Are you looking to invest in Virginia Beach, VA?
Real estate investing can provide great returns in the City of Virginia Beach. Its superb location along with its local developments and market situation prove that you could grow your hard-earned dollars in this area.
Many property investors are interested in this coastal city. The booming industries, highly-desirable neighborhoods, and growing population make it a prime area for rental investments.
In this article, we are going to list the top reasons why you should invest in Virginia Beach, VA real estate.
1. Growing Job Market
The biggest-growing employment sectors in Virginia Beach include trade, construction, tech and transportation. The hospitality industry will be heading towards recovery as well. This means that there’s a steady decrease in unemployment.
Some of the major employers in the city include Sentara Healthcare, GEICO General Insurance Company, and Naval Air Station Oceana Dam-Neck. At the same time, the top industries cover sectors like IT services, defense, advanced manufacturing, and biomedical research.
2. Healthy Real Estate Sector
According to the Housing Market Trends Report by Realtor, Virginia Beach has shown major improvement in the time that takes to sell a home. For instance, an average home was sold 22 days faster in October 2020 compared to the previous year.
In addition, average home values have been significantly increasing over the years. The residential property values in Virginia Beach grew almost 17% between 2015 and 2020.