Here’s a March 2016 market update for real estate conditions at the North End of Virginia Beach. It’s my first North End market update for this year!
North End of Virginia Beach Real Estate Market Update, March 2016
As of today, there are 60 homes for sale in the North End of Virginia Beach, between 43rd Street and First Landing State Park. This does not include Bay Colony, Cavalier Park, or Princess Anne Hills. The least expensive home currently available in the North End is a little condo on 57th Street for $315,000; the most expensive North End home is a waterfront estate on Ocean Front Avenue listed at $4,300,000.
First, let’s discuss distressed properties like short sales and bank repossessions. Out of 60 listings at the North End today, I only found one short sale. That’s remarkable when you consider that five years ago, Virginia Beach was filled with short sale and foreclosure opportunities. Now, they’ve mostly dried up.
Sold & Under Contract
Thirteen homes have sold this year, and another ten are pending. The average sales price of these thirteen homes was $798,000 (that’s $100,000 more than a few months ago!), while the average number of days on the market was just 42. The most expensive home in the North End during this time sold for $2,100,000 (on Ocean Front Avenue); the least expensive home went for $386,000 (on Atlantic Avenue).
Now let’s examine the North End properties that are still under contract but haven’t closed yet. The average listing price of these ten homes is $782,000 (another big jump over our last update). The median number of days on the market is 45 (a big drop over our Fall update). The most expensive home to go under contract is on 74th Street for about $1,495,000; the least expensive home to go under contract is a condo on Atlantic Avenue for $475,000.
Want to Sell Your Home?
Now is a great time to sell a home: prices in the North End (and the surrounding area) are moving on up! On the graph at the right, look at the pale blue line at the top. That line mimics home prices in the 23451 ZIP code – it’s much higher than the lines clustered below, which approximate home values in Virginia Beach and the rest of the state.
The current median list price for 23451 homes is $414,391. For the rest of Virginia Beach, the median price is about $259,000. The median list price in all of Hampton Roads is about $221,000.
Just as prices are increasing, market times are going down: the average time to sell a home in 2015 was between 3 and 4 months; right now it takes between 2 and 3 months. So your home may sell faster, and for more money, in 2016.
Curious about North End Properties? Take a Look!
2016 is predicted to be a big year for real estate in Virginia Beach – don’t miss out!
Are you thinking about selling your home and you’re not sure what your home is worth? Thinking about buying a home for the first time but not sure about your earning power?
Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process. There is no obligation, and you might be pleasantly surprised!
P.S. Here’s a condo I sold at the Virginia Beach Oceanfront. To see other beach properties I’ve sold, check out my Youtube channel.
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient