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 216 lenders originated 11,390 VA loans during 2023. The total origination value was $4,097,990,000, with an average VA loan value of $359,788.
Virginia Beach VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Virginia Beach
averaged
6.84%
for the week of 2024-04-19, compared to the national average (all VA variants) of
6.758% for the same period.
Virginia Beach's average VA mortgage closing costs are $7,058.
The average rate for the prior week (2024-04-12) was
6.87% and
one month ago for the week of 2024-03-15, the
average rate was 6.33%.
The average rate one year ago was 6.22%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.87%.
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
1,595 VA loans originated. Their average total fees are
$8,517, which is $1,771
lower than the next largest lender,
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.
The lowest fee Virginia Beach VA lenders (with over 10 loans originated) are
DRAGAS MORTGAGE COMPANY ($7,523), Wells Fargo Bank ($7,754), EAGLE HOME MORTGAGE, LLC ($7,785), HOMESPIRE MORTGAGE CORPORATION ($7,851) and Barrington Bank & Trust Company, N.A. ($8,017).
The lowest rate Virginia Beach VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.30%), NVR Mortgage Finance, Inc. (5.53%), BNC National Bank (5.55%), PENNYMAC LOAN SERVICES, LLC (5.55%) and U.S. Bank (5.71%).
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%) | $339,419 (4.2%) | 0.96 | 9,291 |
| 2018-02-01 | $259,949 (4.0%) | $337,864 (3.7%) | 0.94 | 9,440 |
| 2018-03-01 | $268,000 (4.3%) | $341,532 (3.0%) | 0.94 | 9,748 |
| 2018-04-01 | $270,973 (3.1%) | $347,750 (2.9%) | 0.92 | 10,134 |
| 2018-05-01 | $275,000 (3.0%) | $353,561 (3.0%) | 0.92 | 10,364 |
| 2018-06-01 | $279,900 (4.5%) | $354,376 (2.8%) | 0.93 | 10,711 |
| 2018-07-01 | $277,950 (4.9%) | $351,885 (3.1%) | 0.93 | 10,856 |
| 2018-08-01 | $275,450 (4.7%) | $350,261 (3.3%) | 0.92 | 10,855 |
| 2018-09-01 | $275,000 (5.8%) | $349,565 (3.2%) | 0.92 | 10,622 |
| 2018-10-01 | $271,125 (2.4%) | $347,084 (1.2%) | 0.92 | 10,558 |
| 2018-11-01 | $269,913 (3.8%) | $346,347 (1.7%) | 0.92 | 10,200 |
| 2018-12-01 | $270,000 (3.9%) | $347,443 (2.3%) | 0.93 | 9,698 |
| 2019-01-01 | $274,495 (5.6%) | $346,475 (2.1%) | 0.95 | 9,192 |
| 2019-02-01 | $275,000 (5.8%) | $343,782 (1.8%) | 0.93 | 8,662 |
| 2019-03-01 | $281,424 (5.0%) | $351,931 (3.0%) | 0.92 | 9,013 |
| 2019-04-01 | $291,995 (7.8%) | $368,650 (6.0%) | 0.93 | 9,376 |
| 2019-05-01 | $295,000 (7.3%) | $370,594 (4.8%) | 0.92 | 9,881 |
| 2019-06-01 | $295,000 (5.4%) | $371,915 (5.0%) | 0.92 | 9,990 |
| 2019-07-01 | $295,000 (6.1%) | $373,546 (6.2%) | 0.92 | 9,822 |
| 2019-08-01 | $293,539 (6.6%) | $373,489 (6.6%) | 0.93 | 9,509 |
| 2019-09-01 | $291,498 (6.0%) | $373,799 (6.9%) | 0.93 | 9,119 |
| 2019-10-01 | $289,906 (6.9%) | $373,411 (7.6%) | 0.94 | 8,811 |
| 2019-11-01 | $290,000 (7.4%) | $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 (7.6%) | $378,488 (9.2%) | 0.99 | 6,791 |
| 2020-02-01 | $299,000 (8.7%) | $381,675 (11.0%) | 0.98 | 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%) | $401,424 (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%) | $403,108 (5.6%) | 0.87 | 3,491 |
| 2021-03-01 | $299,995 (0.0%) | $404,401 (5.7%) | 0.85 | 3,320 |
| 2021-04-01 | $305,000 (0.8%) | $402,911 (4.7%) | 0.83 | 3,501 |
| 2021-05-01 | $305,000 (-2.0%) | $410,598 (4.2%) | 0.81 | 3,567 |
| 2021-06-01 | $305,000 (-4.7%) | $409,582 (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%) | $407,012 (-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%) | $414,569 (1.7%) | 0.80 | 4,008 |
| 2021-11-01 | $300,000 (-1.3%) | $411,152 (0.8%) | 0.80 | 3,652 |
| 2021-12-01 | $302,450 (0.9%) | $411,186 (2.4%) | 0.82 | 3,102 |
| 2022-01-01 | $312,250 (4.1%) | $420,688 (5.2%) | 0.84 | 2,541 |
| 2022-02-01 | $319,450 (6.5%) | $421,048 (4.5%) | 0.83 | 2,271 |
| 2022-03-01 | $327,000 (9.0%) | $431,180 (6.6%) | 0.82 | 2,232 |
| 2022-04-01 | $339,500 (11.3%) | $444,919 (10.4%) | 0.81 | 2,377 |
| 2022-05-01 | $349,998 (14.8%) | $453,803 (10.5%) | 0.80 | 2,852 |
| 2022-06-01 | $350,000 (14.8%) | $459,304 (12.1%) | 0.78 | 3,241 |
| 2022-07-01 | $350,000 (14.8%) | $466,969 (14.6%) | 0.79 | 3,648 |
| 2022-08-01 | $349,900 (16.7%) | $465,105 (14.3%) | 0.81 | 3,741 |
| 2022-09-01 | $348,950 (16.3%) | $462,051 (11.9%) | 0.82 | 3,647 |
| 2022-10-01 | $359,900 (20.0%) | $470,183 (13.4%) | 0.85 | 3,560 |
| 2022-11-01 | $359,450 (19.8%) | $464,858 (13.1%) | 0.86 | 3,666 |
| 2022-12-01 | $360,000 (19.0%) | $463,615 (12.8%) | 0.89 | 3,366 |
| 2023-01-01 | $366,918 (17.5%) | $466,278 (10.8%) | 0.91 | 3,012 |
| 2023-02-01 | $371,587 (16.3%) | $469,525 (11.5%) | 0.90 | 2,843 |
| 2023-03-01 | $373,450 (14.2%) | $474,770 (10.1%) | 0.88 | 2,749 |
| 2023-04-01 | $384,000 (13.1%) | $489,174 (10.0%) | 0.89 | 2,776 |
| 2023-05-01 | $386,950 (10.6%) | $499,832 (10.1%) | 0.88 | 2,778 |
| 2023-06-01 | $395,000 (12.9%) | $517,611 (12.7%) | 0.89 | 2,929 |
| 2023-07-01 | $394,900 (12.8%) | $512,143 (9.7%) | 0.90 | 3,056 |
| 2023-08-01 | $383,600 (9.6%) | $499,842 (7.5%) | 0.88 | 3,694 |
| 2023-09-01 | $379,500 (8.8%) | $495,508 (7.2%) | 0.88 | 3,556 |
| 2023-10-01 | $374,450 (4.0%) | $477,415 (1.5%) | 0.88 | 3,487 |
| 2023-11-01 | $377,000 (4.9%) | $479,796 (3.2%) | 0.90 | 3,623 |
| 2023-12-01 | $375,000 (4.2%) | $478,951 (3.3%) | 0.91 | 3,492 |
| 2024-01-01 | $375,000 (2.2%) | $482,465 (3.5%) | 0.92 | 3,141 |
| 2024-02-01 | $384,504 (3.5%) | $491,606 (4.7%) | 0.93 | 3,106 |
| 2024-03-01 | $391,410 (4.8%) | $512,736 (8.0%) | 0.92 | 3,142 |
Virginia Beach's median listing price comes in at 92% of the national average.
Virginia Beach's average listing price for 2024-03-01 was $512,736, a difference of $37,966 (8.0%) versus the prior year and $21,130 versus the prior month.
For the 2024-03-01 period, Virginia Beach had 3,142 MLS listings, a difference of 36 listings (1%) versus the prior month and 393 listings (14%) 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 | 78 days | 1,948 sqft |
| 2018-02-01 | 67 days | 1,940 sqft |
| 2018-03-01 | 51 days | 1,968 sqft |
| 2018-04-01 | 47 days | 1,994 sqft |
| 2018-05-01 | 46 days | 2,000 sqft |
| 2018-06-01 | 47 days | 2,000 sqft |
| 2018-07-01 | 52 days | 2,000 sqft |
| 2018-08-01 | 57 days | 1,999 sqft |
| 2018-09-01 | 59 days | 2,000 sqft |
| 2018-10-01 | 61 days | 1,980 sqft |
| 2018-11-01 | 62 days | 1,979 sqft |
| 2018-12-01 | 70 days | 1,975 sqft |
| 2019-01-01 | 72 days | 1,972 sqft |
| 2019-02-01 | 63 days | 1,984 sqft |
| 2019-03-01 | 48 days | 2,004 sqft |
| 2019-04-01 | 43 days | 2,033 sqft |
| 2019-05-01 | 43 days | 2,035 sqft |
| 2019-06-01 | 45 days | 2,038 sqft |
| 2019-07-01 | 52 days | 2,021 sqft |
| 2019-08-01 | 54 days | 2,005 sqft |
| 2019-09-01 | 56 days | 2,002 sqft |
| 2019-10-01 | 57 days | 2,000 sqft |
| 2019-11-01 | 59 days | 2,001 sqft |
| 2019-12-01 | 66 days | 2,023 sqft |
| 2020-01-01 | 70 days | 2,001 sqft |
| 2020-02-01 | 50 days | 2,001 sqft |
| 2020-03-01 | 44 days | 2,028 sqft |
| 2020-04-01 | 48 days | 2,035 sqft |
| 2020-05-01 | 53 days | 2,053 sqft |
| 2020-06-01 | 48 days | 2,073 sqft |
| 2020-07-01 | 42 days | 2,053 sqft |
| 2020-08-01 | 38 days | 2,050 sqft |
| 2020-09-01 | 38 days | 2,012 sqft |
| 2020-10-01 | 39 days | 1,974 sqft |
| 2020-11-01 | 39 days | 1,936 sqft |
| 2020-12-01 | 45 days | 1,899 sqft |
| 2021-01-01 | 46 days | 1,876 sqft |
| 2021-02-01 | 35 days | 1,843 sqft |
| 2021-03-01 | 29 days | 1,860 sqft |
| 2021-04-01 | 26 days | 1,871 sqft |
| 2021-05-01 | 23 days | 1,867 sqft |
| 2021-06-01 | 25 days | 1,856 sqft |
| 2021-07-01 | 26 days | 1,824 sqft |
| 2021-08-01 | 28 days | 1,800 sqft |
| 2021-09-01 | 31 days | 1,800 sqft |
| 2021-10-01 | 31 days | 1,800 sqft |
| 2021-11-01 | 32 days | 1,769 sqft |
| 2021-12-01 | 37 days | 1,779 sqft |
| 2022-01-01 | 40 days | 1,800 sqft |
| 2022-02-01 | 26 days | 1,800 sqft |
| 2022-03-01 | 22 days | 1,821 sqft |
| 2022-04-01 | 19 days | 1,855 sqft |
| 2022-05-01 | 21 days | 1,887 sqft |
| 2022-06-01 | 23 days | 1,900 sqft |
| 2022-07-01 | 26 days | 1,904 sqft |
| 2022-08-01 | 33 days | 1,916 sqft |
| 2022-09-01 | 37 days | 1,908 sqft |
| 2022-10-01 | 37 days | 1,944 sqft |
| 2022-11-01 | 39 days | 1,945 sqft |
| 2022-12-01 | 49 days | 1,943 sqft |
| 2023-01-01 | 52 days | 1,949 sqft |
| 2023-02-01 | 38 days | 1,952 sqft |
| 2023-03-01 | 38 days | 1,965 sqft |
| 2023-04-01 | 30 days | 2,000 sqft |
| 2023-05-01 | 29 days | 2,008 sqft |
| 2023-06-01 | 29 days | 2,027 sqft |
| 2023-07-01 | 33 days | 2,005 sqft |
| 2023-08-01 | 31 days | 1,961 sqft |
| 2023-09-01 | 36 days | 1,971 sqft |
| 2023-10-01 | 39 days | 1,927 sqft |
| 2023-11-01 | 38 days | 1,941 sqft |
| 2023-12-01 | 45 days | 1,938 sqft |
| 2024-01-01 | 50 days | 1,921 sqft |
| 2024-02-01 | 36 days | 1,934 sqft |
| 2024-03-01 | 34 days | 1,953 sqft |
Virginia Beach's median square footage for active listings during the 2024-03-01 period was 1,953 sqft. One year prior, the average listing was 1,965 sqft.