Virginia Beach, VA 23451 Real Estate Market Report

ZIP Code: 23451
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Virginia Beach 23451 are averaging 6.4%, reflecting a stable market environment for property owners in this area compared to earlier in 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market signal is the $890,000 median sold price, which reflects realized transaction values and suggests that recent closings are materially below the $1,150,000 median listing price, indicating possible pricing friction between seller expectations and executed sales.

2. The 285 median days on market points to slower sales velocity and appears to signal reduced liquidity; combined with observed listing/sold price spread, this may indicate that transactions are taking longer to negotiate rather than a sudden market shift (neutral market temperature).

3. Inventory conditions in the sample show elevated inventory relative to sales activity, which may amplify the longer days on market and sustain downward pressure on ask-to-sale alignment — interpret this as balanced to cautious market dynamics rather than a sharp imbalance.

4. Local income and financing context supports rental demand and owner stability: the $2,100 median market rent is rising (up rent year-over-year), while interest rate pressure is moderate and current 30-year fixed mortgage rates are averaging 6.4%, a backdrop that may keep some buyers cautious but sustain rental market strength.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Virginia Beach, VA 23451 Real Estate Market Report

ZIP Code: 23451
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Virginia Beach 23451 are averaging 6.4%, reflecting a stable market environment for property owners in this area compared to earlier in 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. median sold price 479,000 is the primary indicator of market value and recent transaction activity in ZIP 23451, suggesting market value is centered around this level and recent closings are supporting current pricing expectations; representative recent sale language applies given parity between list and sale figures.

2. median listing price 479,000 equals the median sold price, which suggests listing expectations are aligned with realized prices but the market may still experience pricing friction given other liquidity signals.

3. median days on market 303 points to slower sales velocity and elongated negotiation windows, which may require sellers to be more flexible on terms or contingencies to secure a timely sale.

4. median market rent 2,095 combined with a rent year-over-year trend of up and interest rate commentary showing ~6.4% 30-year fixed rates (moderate pressure) suggests continuing investor and rental demand interest—consider targeted marketing to renters and buyers benefiting from stable financing conditions; rental demand strengthening.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.