In May, home prices fell substantially from the month before, with a median listing price of $425,000.
The number of listings on the market grew 8.4%, which is typical for this time of the year in Virginia Beach, and homes are also selling slower than at the same time last year.
Home prices in Virginia Beach
Typically, home price per square foot in Virginia Beach tend to rise in May. But the most recent data shows that the price per square foot decreased by 0.4% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot increased 0.5%, which means price changes in the Resort City are lagging behind the national market…