VIRGINIA BEACH, Va. (WAVY) — A recent article says the “Virginia Beach metro area” is the best place in the country to look overall if you’re thinking about buying a home.
It’s based off a study by owners.com that looked at housing in cities with a minimum metro population of one million people. The area in the study includes Norfolk and Newport News.
You may not see a lot of for sale signs around Virginia Beach, but that doesn’t mean this isn’t a hot market for home buying.
“Anybody moving here and knows that they’re going to be living here for the next five to 10 years, buying a single family home in Virginia Beach is a fantastic investment,” said real estate agent Scott Westfall.
The study by owners.com said based on average price, how long properties stay on the market and the number of homes up for sale, this is the number one home buyer market in the country.
“The number of properties sold are up significantly, so there has been 24,000 properties listed year to date and roughly 13,000 of those have sold,” Westfall said.
The study shows homes in Virginia Beach were listed for 51 days longer than the national average. Westfall said that doesn’t really give a whole picture.
“Homes are selling quicker from the beginning of the year to now, so market time is average is 53 days across the whole Hampton Roads,” he said.
He does agree though that price for this area is on the high side. but there is also a big turnover area becuase of military.
“We’re now at a low point with inventory and median home prices have increased year over year. Rents have continued to increase,” he said.
He says you have to make your decision based on where you’re at in life.
“If you’re a millennial looking for a single family home, a big single family home, it may not be the best market for you because median home prices are higher and it’s going to be really difficult unless you’re living in it for 5-10 years to really see that be a successful investment,” he said.
Some other cities on the top 10 list include the Hartford, Connecticut, area, Tampa-St. Petersburg area and Pittsburgh, Pennsylvania.