The June Real Estate scoop

glennhrussell77
Jun 11
1 min read

Here’s your June roundup—consider it your local scoop over coffee ☕️

📈 Market Snapshot & Insight

In Virginia Beach, home prices rose about 2.4% year-over-year in May, with a median of $407.5K and homes selling in ~21 days virginiamercury.com +14redfin.com +14rocket.com +14.
In Norfolk, the median sold price fell to $180K in May (‑30% MoM), but inventory jumped 12%, and 100% of sales went over asking price rocket.com.

What this means for VB/Norfolk investors: Buyers—expect a hyper‑competitive market in Virginia Beach; act fast and be ready to waive contingencies. In Norfolk, with lower prices but rising inventory, opportunities may emerge for value-add or rental properties—especially as investors chase cash‑flow recovery.

🔗 Trending Local News

Norfolk issues RFP for Merrimac Market housing development (deadline June 20) norfolk.gov +1norfolk.gov +1
Investor interest heating up in Virginia Beach, with steady appreciation and strong fundamentals beyond coastal tourism multihousingnews.com +15abramshomes.com +15noradarealestate.com +15

📅 Upcoming Events

Bayou Boogaloo & Cajun Food Festival (mid‑June, Norfolk): three days of live music and Louisiana-style eats along the Elizabeth River en.wikipedia.org
Juneteenth Free Transit Day (June 19, Norfolk): free bus and light rail—great for touring rentals or investment sites! nypost.com +4norfolk.gov +4norfolk.gov +4
Tide Light Rail Expansion Study Update: community open house for potential line to Virginia Beach Town Center—ideal for investors eyeing transit‑oriented rentals en.wikipedia.org

Thanks for staying in the loop!Thinking about buying, selling, or renting out a property in VB or Norfolk? Just send us an email, text or call—we/re here to help.

Talk soon,

the Coastal Group Team 4605 Pembroke Lake Cir #203

VaBeach VA 23455