Beyond the Boardwalk: Va Beach Housing Market News
As we examine the current landscape of housing in Virginia Beach, it's evident that affordability remains a pressing concern for many of the residents and potential residents. Virginia Beach City officials are actively seeking ways to address these challenges, emphasizing the need for strategic planning and policy-making. Initiatives such as zoning amendments and tax incentives are being discussed as potential means to stimulate development and broaden the availability of affordable housing options. These steps are indicative of a larger, ongoing effort to ensure that housing remains accessible to all segments of our diverse community.
However, city officials recognize the importance of maintaining a dynamic housing market that adapts to changing demographics and economic conditions. To this end, developments in housing studies and the adoption of new technologies and methodologies for managing housing programs are underway. Through these efforts, they aim to gain a deeper understanding of the housing needs within the city and facilitate the creation of sustainable and thriving neighborhoods for many years to come.
As they move forward, officials continue to engage a variety of stakeholders, including nonprofit organizations, developers, and, most importantly, the people who call Virginia Beach home. In working collaboratively, they're remaining committed to the intention of providing stability and opportunity through the with affordable housing.
Current Virginia Beach Housing Market Overview
In this overview, we will be examining the crucial aspects of the Virginia Beach housing market, focusing on recent price shifts and the balance between supply and demand. The data that will be used comes from our local MLS, the Real Estate Information Network. I have access to this data since I'm a Realtor in the Hampton Roads area.
Home Prices and Rental Trends
Virginia Beach's real estate scene is currently being defined by a rise in home values, similar to what is being seen in Hampton Roads and across the country. As we analyze the trends, an important figure to note is the median sales price for December 2023 which reached $362,000, marking a 6.7% increase over the last year. Homes have been selling rapidly, often moving to pending status in about 22 days. However, that amount is ticking up as compared to last year there is an increase of 15.8%. Higher interest rates and the time of year have cooled the overall housing demand, as the months of supply are up 2% to 1.5 months. In contrast, rental markets have also seen shifts, with changes in rents influenced by similar economic factors as the housing market. Virginia Beach and Hampton Roads have both seen an increase in rents and demand. According to RentCafe.com, the average rental in Virginia Beach is $1,626.
Supply and Demand Dynamics
Our market is still experiencing a brisk pace when it comes to sales regardless of the season, indicating a high demand for homes. With 384 homes sold recently, it's apparent that buyers are actively engaging with the market. I feel this demand will continue into the Spring season of 2024, as more people look to move and mortgage rates potentially continue to decline. Despite this demand, it's also essential to address the aspect of affordable housing and its availability within our housing market, which includes apartment units and rental housing. Ensuring an adequate supply to meet the demand—especially in the affordable sector—is paramount for a balanced and inclusive housing market. Since before Pre-Covid, that has become more challenging every year.
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Virginia Beach Housing Assistance Programs
City officials understand the importance of providing access to affordable housing in our community. To this end, a variety of programs are available to assist residents with housing needs, ranging from financial support to the development of workforce housing options.
Funding and Grants
Virginia Beach Housing and Neighborhood Preservation plays a pivotal role by offering financial resources to programs aimed at making homelessness a rare and short-term issue. To illustrate, VB Home Now has recently provided close to $140,000 in grants to support families and individuals facing homelessness or a housing crisis. The Virginia Beach Rental Housing division works tirelessly to ensure these funds are effectively allocated to maximize the impact in the Virginia Beach neighborhoods. Furthermore, the City Council often discusses and approves measures concerning funding for housing projects.
Affordable and Workforce Housing Options
In pursuit of expanding affordable housing, Virginia Beach has implemented various strategies. The Housing Choice Voucher Program, though at times having a closed waiting list, provides vouchers to assist families in affording decent housing. As part of their commitment, they occasionally reopen the waiting list for this program through a random lottery, offering a fair chance to all applicants.
Workforce Housing is another aspect the city focuses on—housing that is attainable for those such as teachers, firefighters, and other workforce members. The Virginia Beach Community Development Corporation remains an active participant in these efforts, providing services and support to facilitate the development of these housing options. They prioritize local preferences in their programs to directly address the needs within the Virginia Beach community.
By applying these varied efforts and resources, they strive to end homelessness and enhance the quality of living for residents in Virginia Beach.
I hope you enjoyed this article. If you're interested in learning more about Virginia Beach, check out the video I did on the Pros and Cons of Virginia Beach.
If there is anything you think I missed or you have any questions about the city of Virginia Beach, please comment below or reach out to me here.
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YOUR LOCAL REALTOR
DJ Parker is your local Realtor and guide to Hampton Roads, Virginia. As a native of Chesapeake and Virginia Beach, Virginia for over 30 years, he has the local knowledge you need. He has helped clients with Real Estate throughout Chesapeake, Virginia Beach, Norfolk, Suffolk and all of Hampton Roads Virginia.