In 2023, the San Antonio housing market is expected to face new challenges amidst rising interest rates. The city, which is the second-largest in Texas, has been experiencing a hot housing market in recent years, with home values increasing steadily. However, as the Federal Reserve continues to raise interest rates to combat inflation, this could potentially impact the demand for homes in San Antonio.

Nevertheless, experts predict that the market will remain strong, with steady growth and increasing demand for homes in certain areas of the city. In this article, we'll take a closer look at the current state of the San Antonio housing market, including prices, trends, and forecasts for 2023.

San Antonio Real Estate Market Trends

According to data from the San Antonio Board of Realtors (SABOR), the San Antonio-New Braunfels MSA housing market experienced a 30% decrease in all homes sold in January 2023, with steady increases in average and median home prices compared to the previous year. However, existing and new construction homes both saw a decrease in sales compared to January 2022.

The market is also seeing an increase in the number of days a home stays on the market, with 3.2 months of inventory available. Despite this, the price per square foot has increased, and a high percentage of homes closed for their original list price. In this article, we'll dive deeper into the San Antonio housing market and what it means for buyers and sellers in 2023.

Sales Trends and Prices

The San Antonio housing market experienced a decline in sales in January 2023, with 1,311 existing homes and 431 new construction homes sold. However, the average price of an existing home has increased by 6%, now at $364,080, and the median price at $299,000, an increase of 3% from the previous year. Meanwhile, new construction homes have seen a slight increase in average prices, now at $386,645, and a 1% decrease in median prices, now at $327,250.

Days on the Market and Inventory

The market is currently seeing an increase in the number of days a home stays on the market compared to the same time last year, with a reported 66 days on the market. This is a year-over-year increase of 94%, which can be attributed to the decrease in sales. Additionally, there is currently 3.2 months of inventory available, which suggests that there is more supply than demand in the market. Despite the decrease in sales and increase in days on the market, the price per square foot has increased by 2.8% to $164. Moreover, 93.1% of homes closed for their original list price, indicating that sellers are pricing their homes accurately in the current market conditions.

Bexar County and Other Major Counties in Texas

Bexar County has seen a 35% decrease in home sales, with an average home price increase of 6.7% and a median price increase of 2.6%. The other major counties in Texas, Travis, Harris, and Dallas, have seen increases in median home prices, with reported prices of $500,000, $300,000, and $338,500, respectively.

Statewide Trends

Across the state, home sales have decreased by 28.2% from January 2022. However, median prices have increased by 2.5%, and homes are staying on the market for an average of 62 days. There are 2.7 months of inventory available, and 93% of homes closed for their original list price.

What It Means for Buyers and Sellers

With the San Antonio housing market currently favoring buyers, sellers may need to adjust their pricing strategies and expectations accordingly. Buyers may have more negotiating power in the current market conditions, but it is still crucial to act quickly and make competitive offers. Overall, both buyers and sellers should work closely with experienced real estate agents who can provide valuable insights and guidance throughout the buying or selling process.

San Antonio Housing Market Forecast 2023-2024

San Antonio's housing market has shown steady growth in the past year, with an average home value of $286,195, an increase of 6.1% from the previous year. The market is currently doing fine, with homes going to pending in just 37 days and an average sale-to-list ratio of 0.985. However, the market is expected to cool slightly over the next year, with a 0.3% 1-year market forecast.

Investors and buyers can expect to see a decrease in the percentage of sales over list price, which currently stands at 17.3%, and an increase in sales under list price, which is currently at 60.8%. Looking at the current market trends and the forecast provided by Zillow's research, it is likely that the San Antonio housing market will continue to see growth in 2023-2024.

While there may be slight fluctuations, overall home values are expected to increase, which could be good news for investors and sellers. However, buyers should be prepared for a competitive market with a relatively low inventory, as seen in the 3.2 months of inventory reported in January 2023. Homes are also staying on the market for a longer period of time compared to the previous year, indicating that buyers may have more negotiating power.

The median sale-to-list ratio of 0.985 and the percent of sales over list price at 17.3% show that sellers are still able to command a premium price for their homes, but there is still room for negotiation. Buyers should be prepared to act quickly and make competitive offers if they want to secure a home in this market.

Overall, the San Antonio housing market is expected to remain strong in 2023-2024, with continued growth in home values and a competitive market for buyers and sellers alike. Investors should consider taking advantage of this market and investing in the area while the market is still hot.

Can the market crash?

There is always a risk of a housing market crash, but it is difficult to predict with certainty. Factors such as economic conditions, interest rates, and inventory levels can all contribute to the stability of the market. The San Antonio housing market has remained relatively stable and resilient despite the challenges of the past couple of years, and it is expected to continue to grow in the near future.

While the current trends in San Antonio appear to be positive, it's impossible to predict the future with certainty. Investors and homebuyers should always do their due diligence and consider factors such as their financial situation, long-term goals, and the overall health of the local economy before making any major decisions. While there is always some level of risk involved in any investment, a well-informed and strategic approach can help mitigate potential losses and maximize returns. Ultimately, only time will tell what the future holds for the San Antonio housing market.

San Antonio Real Estate Investment: Should You Invest Here?

San Antonio is a city located in South Central Texas that has shown steady growth in its real estate market over the years. With its strong economy and affordable cost of living, San Antonio is a great place for real estate investment. Whether you are a first-time investor or an experienced one, San Antonio offers a wide range of real estate opportunities.

Top 7 reasons to invest in San Antonio for the long term:

• Strong Job Market: San Antonio's economy is diverse and has a low unemployment rate, which makes it an attractive place for job seekers. This means that the demand for housing will continue to grow, making it an ideal place for real estate investment.
• Affordable Housing: San Antonio's housing market offers affordable options for both investors and homebuyers. With a lower median home price compared to other major cities in Texas, San Antonio offers a chance for investors to buy properties at a lower cost.
• Population Growth: San Antonio is among the fastest-growing cities in the United States, with a population growth rate of 16.5% from 2010 to 2020. This population growth has resulted in a high demand for housing, which translates to a stable real estate market for investors.
• Military Presence: San Antonio is home to several military bases, which has a positive impact on the local economy. The presence of military personnel means that there is a consistent demand for housing in the area, making it an ideal place for real estate investment.
• Pro-Business Climate: San Antonio is known for its pro-business environment, which attracts new businesses and creates job opportunities. This environment helps to keep the local economy stable and supports the growth of the real estate market.
• Favorable Landlord-Tenant Laws: Texas has some of the most favorable landlord-tenant laws in the country, which can make investing in San Antonio's real estate market less risky for investors. These laws provide landlords with more control over their properties and help ensure that tenants fulfill their lease agreements.
• Strong Rental Demand: San Antonio has a strong rental market, with a vacancy rate of less than 6%. This means that there is a high demand for rental properties, which can help investors generate a steady stream of rental income.
• Appreciation Potential: San Antonio's real estate market has been appreciating steadily over the past decade, and this trend is expected to continue in the coming years. This means that investors who purchase property in San Antonio now could see their investments appreciate in value over time
• Favorable Tax Laws: Texas has favorable tax laws for real estate investors, including no state income tax and low property taxes. This can help investors save money on taxes and increase their net returns on investment.
• Tourism: San Antonio is a popular tourist destination, attracting millions of visitors each year. The city is home to several famous landmarks, including the Alamo and the River Walk, which contribute to the local economy and provide additional opportunities for real estate investment.
• Quality of Life: San Antonio offers a high quality of life with excellent schools, affordable cost of living, and a warm climate. This makes it an attractive place for families and retirees, which in turn increases the demand for housing and creates a stable real estate market for investors.
• Low Cost of Living: San Antonio's low cost of living makes it an attractive destination for residents and investors alike. The city offers affordable housing, transportation, and entertainment options, which can help investors maximize their returns.

Overall, San Antonio's growing population, diverse housing options, strong economy, and favorable landlord-tenant laws make it an attractive destination for real estate investors. With strong rental demand, appreciation potential, and favorable tax laws, San Antonio is a promising market for long-term real estate investment.

Other Real Estate Investment Markets in Texas

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in San Antonio.

Consult with one of the investment counselors who can help build you a custom portfolio of San Antonio turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of San Antonio.

Not just limited to San Antonio or Texas but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete San Antonio turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Apart from San Antonio, there are several growing real estate markets in the state of Texas. Dallas is the one that is popular among real estate investors. It is a great market because it has a strong economy and constant population growth and will make your pockets bigger. As rents go up smart investors should invest in Dallas.

Dallas’s local economy is a mix of aerospace, computer chips, telecommunications, transport, energy, and healthcare sectors and Finance and Business Services. These sectors are all providers of good wages which allows for a strong market for Dallas investment properties.

The Dallas-Fort Worth area is exploding due to its strong job market, low housing costs, and low taxes. The Fort Worth housing market presents an excellent opportunity for investors because it is cheaper than its big brother and providers a wider variety of properties. The Fort Worth real estate market has a much lower density than the Dallas real estate market.

You can find high-density housing in downtown Fort Worth, but it is far easier to find horse-friendly properties in the Fort Worth real estate market than in the distant suburbs of Dallas. This is, of course, in addition to the luxury housing markets in both cities.

Similarly, Houston is another great market for investing in real estate. Houston, TX is becoming a hotbed of buyer activity that could be beneficial for real estate investors; just ask the multitude of overseas investors who are choosing Houston as the city of choice to invest in for the foreseeable future.

The Houston metro area offers great opportunities for investors who are looking for a stable market that offers both cash flow and equity growth at a price that is STILL well below their replacement value.

With Austin, Texas, becoming a more diverse city every year, there are plenty of opportunities to take advantage of – from buying new homes to different investment options in the Austin housing market. Austin is a leader across the country with jobs and when you combine that with home prices not as drastically increasing, you’ll get a real estate market that many others envy. It may be the second most expensive housing market in the state with a median home price of around $395,000, but it is still far cheaper than California or New York. Buy up condos or townhomes, and you’ll be able to see a sizable return on the investment.

Let us know which real estate markets in the United States you consider best for real estate investing! 

Please do not make any real estate or financial decisions based solely on the information found within this article. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. This article aimed to educate investors who are keen to invest in San Antonio real estate. Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your research and taking the help of a real estate investment counselor.

References

• https://realestate.sabor.com/
• https://realestate.sabor.com/pages/press-releases/
• https://www.zillow.com/sanantonio-tx/home-values
• https://www.redfin.com/city/16657/TX/San-Antonio/housing-market
• https://www.realtor.com/realestateandhomes-search/San-Antonio_TX/overview
• https://www.zumper.com/rent-research/san-antonio-tx
• https://www.rentcafe.com/average-rent-market-trends/us/tx/bexar-county/san-antonio/

The Utah Housing Market is Slowing Down

It is a seller’s market in Utah as the housing supply can't satisfy demand, which will drive prices to increase further even in the face of rising mortgage rates. The rapid appreciation witnessed over the past two years may have begun to decelerate as a result of rising financing costs and deteriorating affordability.

This is nothing to worry about; rather, it indicates that the market is beginning to return to normalcy. The same can be said about the Salt Lake County real estate market. The market is still highly competitive. Even while inventory is rising considerably compared to the previous two years, this does not solve a problem that has existed in Utah for years. There are still insufficient homes.

A recent report on the forecasts for Utah's housing market in 2023 was given by Jim Wood, a housing economist at the University of Utah's Kem C. Gardner Policy Institute, and Lawrence Yun, chief economist and senior vice president for research at the National Association of Realtors projects that 2023 will be a challenging year for the housing market, with interest rate hikes, falling home sales, and dropping home prices.

However, a housing bubble is considered “extremely unlikely.” Future mortgage rates are projected to vary anywhere from 5% to 9% by the end of 2023, with the prevailing sentiment landing in the 6.5% to 7.5% range. Home sales in the five-county area centered on Salt Lake City will be sharply down for 2023 and for the country as a whole. Although Utah will not see a recession, job gains are expected to slow down. Employment in the state remains strong, with a jobless rate of 2.2%, the lowest in the nation.

Utah is facing a dire shortage of affordable homes for sale and for rent, which is likely to be among the dominant issues of the 2023 Utah Legislature. The report also shows that home builders in Utah have pulled back significantly on their hectic pace of housing starts and new development. Meanwhile, renters may see some relief in 2023 as a wave of newly constructed apartments comes online.

Utah Housing Market Trends Q4 2022

According to the report by Windermere Real Estate Chief Economist Matthew Gardner, the Utah real estate market has experienced a slowdown in the pace of job growth, with the state adding 43,300 jobs over the past 12 months at an annual rate of 2.6%. The state's unemployment rate stood at 2.2% in November 2022, marginally below the prior year's rate.

In the fourth quarter of 2022, the number of homes sold in the areas covered by the report fell by 45% compared to the same period the previous year and by 27.8% compared to the third quarter of 2022. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. Significantly higher inventory levels gave buyers more options, which likely impacted sales in the fourth quarter.

The average sale price in the fourth quarter of 2022 rose 0.6% from the fourth quarter of 2021 to $604,105. Median listing prices were 3.6% lower than in the third quarter of 2022, suggesting that higher financing costs may have created a price ceiling. Year over year, prices rose in four markets but pulled back in the other three. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose 0.8%.

Mortgage rates rose dramatically in 2022 but are expected to trend lower as we move through the year. However, rates will still be higher than what homebuyers have become accustomed to. The average time it took to sell a home in the counties covered by the report rose 27 days compared to the same period in 2021.

Utah Housing Market Report

The Utah real estate market saw mixed trends in 2022, according to the data provided by the Utah Association of REALTORS®. While some counties experienced increases in the number of homes sold and the median sale price, others saw declines in both categories. Overall, the state saw a 44.9% drop in home sales volume between December 2021 and December 2022, with 2,644 homes sold in 2022 compared to 4,798 in 2021.

However, the year-to-date (YTD) sales volume for 2022 only decreased by 20.6% compared to 2021, with 44,602 homes sold in 2022. The median home price increased from $475,000 in 12-2021 to $476,824 in 12-2022, a 0.4% increase. Year-to-date median home price increased by 15.1% from $443,036 in 2021 to $510,000 in 2022.

Here are the key takeaways from the data:

• Number of homes sold: The number of homes sold in Utah decreased in 2022 compared to 2021 YTD. Salt Lake County saw the biggest decline, with a drop of 26.1%, while Box Elder County saw a decrease of 16.9%. However, there were some counties that saw increases in the number of homes sold. Piute County saw a 100% decrease, meaning no homes were sold in 2022, whereas Rich County saw a significant increase of 7.4%.
• Median sale price: The median sale price of homes in Utah also varied by county. While some counties, such as Cache and Davis, saw minor increases in the median sale price, others experienced significant drops, such as Daggett County, which had a 58% decline. Meanwhile, some counties saw significant increases in the median sale price, including Grand County with a 30.5% increase.
• Overall trend: Utah's real estate market experienced mixed trends in 2022. Although the number of homes sold decreased, the median sale price increased in some counties, indicating that the market is still strong in certain areas. The pandemic has impacted the real estate market in various ways, leading to changes in the number of homes sold and the median sale price.

Looking at the median home prices for Utah, we can see that there are some variations across the different counties. In general, we can see that the median home price increased from 2021 to 2022, with most counties experiencing a rise. Some counties had particularly significant increases, such as Piute County, which saw a 32.6% rise, Duchesne County, which saw a 44% increase, and Rich County, which saw a 36.7% increase.

Other counties saw more modest increases, such as Salt Lake County, which saw a 14.8% increase, and Summit County, which saw a 13% increase. However, there were a few counties where the median home price decreased from 2021 to 2022, such as Beaver County, where it decreased by 5.7%, and Iron County, where it decreased by 11.4%.

When we look at year-to-date median home prices for 2021 and 2022, we can see that most counties also experienced an increase in median home prices. The highest increases were seen in Piute County (where there was a 32.6% increase), Duchesne County (where there was a 44% increase), and Garfield County (where there was a 38% increase).

Hence, we can say that the real estate market in Utah has seen mixed trends in 2022, with some counties experiencing increases in the median sale price and others seeing decreases. The number of homes sold also decreased in most counties. However, despite the fluctuations, the market remains strong in some counties, and it will be interesting to see how these trends develop in the future.

Why is Utah's Housing Market So Hot?

Rapid population growth and job growth are the two most important drivers of housing demand in Utah right now. According to local real estate agents, there aren’t enough single-family homes to meet the rising housing demand. A balanced market has roughly a six-month supply of houses, which means that if we stopped listing new properties, we'd still have about six months before we ran out. And right now, Utah is down to about four weeks of supply of homes.

As a result, finding a dream house in this market is challenging for buyers, making it extremely competitive. Utah's employment landscape is also one of the most impressive in the country. It has had the most rapidly growing job market in the country for the past decade. Utah's population grew by 18.4% over the past decade, making it the fastest-growing state. It's now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data.

A large number of Californians are relocating to Utah, putting extra pressure on the supply side. In-migration to the Salt Lake metropolitan area is still at an all-time high. The issue is that demand is so strong that inventory can't reach a level that indicates a sufficient supply. People are also coming from New York, Boston, Vermont, Austin, Texas, and other cities, according to local real estate agents. They also think that people who are first-time homebuyers in Utah will be priced out of the market by people moving in from other states.

Utah Real Estate Market Report For Nov 2022

Here's how the housing market performed, according to UtahRealEstate.com. Utah’s median home price remains well over the half-a-million-dollar mark. Compare that to January 2019, when it was just below $300,000.

• In November 2022, around 2333 homes were sold on MLS, down 44.3% from last year.
• No. of single-family homes sold was 1798.
• No. of multi-family homes sold was 535.
• The median days on market were 39, up from 36 days last month.
• The median selling price was $525,000 for single-family homes, up 1.9% year-over-year.
• The median selling price was $396,000 for multi-family homes, up 2.9% year-over-year.
• The data is provided by UtahRealEstate.com, the leading provider of real estate technology in Utah and one of the largest Multiple Listing Services in the United States.

Why Are Home Prices So High in Utah?

Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, ultra-low mortgage rates, few mortgage delinquencies, and low state and local taxes. All those factors pushed Utah into first place in Bankrate’s Housing Heat Index for the fourth quarter of 2020. Utah's home values increased by 15.39% in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency.

Since 1991 Q1, HPI for Utah has increased by 414.95%. Idaho ranked #1 in FHFA State House Price Indexes. The HPI is a broad measure of the movement of single-family house prices. It is measured by reviewing mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac. According to a Bankrate analysis of Labor Department data, Utah also posted the second-strongest job growth in the nation from December 2019 to December 2020.

Even if inventory is significantly higher than it has been in the previous two years, it still does not address what has been a problem in Utah for years. There are still not enough houses. Even though homebuilding soared in Utah in 2021, putting the state on the national map for its housing boom. It made a decent dent in Utah’s housing shortage, but not enough to erase it.

Utah Housing Market Forecast 2023

Utah's housing market has boomed during the pandemic, and Utah has emerged as a particularly desirable market. Utah home prices are soaring as Californians migrate into the state leading to an imbalance between supply and demand. Utah's economy is currently in excellent shape. Utah's job market is robust enough to avoid widespread foreclosures, and housing demand is expected to remain high in 2023 due to the state's rapid expansion and widespread home shortage.

Some experts expect prices to decline in 2023, depending on what happens with interest rates in 2023. So far, Utah home prices are still up year over year. Higher mortgages have already impacted buyer demand. Sales have been declining by massive double-digits. The price growth is trending lower, and 2023 can't be a year of double-digit increase.

Since the last twelve months, Utah housing prices have gone up by nearly 2.8% — Zillow Home Value Index. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The typical home value of homes in Utah is currently $500,077.

It indicates that 50 percent of all housing stock in the area is worth more than $500,077 and 50 percent is worth less (adjusting for seasonal fluctuations). Based on the data provided by Zillow, here is a forecast for the Utah housing market. Overall, the Utah housing market is expected to continue growing steadily in the coming years, with most areas experiencing positive price growth through 2024.

Salt Lake City: While there may be some slight dips and gains over the next year, overall, the housing market in Salt Lake City is expected to remain relatively stable, with modest gains of up to 1.2% by January 2024.

Ogden: The housing market in Ogden may experience some slight declines over the next year, with decreases of up to 0.5%, followed by a rebound with a 1% increase by January 2024.

Provo: Similar to Ogden, Provo may experience some slight declines over the next year, with decreases of up to 0.4%, followed by a modest recovery with a 0.4% increase by January 2024.

St. George: Despite some minor fluctuations, St. George is expected to continue to experience positive price growth, with gains of up to 0.9% by January 2024.

Logan: Like Provo and Ogden, Logan may experience some slight declines over the next year, with decreases of up to 0.4%, but is expected to rebound with a more significant increase of up to 1.7% by January 2024.

Heber: The housing market in Heber is expected to remain relatively stable, with modest gains of up to 2.2% by January 2024.

Cedar City: While there may be some slight declines over the next year, Cedar City is expected to experience steady growth overall, with gains of up to 2.1% by January 2024.

Vernal: Vernal is expected to experience steady growth in the coming years, with gains of up to 1.7% by January 2024.

Price: Price is expected to experience significant price growth over the next year, with gains of up to 1.7% by April 2023, followed by an even more substantial increase of up to 4.5% by January 2024.

It's important to note that these forecasts are based on historical data and trends, and many factors can impact the Utah housing market, including changes in the economy, interest rates, and demographics. Therefore, these forecasts should be taken as a general indication and not a guarantee.

Here's the current overview of Utah's Listing prices by “Counties” (source: Realtor.com)

A list price in real estate is the price of a house for sale determined by the seller and her listing agent. The listing price determines how long it takes to locate a buyer (i.e., Time On the Market = TOM), and TOM influences the price that comes from seller-buyer bargaining. Although paying 1 to 3 percent over the list price is not unusual, you should ask your realtor to come up with a price that is best for you.

Salt Lake City Housing Market Forecast 2023

The Salt Lake City real estate market has been one of Millennials' toughest real estate markets due to limited supply relative to demand. It has become one of the top markets to watch in 2023. According to the most recent Salt Lake County house sales data, it seems that Utah's housing market may be slowing ever so little in the near future. More houses were sold in 2020 than in any prior year, putting 2021 on pace to be the second-highest sales year ever. With 19,202 homes sold in Salt Lake County, 2021 saw another record-breaking price rise, and it is expected to continue this year as well.

In 2021, the median price of homes sold in Salt Lake County increased by 22% from $378,250 in 2020. According to the Salt Lake Board of Realtors, the median price of single-family houses sold in 2021 surpassed the half-million barrier, reaching $533,000, a remarkable 25% increase over the $425,000 median price in 2020. In December, prices were up 24%, just slightly below the largest gain of 27% in June and there’s no sign yet of a slowdown. The board predicts home prices will continue to climb between 10-12% in 2022.

Salt Lake City is a moderately walkable city with a population of approximately 186,419 people. While the city limits encompass 110 square miles, downtown runs nearly two miles from east to west and nearly two miles north to south. Salt Lake City's population is also very young. The largest percentage of the city's population falls in the 25 to 39-year-old age group.

Couple that with a high school graduation rate, and a large number of college graduates and you have an attractive workforce for many large companies. The state of Utah's population grew 9 percent over the last five years, much of it concentrated in Salt Lake City, where the typical home price at the end of 2021 was $583,858 (ZHVI Dec 2021).

The Salt Lake City area's economy is doing well, and it has one of the lowest unemployment rates in the U.S. Utah’s employment outlook during the pandemic continued to outperform the rest of the country. Utah’s nonfarm payroll employment for December 2021 increased an estimated 3.7% across the past 24 months, with the state’s economy adding a cumulative 59,200 jobs since December 2019.

Utah’s current employment level stands at 1,646,900. December’s seasonally-adjusted unemployment rate is estimated at 1.9%, with approximately 31,800 Utahns unemployed. Utah’s November unemployment rate is unchanged at 2.1%. The December national unemployment rate continued to decline, registering 3.9%.

Utah’s economy progressed through 2021. The strength of the overall economy significantly impacts the real estate market as buyers' ability to support housing prices largely depends on key economic factors. The state’s economy has proved to be “one of the nation’s best in reemploying workers” as officials continued to actively encourage those drawing unemployment benefits to seek work in sectors less damaged by the pandemic.

Long-term demographic and economic growth has generated rapid increases in housing prices in Salt Lake County. The median sales price of a single-family home in the county has increased from $378,500 in 2020 to $460,000 in 2021, an average annual growth rate of 21.5%. 2020's annual growth rate was 11.8%. Since 1996, housing prices in Salt Lake County have increased at an average annual rate of 5.1%. Affordability issues may impact rapid price increases in 2022, but we may still see another year of a double-digit increase.

Let us look at the price trends recorded by Zillow over the past few years. Salt Lake City has a track record of being one of the best long-term real estate investments in the U.S. The typical home value of homes in Salt Lake County is currently $529,852, +2.7% from last year (12-month Value Change).

According to NeighborhoodScout’s data, Salt Lake City real estate appreciated 161.55% over the last ten years, which is an average annual home appreciation rate of 10.09%, putting Salt Lake City in the top 10% nationally for real estate appreciation. Salt Lake City's appreciation rates in the last twelve months (2021 Q2 – 2022 Q2) continue to be some of the highest in the nation, at 15.48%. In the latest quarter tracked by them (2022 Q1 – 2022 Q2) Salt Lake City appreciation rates were at 4.02%, which equates to an annual appreciation rate of 17.06%.

In the Salt Lake City metropolitan area, the typical value of homes is $523,590. Salt Lake City Metro home values have gone up 2.5% over the last twelve months year and Zillow predicts they may rise 1.2% from January 2023 to January 2024.

• Typical Home Values: $523,590


• 1-year Value Change: +2.5%


• 1-year Value Forecast: +1.2%


• (Data through January 31, 2023)

Salt Lake City Real Estate Investment Overview

Now that you know where Salt Lake City is, you probably want to know why we’re recommending it to real estate investors. Is Salt Lake City a Good Place For Real Estate Investment? You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023.

If you are looking to make a profit, you don’t want to buy the most expensive property in the Salt Lake City real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Salt Lake City that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.

Salt Lake City is the largest city in the state of Utah, though it tends to be overlooked by real estate investors as just another part of a “flyover” country. Nearly half of all jobs in the state and 40% of the state’s population are located in Salt Lake County. The city is the core of the Salt Lake City metropolitan area, which has a population of roughly 1.2 million. Today, Salt Lake City is a major tourist spot in the U.S. The city is also the national hub of industrial banking.

People are moving there due to the lower cost of housing, good quality of life, and outdoor recreation. The economy is strong and the city has one of the lowest unemployment rates in the nation.  A strong job market and a robust economy have been contributing to the rising housing costs over the past several years. Utah is the only state since 1900 where the homeownership rate has never fallen below 60%

The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978, according to the Salt Lake Board of Realtors. Record price increases were not confined to Wasatch Front counties; nearly every county in the state saw record increases. Twenty-four of Utah’s 29 counties had double-digit gains.

Forecast for 2022: High prices, projected interest rate rises, listing shortages, and slower employment growth will keep Salt Lake County sales at approximately 17,000 units in 2022, according to the Salt Lake Board of Realtors. Mortgage interest rates are projected to climb, but only a little. Based on the estimates of seven organizations, the average rate for 2022 is 3.55 percent.

The pricing momentum will weaken, but another year of double-digit increases is possible; expect a 10% to 12% increase, resulting in an additional $50 million in commissions. Finally, there are two sides to the pricing coin: present homeowners will profit from high price increases again, but future generations will be less likely to own a home, resulting in more inequality and lower wealth for these households.

So what makes Salt Lake City Downtown so appealing to home buyers and investors? Downtown is the oldest district in Salt Lake City, Utah. The grid from which the entire city is laid out originates at Temple Square, the location of the Salt Lake Temple. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others.

Throughout the last decade, Salt Lake City has seen a significant increase in development, from City Creek Center to 111 Main, these and other developments have played a crucial role in improving the vibrancy of downtown. Like the rest of the state, Salt Lake City Downtown is benefiting from the region’s healthy economy.

More people live and work in the downtown area than ever before. But according to local real estate experts and representatives from the Downtown Alliance, despite the boom, the supply in downtown Salt Lake City isn’t catching up to the demand, and more development is needed in the city’s central business district to accommodate the growing demand for housing and office space.

The Urban Land Institute ranked it the nation’s third-best market for commercial development in its 2018 Emerging Trends report, fueled in part by the big names relocating here like Goldman Sachs, which now has the fourth-largest office in the world in Salt Lake City. Salt Lake City's housing market is booming because of an ideal combination of business growth triggering in-migration and strong native population growth.

And with a variety of affordable homes in high-quality neighborhoods, it is a market that is not yet closed to first-time home buyers. Is Salt Lake City going to be a sizzling real estate market for investors in 2021? Looking at the positive forecast, the annual appreciation rate is predicted to be between 10% to 12%.

You can either choose to invest in your future or market your home to potential buyers. If you are looking for an affordable real estate market with a high potential for return on investment, you should consider Salt Lake City in 2021. Let’s take a look at the number of positive things going on in the Salt Lake City real estate market which can help investors who are keen to buy an investment property in this city.

Positive Demographic Trends

The total fertility rate for the United States hovers between 1.8 and 2.1 depending on the source you want to believe. Mormons, the majority of the population in Salt Lake City and Utah as a whole, have an average of 3.4 children. This puts constant pressure on the Salt Lake City real estate market. It also makes the Salt Lake City housing market unusual in the demand for homes with multiple bedrooms suitable for large families. There is a niche in the Salt Lake City real estate market for large luxury homes, but it is notable for the sheer demand for 4 or more bedrooms in affordable neighborhoods.

Near Certain Real Estate Appreciation

Salt Lake City sits at the intersection of I-80 and I-15. The industry tends to spread out along the highways, and housing follows. Investors in the Salt Lake City real estate market can buy land to develop or invest in housing projects being built in expectation of workers who will soon move to the area. Demand is one factor in the equation that determines the price of housing. The other is supply.

Salt Lake City has seen an increase in housing construction since the economy rebounded. However, geography limits how and where homes can be built. This is causing home prices to appreciate significantly, and there is no evidence Salt Lake City could over-build the way Phoenix did before the Great Recession. A subtle issue hitting Utah is the relative shortage of skilled building trade talent despite the influx of people coming to work in business and tech.

Salt Lake City Market Is Everything Which California Isn’t

California is experiencing an incredible divergence from its ideals. While there is still a red-hot housing market in Silicon Valley, the state also has the highest poverty levels in the nation. They’re chasing businesses out of the state through oppressive regulation and high taxes. In contrast, Salt Lake City is booming because it is business-friendly.

So many California tech firms have relocated to Salt Lake City that the area is now nicknamed “Silicon Slopes”. Forbes listed Salt Lake City first on its list of “next tech meccas”. The city is already home to many new startups. Where there are currently good-paying jobs, new residents are sure to move in. And that only puts more pressure on the Salt Lake City housing market. The very low crime rate in Utah compared to surrounding states is merely a bonus.

The Low Cost of Living in Salt Lake City

Housing aside, another reason why people relocate from the West Coast to Utah is the low cost of living. In fact, the $400,000 house in Utah with four bedrooms and a yard looks cheap when you sold a two-bedroom condo for 50% more than that in California. The overall cost of living in Utah is cheaper than the nation overall, and it is far cheaper than California, so many choose to relocate here from the high-cost states on the coast.

The Growing Salt Lake City Rental Market

The Salt Lake City housing market can’t keep up with demand, and this is pushing many Millennials and new residents into the rental market. While many would like to own a home, affordability is an issue for the young would-be homeowner; the average Millennial earns $68,000 a year while the median home price is $400,000. This explains why Salt Lake City has some of the fastest-growing rents in the country.

As of January 01, 2022, the average rent for a 1-bedroom apartment in Salt Lake City is currently $1,375. This is a 15% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Salt Lake City decreased by -7% to $1,125. The average rent for a 1-bedroom apartment decreased by -7% to $1,375, and the average rent for a 2-bedroom apartment decreased by -1% to $1,633.

• Two-bedroom apartment rents average $1,633 (an 11% increase from last year).
• Three-bedroom apartment rents average $2,150 (an 8% increase from last year).
• Four-bedroom apartment rents average $2,723 (an 11% increase from last year).

The Zumper Salt Lake City Metro Area Report analyzed active listings last month across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Utah one bedroom median rent was $1,291 last month. Draper was the most expensive city with one-bedrooms priced at $1,500 while Cedar City ranked as the most affordable city with one-bedrooms priced at $520.

The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (Y/Y%)

• South Salt Lake had the fastest growing rent, up 20.2% since this time last year.
• Millcreek rent jumped 16.4%, making it second.
• Ogden was third with rent climbing 15.7%.

The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (M/M%)

• South Salt Lake rent had the largest monthly growth rate, up 5%.
• Ogden was second with rent climbing 4%.
• Salt Lake City saw rent increase 3.8%, making it third.

Landlord Friendliness

Salt Lake City requires landlords to get a business license, even if they own one rental home. The fees that you are required to pay as part of the rental program depend on how well-maintained the units are. However, Salt Lake City in general is very landlord-friendly. Eviction for nonpayment of rent can get someone out in two to four weeks. Courts regularly side with landlords and award triple fees for damages by a tenant. If someone violates the terms of the lease, they have three days to correct the situation. You can end a month-to-month tenancy with 15 days of notice.

Multiple Luxury Markets

Downtown Salt Lake City properties near the Mormon Temple command a premium, but that isn’t the only upscale market in the area. Park City and the northern side of Oakley have properties that cost on average well over a million dollars. As you move up Highway 80 toward Hoytsville and Wanship, properties routinely cost more than a million dollars despite the hour commute to Salt Lake City.

Looking For Salt Lake City Investment Properties?

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Salt Lake City.

Consult with one of the investment counselors who can help build you a custom portfolio of Salt Lake City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Salt Lake City.

Not just limited to Salt Lake City or Utah but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Salt Lake City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Like the Salt Lake City real estate market, the other housing market to go for to diversify your investments is the Baltimore real estate market. The Baltimore real estate market has been in decline for years, but several spots offer significant returns. And there are signs that the city is starting to turn around.

The Baltimore real estate market around the new industrial parks built to cater to Amazon will boom because we can expect as many jobs from Amazon’s suppliers in those areas as Amazon itself – and those workers will want to live close to work. The Baltimore real estate market is promising and shows a new increase of opportunities for both buyers and sellers.

Similarly, Cincinnati, OH is another great market to get started in real estate investing. Cincinnati's real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities to investors, regardless of the market you want to invest in.

Let us know which real estate markets in the United States you consider best for real estate investing! 

Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. 

References

• https://slrealtors.com/
• https://utahrealtors.com/
• https://www.zillow.com/salt-lake-city-ut/home-values/
• https://www.zillow.com/salt-lake-city-metro-ut_r395053/home-values/
• https://www.bankrate.com/mortgages/housing-heat-index/
• https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx
• https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx
• https://slrealtors.com/wp-content/uploads/2021/01/2021-Housing-Forecast-Report.pdf
• https://www.realtor.com/realestateandhomes-search/Utah/overview
• https://www.sltrib.com/news/2021/06/24/hyper-hyper-competitive/
• https://www.zumper.com/rent-research/salt-lake-city-ut
• https://www.realtytrac.com/statsandtrends/foreclosuretrends/ut/salt-lake-county/salt-lake-city/
• https://www.ksl.com/?sid=46284050&nid=1426https://www.buildium.com/laws/utah-evictions-process/
• https://en.wikipedia.org/wiki/Salt_Lake_City
• https://www.deseret.com/utah/2021/9/16/22677951/utah-homes-sales-are-slowing-but-the-market-is-still-red-hot-salt-lake-county-city-housing-prices
• http://www.cbre.us/people-and-offices/corporate-offices/salt-lake-city/salt-lake-city-media-center/cbre-releases-2018-salt-lake-city-real-estate-market-outlook

As mortgage rates continue to rise, many are curious about what lies ahead for the Virginia and Virginia Beach housing market. With rising home prices and changing trends, it's important to stay informed. In this article, we'll explore the current state of the market, trends to watch, and forecasts for 2023. Whether you're a buyer or seller, this information can help guide your decisions in the year to come.

Overview of the Virginia Housing Market in 2023

The Virginia housing market has experienced a significant decline in sales activity and sold dollar volume since January 2022. The average days on the market have been slowing, resulting in an increase in the supply of homes. The state is still considered a seller’s market due to low inventory, but market dynamics continue to shift in favor of buyers.

Decline in Sales Activity and Sold Dollar Volume:

According to the January 2023 Virginia Home Sales Report, the number of homes sold across Virginia decreased by more than 30% compared to the previous year, marking the slowest January market in eight years. The sold dollar volume was also down by about $1 billion, a 28.5% decline.

Slowing Days on Market:

The average days on the market statewide was 39 days, a full week longer than January 2022. This cooling has been a result of rising interest rates coupled with rising home prices and a lack of homes available on the market.

Increase in Supply of Homes:

Homes remaining on the market longer have resulted in an increase in the supply of homes for the fourth month in a row. While about three out of every four cities and counties in Virginia had more active listings than the same time last year, the overall inventory remains low compared to historical averages. The sharpest increases in listings occurred in parts of Northern Virginia, the Charlottesville region, and the Northern Neck market.

Market Dynamics Favoring Buyers:

Virginia’s housing market is still considered a “seller’s market” due to the low inventory, but the overall market dynamics continue to shift in favor of buyers. Fewer offers are coming in, and there is less of a scramble to outbid other buyers. Additionally, fewer sellers are receiving their full asking price. These trends are expected to continue in the coming months as the market responds to economic uncertainty and the volatile interest rate environment.

“Northern Virginia” Housing Market Trends 

The Northern Virginia Association of Realtors® reports on home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax, and Falls Church, and the towns of Vienna, Herndon, and Clifton.

Based on their recent report, the state of the Northern Virginia housing market seems to be experiencing a mixed trend. The number of closed home sales in January 2023 declined by 33.6% compared to January 2022, which could indicate a cooling off in the market. However, pending sales in January grew by 14% from the previous month, which suggests that there may be an increase in market activity in the near future. The average days on the market increased only slightly, indicating that homes are still selling quickly, despite lower sales activity.

Inventory remains tight, but it is up by 88.4% compared to a year ago. This increase in inventory is a positive sign for buyers as it means they have more options to choose from, and there is more time for decision-making. Additionally, there were considerably more active listings available in January 2023 compared to January 2022, an increase of 41.5%. This indicates that there is still demand for homes in the region, despite the decline in sales activity.

The median selling price continued to grow in Northern Virginia, rising 6.8% from January 2022 to $610,000. This growth in median sold price suggests that there is still strong demand for homes in the area. The average sold price for a home in January 2023 was $718,773, up 2.3% from January 2022 and significantly higher than the pre-pandemic average sold price of $565,032 in January 2019.

In summary, the Northern Virginia housing market is experiencing a cooling trend in terms of closed home sales, but there are signs of increased market activity in pending sales. Despite lower sales activity, homes are still selling quickly, and there is strong demand for homes in the region, as evidenced by the growth in median and average sold prices. The increase in inventory is a positive sign for buyers, and the market is expected to pick up with springtime.

“Virginia Beach” Housing Market Trends

Based on the data by Redfin, the Virginia Beach housing market is competitive, with homes receiving an average of 3 offers and selling in around 25 days. In February 2023, the median home price in Virginia Beach was $330,000, which represents a 1.5% increase from the previous year. The average sale price per square foot was also up by 1.5% since last year, at $201.

However, the number of homes sold in February 2023 was down from the previous year, with only 408 homes sold compared to 522 homes sold in February 2022. Homes are still selling at or near their list price, with hot homes selling for around 2% above the list price and going pending in just 13 days.

Overall, the Virginia Beach housing market is experiencing moderate growth, with home prices increasing slightly and homes selling quickly. Despite the decrease in the number of homes sold, the competitive nature of the market suggests that demand for housing in the area remains high. As such, it may be a good time for sellers to list their homes, while buyers may need to act quickly to secure a property in the area.

Virginia Beach Housing Market Forecast 2023-2024

The Virginia Beach-Norfolk-Newport News housing market has been experiencing steady growth over the past year, with an average home value of $313,229, up 5.4% since last year, according to Zillow. Homes in this area typically go to pending in around 26 days.

Looking at the market forecast for the next year, it is projected that the Virginia Beach housing market will experience a 0.6% increase in value by February 28, 2024. The median sale-to-list ratio was 1.000 as of January 31, 2023, indicating that homes are generally selling at or close to their listing price. Additionally, 34% of homes sold over the list price and 31.6% of homes sold under the list price, showing that there is some variation in the market. The median days to pending as of February 28, 2023, was 26.

Compared to other MSA-level forecasts in Virginia, the Virginia Beach housing market is predicted to have moderate growth, with a projected 0.6% increase in value by February 28, 2024. Other cities such as Martinsville are expected to have more significant growth, with a projected 2.3% increase in value by the same date. However, it is important to note that projections can change, and the real estate market can be influenced by a variety of factors such as interest rates, employment rates, and the overall economy.

For buyers, the Virginia Beach market remains competitive, with homes receiving multiple offers and some selling for the above list price. It may be helpful to work with an experienced real estate agent and be prepared to act quickly when a desirable property becomes available. For sellers, it is a good time to sell, given the steady growth in the market, but it is important to be realistic with pricing and work with an experienced agent who can help maximize the value of the property.

Virginia Beach Real Estate Investment Overview

Virginia Beach is a popular destination for real estate investment due to its robust and competitive housing market. The city offers a diverse range of properties, including beachfront homes, condos, townhouses, and single-family homes. The average home value in the Virginia Beach-Norfolk-Newport News area is $313,229, with an annual increase of 5.4%. Additionally, homes in Virginia Beach typically go to pending status in around 26 days.

Here are the top reasons to invest in the Virginia Beach MSA for the long term:

Sure, here's more information on each point:

• Strong economy: Virginia Beach has a strong and diversified economy, with major industries including military, tourism, healthcare, and education. The military presence is particularly significant, with several military bases and facilities located in the area, including Naval Air Station Oceana and Joint Expeditionary Base Little Creek-Fort Story. This helps to provide stability to the local economy and job market.
• Population growth: Virginia Beach has seen steady population growth over the years, with a current population of over 450,000 people. This growth is expected to continue in the coming years, which bodes well for real estate investors. With more people moving to the area, there will be increased demand for housing, which can drive up prices and rental rates.
• Rental market: Virginia Beach has a strong rental market, with a high percentage of renters in the area. This is due in part to the large military population, many of whom prefer to rent rather than buy. Additionally, the area's strong tourism industry means that there is a steady demand for short-term rentals, such as vacation homes and Airbnb.
• Affordable housing: Despite its many amenities and strong economy, Virginia Beach is still relatively affordable compared to other coastal cities. The median home value in the area is around $313,000, which is significantly lower than the median home value in cities like San Francisco or New York. This makes it a more accessible market for real estate investors who may not have the capital to invest in more expensive cities.
• Quality of life: Virginia Beach is consistently ranked as one of the best places to live in the United States, thanks to its high quality of life. The area boasts miles of beautiful beaches, excellent schools, and a wide range of cultural and recreational amenities. This makes it an attractive place for people to live and work, which in turn makes it an attractive place to invest in real estate.
• The Landlord-Friendly State of Virginia: Virginia is generally considered a landlord-friendly state due to its laws and regulations that tend to favor landlords over tenants. This means that if you decide to invest in rental property in Virginia, you can expect a relatively smooth and hassle-free process of managing and renting out your property. Some examples of landlord-friendly laws in Virginia include allowing landlords to charge non-refundable fees, enforcing strict lease terms, and relatively quick eviction processes. These factors can make Virginia a desirable state for real estate investors looking to maximize their rental income while minimizing their risks and legal liabilities.

Overall, these factors combine to make Virginia Beach a strong real estate investment market. With a strong economy, growing population, strong rental market, affordable housing, and high quality of life, it's easy to see why investors are drawn to the area. The Virginia Beach real estate market presents an ideal mix of high demand, constrained supply, and a large number of renters who won’t go buy a house if interest rates drop.

The diverse local economy allows you to cater to tourists knowing you can rent the property out to locals, as well. Buying an investment property is different from buying an owner-occupied home. Investment properties are designed to make money as rentals, which means you must look at them solely as an income-producing entity just like any other business.

Whether you are a beginner or a seasoned investor, you probably realize the most important factor that will determine your success as a real estate investor is your ability to find great real estate investments. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References:

• https://virginiarealtors.org/
• https://www.zillow.com/VirginiaBeach-va/home-values
• https://www.neighborhoodscout.com/va/virginia-beach/real-estate
• https://www.realtor.com/realestateandhomes-search/Virginia-Beach_VA/overview
• https://www.nvar.com/realtors/news/market-statistics
• https://www.redfin.com/city/20418/VA/Virginia-Beach/housing-market