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 Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 a population of 249,422, 86,524 total housing units (homes and apartments), and a median house value of $376,620, 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 67.94% of the city's housing units. Other types of housing that are prevalent in Chesapeake include row houses and other attached homes ( 12.24%), large apartment complexes or high rise apartments ( 11.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.56%).

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 70.81% of Chesapeake's homes, and 65.57% 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 ( 24.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.56%). There's also some housing in Chesapeake built before 1939 ( 2.05%).

Chesapeake Home Appreciation Rates

Chesapeake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chesapeake during the period has been just 3.66%, which is lower than 70% of US communities.

Over the last year, Chesapeake appreciation rates have trailed the rest of the nation. In the last twelve months, Chesapeake's appreciation rate has been 16.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chesapeake were at 6.49%, which equates to an annual appreciation rate of 28.58%.

Relative to Virginia, our data show that Chesapeake's latest annual appreciation rate is lower than 70% 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:
$376,620

Chesapeake, VA HOME PRICES

> $1,287,000
$965,001 - $1,287,000
$643,001 - $965,000
$515,001 - $643,000
$386,001 - $515,000
$257,001 - $386,000
$129,001 - $257,000
$64,001 - $129,000
$0 - $64,000
0.5%
0.5%
0.5%
0.5%
6.1%
6.1%
11.9%
11.9%
22.9%
22.9%
30.1%
30.1%
22.7%
22.7%
1.5%
1.5%
3.9%
3.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for VA

Value Relative To Nation

Number Of Homes And Apartments:
86,524

Chesapeake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
141.58% 4.09%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,983 / per month

Homeownership Rate

Owners
Renters
Vacant
70.8%
70.8%
29.2%
29.2%
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
24.8%
24.8%
55.6%
55.6%
17.6%
17.6%
2.1%
2.1%
0.0% 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%
5.6%
5.6%
12.0%
12.0%
2.3%
2.3%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
4.5%
4.5%
21.2%
21.2%
36.4%
36.4%
29.2%
29.2%
8.3%
8.3%
0.0% 100.0%
% OF HOMES