Virginia Beach VA Loan Rates, Closing Costs & Stats
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Virginia Beach's 250 lenders originated 16,709 VA loans during 2022. The total origination value was $5,746,395,000, with an average VA loan value of $343,910.
Virginia Beach VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Virginia Beach
averaged
5.88%
for the week of 2023-03-17, compared to the national average (all VA variants) of
6.138% for the same period.
Virginia Beach's average VA mortgage closing costs are $6,692.
The average rate for the prior week (2023-03-10) was
6.26% and
one month ago for the week of 2023-02-10, the
average rate was 5.89%.
The average rate one year ago was 3.89%.
For refis of the same type during the week of 2023-03-17, the average rate
was 4.83%.
Virginia Beach VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Virginia Beach level.
The top Virginia Beach VA lender as defined by loan originations is Mortgage Research Center, LLC, with
2,294 VA loans originated. Their average total fees are
$8,701, which is $2,265
lower than the next largest lender,
ATLANTIC BAY MORTGAGE GROUP, L.L.C..
The lowest fee Virginia Beach VA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($5,212), LAKEVIEW LOAN SERVICING, LLC ($5,986), Wells Fargo Bank ($6,665), RELIANCE FIRST CAPITAL, LLC ($6,744) and CAPITAL CENTER, L.L.C. ($6,836).
The lowest rate Virginia Beach VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.26%), NP, Inc. (3.39%), UNION HOME MORTGAGE CORP. (3.40%), Truist (3.40%) and TOWNE MORTGAGE COMPANY (3.41%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $259,950 (4.0%) | $339,423 (4.2%) | 0.96 | 9,291 |
| 2018-02-01 | $259,949 (4.0%) | $337,867 (3.7%) | 0.94 | 9,440 |
| 2018-03-01 | $268,000 (4.3%) | $341,559 (3.1%) | 0.94 | 9,748 |
| 2018-04-01 | $270,995 (3.1%) | $347,779 (2.9%) | 0.92 | 10,135 |
| 2018-05-01 | $275,000 (3.0%) | $353,588 (3.0%) | 0.92 | 10,365 |
| 2018-06-01 | $279,900 (4.5%) | $354,397 (2.8%) | 0.93 | 10,711 |
| 2018-07-01 | $277,950 (4.9%) | $351,904 (3.1%) | 0.93 | 10,856 |
| 2018-08-01 | $275,450 (4.7%) | $350,279 (3.3%) | 0.92 | 10,854 |
| 2018-09-01 | $275,000 (5.8%) | $349,568 (3.2%) | 0.92 | 10,621 |
| 2018-10-01 | $271,000 (2.3%) | $347,087 (1.3%) | 0.92 | 10,557 |
| 2018-11-01 | $269,900 (3.8%) | $346,350 (1.7%) | 0.91 | 10,198 |
| 2018-12-01 | $270,000 (3.9%) | $347,446 (2.3%) | 0.93 | 9,696 |
| 2019-01-01 | $274,450 (5.6%) | $346,479 (2.1%) | 0.95 | 9,190 |
| 2019-02-01 | $275,000 (5.8%) | $343,782 (1.8%) | 0.93 | 8,659 |
| 2019-03-01 | $281,424 (5.0%) | $351,935 (3.0%) | 0.92 | 9,010 |
| 2019-04-01 | $291,995 (7.8%) | $368,666 (6.0%) | 0.93 | 9,373 |
| 2019-05-01 | $295,000 (7.3%) | $370,607 (4.8%) | 0.92 | 9,878 |
| 2019-06-01 | $295,000 (5.4%) | $371,927 (5.0%) | 0.92 | 9,989 |
| 2019-07-01 | $295,000 (6.1%) | $373,554 (6.2%) | 0.92 | 9,821 |
| 2019-08-01 | $293,539 (6.6%) | $373,495 (6.6%) | 0.93 | 9,509 |
| 2019-09-01 | $291,498 (6.0%) | $373,802 (6.9%) | 0.93 | 9,118 |
| 2019-10-01 | $289,906 (7.0%) | $373,411 (7.6%) | 0.94 | 8,811 |
| 2019-11-01 | $290,000 (7.5%) | $374,798 (8.2%) | 0.95 | 8,323 |
| 2019-12-01 | $299,000 (10.7%) | $379,811 (9.3%) | 1.00 | 7,285 |
| 2020-01-01 | $295,450 (7.7%) | $378,488 (9.2%) | 0.99 | 6,791 |
| 2020-02-01 | $299,000 (8.7%) | $381,693 (11.0%) | 0.97 | 6,855 |
| 2020-03-01 | $299,945 (6.6%) | $382,600 (8.7%) | 0.94 | 6,993 |
| 2020-04-01 | $302,450 (3.6%) | $384,999 (4.4%) | 0.95 | 6,975 |
| 2020-05-01 | $311,270 (5.5%) | $394,147 (6.4%) | 0.95 | 6,720 |
| 2020-06-01 | $319,950 (8.5%) | $405,908 (9.1%) | 0.94 | 6,173 |
| 2020-07-01 | $323,612 (9.7%) | $406,848 (8.9%) | 0.94 | 5,868 |
| 2020-08-01 | $324,900 (10.7%) | $412,834 (10.5%) | 0.93 | 5,315 |
| 2020-09-01 | $319,950 (9.8%) | $409,537 (9.6%) | 0.92 | 5,071 |
| 2020-10-01 | $309,900 (6.9%) | $407,696 (9.2%) | 0.89 | 4,794 |
| 2020-11-01 | $304,023 (4.8%) | $407,979 (8.9%) | 0.89 | 4,642 |
| 2020-12-01 | $299,700 (0.2%) | $401,364 (5.7%) | 0.89 | 4,198 |
| 2021-01-01 | $299,900 (1.5%) | $399,836 (5.6%) | 0.90 | 3,750 |
| 2021-02-01 | $299,900 (0.3%) | $403,120 (5.6%) | 0.87 | 3,491 |
| 2021-03-01 | $299,995 (0.0%) | $404,401 (5.7%) | 0.85 | 3,321 |
| 2021-04-01 | $305,000 (0.8%) | $402,930 (4.7%) | 0.82 | 3,501 |
| 2021-05-01 | $305,000 (-2.0%) | $410,598 (4.2%) | 0.80 | 3,567 |
| 2021-06-01 | $305,000 (-4.7%) | $409,613 (0.9%) | 0.80 | 3,861 |
| 2021-07-01 | $305,000 (-5.8%) | $407,657 (0.2%) | 0.80 | 4,133 |
| 2021-08-01 | $299,900 (-7.7%) | $407,024 (-1.4%) | 0.80 | 4,332 |
| 2021-09-01 | $300,000 (-6.2%) | $413,111 (0.9%) | 0.80 | 4,250 |
| 2021-10-01 | $300,000 (-3.2%) | $414,541 (1.7%) | 0.80 | 4,008 |
| 2021-11-01 | $300,000 (-1.3%) | $411,121 (0.8%) | 0.80 | 3,653 |
| 2021-12-01 | $302,450 (0.9%) | $411,159 (2.4%) | 0.82 | 3,103 |
| 2022-01-01 | $312,000 (4.0%) | $420,750 (5.2%) | 0.84 | 2,539 |
| 2022-02-01 | $319,450 (6.5%) | $421,085 (4.5%) | 0.83 | 2,268 |
| 2022-03-01 | $327,000 (9.0%) | $431,234 (6.6%) | 0.82 | 2,230 |
| 2022-04-01 | $339,500 (11.3%) | $445,051 (10.5%) | 0.81 | 2,373 |
| 2022-05-01 | $350,000 (14.8%) | $454,006 (10.6%) | 0.80 | 2,848 |
| 2022-06-01 | $350,000 (14.8%) | $459,494 (12.2%) | 0.78 | 3,239 |
| 2022-07-01 | $350,000 (14.8%) | $467,117 (14.6%) | 0.79 | 3,645 |
| 2022-08-01 | $349,900 (16.7%) | $465,418 (14.4%) | 0.81 | 3,737 |
| 2022-09-01 | $349,400 (16.5%) | $462,350 (11.9%) | 0.81 | 3,643 |
| 2022-10-01 | $359,800 (19.9%) | $470,168 (13.4%) | 0.85 | 3,557 |
| 2022-11-01 | $359,450 (19.8%) | $464,948 (13.1%) | 0.86 | 3,663 |
| 2022-12-01 | $360,000 (19.0%) | $463,533 (12.7%) | 0.89 | 3,364 |
| 2023-01-01 | $367,438 (17.8%) | $466,356 (10.8%) | 0.91 | 3,011 |
| 2023-02-01 | $371,522 (16.3%) | $469,600 (11.5%) | 0.90 | 2,843 |
Virginia Beach's median listing price comes in at 90% of the national average.
Virginia Beach's average listing price for 2023-02-01 was $469,600, a difference of $48,515 (11.5%) versus the prior year and $3,244 versus the prior month.
For the 2023-02-01 period, Virginia Beach had 2,843 MLS listings, a difference of -168 listings (-6%) versus the prior month and 575 listings (25%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 82 days | 1,948 sqft |
| 2018-02-01 | 73 days | 1,940 sqft |
| 2018-03-01 | 54 days | 1,968 sqft |
| 2018-04-01 | 51 days | 1,994 sqft |
| 2018-05-01 | 49 days | 2,000 sqft |
| 2018-06-01 | 51 days | 2,000 sqft |
| 2018-07-01 | 56 days | 2,000 sqft |
| 2018-08-01 | 59 days | 1,999 sqft |
| 2018-09-01 | 64 days | 2,000 sqft |
| 2018-10-01 | 65 days | 1,980 sqft |
| 2018-11-01 | 66 days | 1,979 sqft |
| 2018-12-01 | 73 days | 1,975 sqft |
| 2019-01-01 | 75 days | 1,972 sqft |
| 2019-02-01 | 69 days | 1,984 sqft |
| 2019-03-01 | 55 days | 2,005 sqft |
| 2019-04-01 | 46 days | 2,033 sqft |
| 2019-05-01 | 45 days | 2,035 sqft |
| 2019-06-01 | 50 days | 2,038 sqft |
| 2019-07-01 | 56 days | 2,021 sqft |
| 2019-08-01 | 58 days | 2,006 sqft |
| 2019-09-01 | 59 days | 2,003 sqft |
| 2019-10-01 | 60 days | 2,000 sqft |
| 2019-11-01 | 65 days | 2,002 sqft |
| 2019-12-01 | 71 days | 2,023 sqft |
| 2020-01-01 | 74 days | 2,002 sqft |
| 2020-02-01 | 57 days | 2,001 sqft |
| 2020-03-01 | 47 days | 2,028 sqft |
| 2020-04-01 | 52 days | 2,035 sqft |
| 2020-05-01 | 58 days | 2,054 sqft |
| 2020-06-01 | 53 days | 2,073 sqft |
| 2020-07-01 | 46 days | 2,053 sqft |
| 2020-08-01 | 41 days | 2,050 sqft |
| 2020-09-01 | 41 days | 2,011 sqft |
| 2020-10-01 | 41 days | 1,974 sqft |
| 2020-11-01 | 41 days | 1,936 sqft |
| 2020-12-01 | 47 days | 1,900 sqft |
| 2021-01-01 | 50 days | 1,877 sqft |
| 2021-02-01 | 38 days | 1,841 sqft |
| 2021-03-01 | 31 days | 1,858 sqft |
| 2021-04-01 | 28 days | 1,871 sqft |
| 2021-05-01 | 24 days | 1,867 sqft |
| 2021-06-01 | 26 days | 1,857 sqft |
| 2021-07-01 | 27 days | 1,825 sqft |
| 2021-08-01 | 29 days | 1,800 sqft |
| 2021-09-01 | 32 days | 1,800 sqft |
| 2021-10-01 | 33 days | 1,800 sqft |
| 2021-11-01 | 35 days | 1,768 sqft |
| 2021-12-01 | 39 days | 1,778 sqft |
| 2022-01-01 | 43 days | 1,800 sqft |
| 2022-02-01 | 28 days | 1,800 sqft |
| 2022-03-01 | 23 days | 1,822 sqft |
| 2022-04-01 | 21 days | 1,855 sqft |
| 2022-05-01 | 22 days | 1,887 sqft |
| 2022-06-01 | 24 days | 1,900 sqft |
| 2022-07-01 | 27 days | 1,904 sqft |
| 2022-08-01 | 34 days | 1,918 sqft |
| 2022-09-01 | 37 days | 1,909 sqft |
| 2022-10-01 | 38 days | 1,944 sqft |
| 2022-11-01 | 40 days | 1,945 sqft |
| 2022-12-01 | 50 days | 1,944 sqft |
| 2023-01-01 | 54 days | 1,950 sqft |
| 2023-02-01 | 40 days | 1,952 sqft |
Virginia Beach's median square footage for active listings during the 2023-02-01 period was 1,952 sqft. One year prior, the average listing was 1,800 sqft.