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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Chesapeake, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chesapeake, VA Housing Market Trends

With 252,488 people, 89,413 houses or apartments, and a median cost of homes of $421,621, Chesapeake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Chesapeake, accounting for 67.89% of the city's housing units. Other types of housing that are prevalent in Chesapeake include large apartment complexes or high rise apartments ( 12.92%), row houses and other attached homes ( 12.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.24%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Chesapeake. Owner-occupied housing accounts for 71.31% of Chesapeake's homes, and 64.88% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Chesapeake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Chesapeake built between 2000 and later ( 26.26%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.39%). There's also some housing in Chesapeake built before 1939 ( 2.20%).

Chesapeake Home Appreciation Rates

Real estate appreciation rates in Chesapeake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.38% during the period.

Appreciation rates are so strong in Chesapeake that despite a nationwide downturn in the housing market, Chesapeake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chesapeake appreciation rates continue to be some of the highest in America, at 8.63%, which is higher than appreciation rates in 91.65% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chesapeake. Chesapeake appreciation rates in the latest quarter were at 5.77%, which equates to an annual appreciation rate of 25.13%.

Importantly, this makes Chesapeake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Virginia, our data show that Chesapeake's latest annual appreciation rate is higher than 80% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Chesapeake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chesapeake - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Chesapeake real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$421,621

Chesapeake, VA Home Prices
> $1,405,000
$1,053,001 - $1,405,000
$703,001 - $1,053,000
$562,001 - $703,000
$422,001 - $562,000
$281,001 - $422,000
$141,001 - $281,000
$70,001 - $141,000
$0 - $70,000
0.4%
0.4%
0.5%
0.5%
7.3%
7.3%
14.1%
14.1%
22.3%
22.3%
30.0%
30.0%
20.6%
20.6%
1.5%
1.5%
3.3%
3.3%
0% 100.0%
% of Homes
High

for Virginia

High

for nation

Number of Homes And Apartments:

89,413

Chesapeake Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,535 / per month

Homeownership Rate

Owners
Renters
Vacant
71.3%
71.3%
28.7%
28.7%
4.9%
4.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
26.3%
26.3%
54.2%
54.2%
17.4%
17.4%
2.2%
2.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.9%
67.9%
12.2%
12.2%
5.2%
5.2%
12.9%
12.9%
1.7%
1.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.5%
0.5%
4.7%
4.7%
21.3%
21.3%
35.8%
35.8%
29.1%
29.1%
8.6%
8.6%
0% 100.0%
% of Homes