Portsmouth appreciation rates and housing market information

Portsmouth housing market information

With 100,565 people, 41,605 houses or apartments, and a median cost of homes of $200,559, Portsmouth real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Portsmouth, accounting for 62.71% of the city's housing units. Other types of housing that are prevalent in Portsmouth include large apartment complexes or high rise apartments (17.02%), duplexes, homes converted to apartments, or other small apartment buildings (11.41%), and a few row houses and other attached homes (8.37%).

The most prevalent building size and type in Portsmouth are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 53.71% owning, and 38.03% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Portsmouth's housing was primarily built during this period, from the '40s through the '60s. A full 53.03% of the city's housing hails from this era. Other housing ages represented in Portsmouth include homes built between 1970-1994 (29.86%), and housing constructed from 1939 and earlier (12.80%). There's also some housing in Portsmouth built between 1995 and later (4.31%).

Portsmouth home appreciation rates

In the last 10 years, Portsmouth has experienced some of the highest home appreciation rates of any community in the nation. Portsmouth real estate appreciated 118.50% over the last ten years, which is an average annual home appreciation rate of 11.85%, putting Portsmouth in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Portsmouth definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Portsmouth appreciation rates have trailed the rest of the nation. In the last twelve months, Portsmouth's appreciation rate has been -4.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Portsmouth were at -1.27%, which equates to an annual appreciation rate of -5.08%.

Notably, Portsmouth's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Portsmouth's latest annual appreciation rate is higher than 21% 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 Portsmouth differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Portsmouth - 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 1990, to assist you in making the best Portsmouth real estate investment or home purchase decisions.