Virginia Beach-Chesapeake-Norfolk, VA-NC housing market
Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$371,181+2.9% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 23% have cut their price
Income needed to buy, per year$80,464About 1.0× the local median income ($84,171): affordable for a typical household
Days on market45 daysAbout the same pace as a year ago
Next 12 months+2.3%Zillow expects prices to rise slightly
The typical home in Virginia Beach-Chesapeake-Norfolk, VA-NC is worth $371,181, up 2.9% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $359,222, so the area is 3.3% overvalued. It is a buyer's market: homes take about 45 days to sell, listings are up 20% from a year ago, 23% of listings have had a price cut. Zillow expects prices to rise about 2.3% over the next year. A household needs about $80,464 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $84,171. Typical rent is $1,886 a month, or $2,305 for a house. In the latest IRS figures, 3,237 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$371,181
Change in 1 year
+2.9%
Overvalued %
+3.3%
Show 7 more
Fair home value
$359,222
Change in 5 years
+25.7%
Zillow forecast, next 12 months
+2.3%
Home value to income
4.4×
Monthly mortgage payment (20% down)
$2,012
Income needed to afford it
$80,464
Property tax rate
0.81%
Rent and investing
Typical rent
$1,886
Typical rent for houses
$2,305
Price-to-rent ratio
16.4×
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HUD Fair Market Rent, 2 bedrooms
$1,663
Gross rental yield
6.10%
Cap rate (estimate)
3.96%
Market activity
Listings vs a year ago
+19.7%
Days on market
45
Listings with a price cut
23.1%
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Homes for sale
5,900
Pending sales per 100 listings
7
Asking price per sq ft
$222
People and jobs
Median household income
$84,171
Population change (1 year)
+0.2%
Unemployment rate
4.8%
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Population
1,797,213
Income adjusted for cost of living
$85,977
Net moves in (IRS)
−3,237
Cost of living (US = 100)
97.9
Schools, risk and environment
School rating (1 to 10)
7.2
FEMA hazard risk score (0 to 100)
61.2
Unhealthy air days a year
0
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Flood risk score
70.8
Wildfire risk score
45.7
Walkability (1 to 20)
9.9
Road, rail and air noise
54 dB
Questions people ask
Is Virginia Beach-Chesapeake-Norfolk, VA-NC overvalued?
Home prices in Virginia Beach-Chesapeake-Norfolk, VA-NC are slightly above what local incomes have historically supported: fair value is about $359,222, so the area is 3.3% overvalued.
Is Virginia Beach-Chesapeake-Norfolk, VA-NC a buyer's or seller's market?
Virginia Beach-Chesapeake-Norfolk, VA-NC is a buyer's market: homes take about 45 days to sell, listings are up 20% from a year ago, 23% of listings have had a price cut.
Are home prices going down in Virginia Beach-Chesapeake-Norfolk, VA-NC?
Home values in Virginia Beach-Chesapeake-Norfolk, VA-NC are up 2.9% over the last year. Zillow's forecast for the next 12 months is +2.3%.
How much do you need to earn to buy a home in Virginia Beach-Chesapeake-Norfolk, VA-NC?
A household needs about $80,464 a year to afford the typical home in Virginia Beach-Chesapeake-Norfolk, VA-NC at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $84,171.