Is Now a Good Time to Buy in Virginia Beach, or Should I Wait?

Published on otishumphreys.com | By Otis Humphreys, REALTOR®, LPT Realty

This is the question I hear most often — from first-time buyers nervous about interest rates, from relocators trying to time their move, and from people who’ve been watching the market from the sidelines for two years. The short answer? For most buyers in Virginia Beach, waiting has a real cost. Let me show you why.

What the Numbers Say Right Now

As of mid-2026, the Virginia Beach real estate market looks like this:

• Average home value: $417,187 (Zillow, April 2026), up 1.7% year-over-year
• Median sale price: approximately $406,000
• Homes going to pending in as little as 23 days on average
• Redfin Compete Score: 78 out of 100 — a competitive seller’s market
• Active listings in early 2026: only 994 citywide, keeping supply tight

Home price growth has moderated compared to the frenzy of 2021–2022, but prices are not falling. They’re appreciating at a slower, more sustainable pace — 2–4% annually according to housing economists. That means a home priced at $400,000 today could be $408,000–$416,000 by this time next year, before you even account for mortgage rate fluctuations.

The Cost of Waiting

Every month you wait, three things can work against you: prices inch higher, rates remain unpredictable, and you miss the equity-building clock that starts the day you close. If you’re currently renting a $2,000/month apartment, you’re paying $24,000 per year toward someone else’s mortgage.

When Waiting DOES Make Sense

I’ll be straight with you: not every buyer should rush. Waiting makes sense if:

• Your credit score needs work (below 640 will cost you significantly in interest)
• You’re not sure where in Hampton Roads you want to live and need time to explore
• You’re a military buyer on a short PCS tour (less than 3 years) and may be better off renting
• You haven’t built an emergency fund beyond your down payment

My Take as a Local Agent

I’ve been in sales my entire career — 25 years before I ever held a real estate license. And the principle I’ve seen hold true across every industry is this: the people who wait for perfect conditions usually miss the window. Virginia Beach has a military-backed, tourism-supported economy that creates steady housing demand year-round. This is not a market prone to dramatic crashes.

If you’re financially ready, get pre-approved and start looking. If you’re not quite there, let’s build a plan to get you there.

Ready to talk? Call or text Otis at 757-218-8000 | otishumphreys.com