Virginia Beach Real Estate Market Is Different
This was the headline of a recent advertisement in the VirginiaPilot...
Our Real Estate Market Is Different.
The ad continued to read:
It is important not to interpret current home prices and home price appreciation only in the context of the housing market of 2004-2005. Over the long term, home prices in Virginia have increased moderately -- and steadily.
- In the 1990s, home prices in Virginia appreciated at an average of about 2% annually.
- From 2000 through the 2nd quarter of 2006, average price increases were about 12% annually.
- In the third quarter of 2007 (latest data available) the house price index for Virginia shows home prices up 3% compared to the 3rd quarter of 2006.
The average sales price for Virginia Beach real estate appreciated approximately 6% in 2007 compared to 2006. Read the full report.