cities
Virginia Beach, VA is the largest of the 5 cities compared here, 456,072 residents against a local median of 185,422. Virginia Beach, VA's median rent, at $1,713, runs 25% above the $1,374 typical of the cities around it.
Median home price tells the same story from another angle: $308,620 against a local median of $251,658, 23% above it. The cities themselves spread $286 on median rent, so Virginia Beach, VA sits at one end of an already wide local range rather than apart from it. Virginia Beach, VA has the highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Virginia Beach, VA | 456,072 | $308,620 #2/5 | $1,713 #1/5 | 65.2% #2/5 |
| Norfolk, VA | 233,287 | $257,238 | $1,321 | 46.3% |
| Chesapeake, VA | 252,549 | $388,636 | $1,586 | 74.4% |
| Portsmouth, VA | 97,157 | $246,079 | $1,299 | 57.9% |
| Hampton, VA | 137,557 | $206,858 | $1,427 | 56.9% |
Frequently Asked Questions
Common questions about the housing market in Virginia Beach, Virginia.
What is the median home price in Virginia Beach, Virginia?
The median home price in Virginia Beach, Virginia is $308,620, higher than the Virginia average of $256,082.
What is the average home price in Virginia Beach, Virginia?
The typical home price in Virginia Beach, Virginia, reported as the median sale price, is $308,620. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Virginia Beach, Virginia?
The median gross rent in Virginia Beach, Virginia is $1,713 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Virginia Beach in 2020?
In 2020, the median gross rent in Virginia Beach, Virginia was $1,380 per month.
What is the price-to-rent ratio in Virginia Beach, Virginia?
The price-to-rent ratio in Virginia Beach, Virginia is about 15.0, meaning it would take roughly 15.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Virginia Beach.
Are home prices or rent rising faster in Virginia Beach, Virginia?
Both home prices and rent are rising in Virginia Beach, up about 3.9% and 4.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Virginia Beach, Virginia?
61.3% of households in Virginia Beach, Virginia own their home, about the same as the Virginia average.
What is the vacancy rate in Virginia Beach, Virginia?
The housing vacancy rate in Virginia Beach, Virginia is 6.0%, lower than the Virginia average of 8.7%.
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