All across the country, the housing market is hot. Virginia Beach is no exception as homes are typically selling for about 2% above the listing price.

Homes don’t stay on the market long either, at just 17 days, although we’re seeing more selling within the first week of listing. Many homes are receiving multiple offers, including those with no contingencies.

If you are looking to buy, you will likely see competitive and above-market bids for properties. Buyers need to make an offer as attractive as possible. Pre-qualifying for a mortgage in Virginia Beach may be the difference in buying the home of your dreams.

The average home price is $315,000, but there are plenty of homes in the $5 million and up category. What will $5 million get you in Virginia Beach? Here are six of the most expensive homes on the market at the start of July.

1501 Oak Hill Court, Virginia Beach VA

Asking Price: $11,800,000
This 7-bedroom, 6 and a half bath home comes in at more than 10,800 square feet. Sellers call it a deep waterfront oasis on the shore of Linkhorn Bay near the Chesapeake Bay and the Atlantic Ocean. The home sits on nearly 4 acres of the point. With private boating access and an IP dock and boat lift.

1601 Spring House Trail, Virginia Beach VA

Asking Price: $6,795,000
Another deep waterfront property in Virginia Beach, this 5 bed, 7 bath home features a gated entry leading to 10 acres on a point that overlooks the Lynnhaven River. With 6,400 square feet of elegantly designed interior space, the 1601 Spring House Trail is adorned with wrap-around decks on all three floors with spectacular views of the waterfront. The home also has elevator access to each floor.

1357 Harris Road, Virginia Beach VA

Asking Price: $6,150,000
A gated waterfront estate with 6 bedrooms and 8 bathrooms, this home sit on 5 acres. One of the biggest homes in the Virginia Beach area, it features an incredible 15,045 square feet of living space, including a gym, media room, massage room, pool, and greenhouse. If you’re a car lover or collector, you’ll love the 18-car garage and barn with unfinished guest quarters. The home also has waterfront access and spectacular waterfront views.

1805 Estates Ct, Virginia Beach VA

Asking Price: $5,995,000
This property spans more than 8 acres on Great Neck Point in a highly desirable area with a pending application for subdividing of several waterfront lots. The existing home is a small cottage that is in “distressed condition” and features 3 beds, 2 baths, and 1,670 square feet of living space. The property is ripe for development in one of the last undeveloped lots in the area.

7100 Ocean Front Ave, Virginia Beach VA

Asking Price: $5,800,000
This oceanfront home on a corner lot has expansive ocean views. 5 bedrooms and 5 baths are included in the 4,640 square foot home with lots of privacy. Modern architecture adorns this newer brick home with touches of mahogany, tigerwood, and soapstone throughout. Designed with hurricane windows and a whole home generator, you’ll be prepared for any type of weather in luxury.

2833 Princess Anne Rd, Virginia Beach VA

Asking Price: $5,777,000
This 5-bedroom, 2 bath home has views of the lake and the Virginia Beach National Golf Course and is listed at 2,850 square feet. The property is just less than an acre, surrounded by woods, and is ripe for development.

Buying a $5 Million Home

So, how much does it cost to buy a $5 million home in Virginia Beach? If you have the means to put 20% down — and that’s a cool million dollars right there — your monthly mortgage payment in Virginia Beach would be slightly less than $19,000 a month at today’s rates. Of course, that does not include taxes or insurance on the property.

Property taxes are likely based on assessed values well below current market rates. For example, 1501 Oak Hill Court, which is listed for $11.9 million is assessed at $2.9 million. Property taxes in 2020 were less than $30,000 for the year.

At the other end of the spectrum is the property on Princess Anne Road. Well selling for $5.7 million, the assessed value with land and building is just $282,700. 2020 property taxes were just $2,876 for the year.

If you’re worried about paying the mortgage or the property taxes, these homes probably are not for you.

In Virginia Beach, you’re buying more than just a home at these prices. You’re paying a premium for the land, the magnificent views, and access to the waterways. Many people are buying the pricey lots and doing extensive renovations before moving in, even in some of the beautiful homes that already exist.