Is this a good time to buy a home in Virginia Beach?
City stats†
Population: (2006)
1,649,457
Median family income: (2008)
$65,100
Home price data
Median home price: (2009)
$215,000
Affordability index: (Median home price/family income 2009)
3.3
Prices peaked in:
2007:Q4
Total climb during the boom: (2000 to peak)
120.8%
Total decline so far: (Peak through 2009)
-10.4%
One-year change: (Q4 2008 to Q4 2009)
-7.4%
Forecast
Additional price change to bottom:
-6.3%
When they'll hit bottom:
2011:Q3
*(Q1 2010 - Q1 2011)
† Data is for Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties. Sources: Fiserv and Moody's Economy.com
