Portsmouth, VA Real Estate Data

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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Portsmouth Housing Market Information

With 94,398 people, 36,471 houses or apartments, and a median cost of homes of $188,268, Portsmouth real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Portsmouth, accounting for 61.30% of the city's housing units. Other types of housing that are prevalent in Portsmouth include large apartment complexes or high rise apartments ( 19.06%), duplexes, homes converted to apartments or other small apartment buildings ( 10.62%), and a few row houses and other attached homes ( 7.98%).

The most prevalent building size and type in Portsmouth are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.32% owning and 47.68% 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 42.84% of the city's housing hails from this era. Other housing ages represented in Portsmouth include homes built between 1970-1999 ( 35.09%) and housing constructed before 1939 ( 12.83%). There's also some housing in Portsmouth built between 2000 and later ( 9.25%).

Vacant housing appears to be an issue in Portsmouth. Fully 10.82% of the housing stock is classified as vacant. Left unchecked, vacant Portsmouth homes and apartments can be a drag on the real estate market, holding Portsmouth real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Portsmouth Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Portsmouth, where house values have increased just 2.58%, which is annualized rate of 0.26%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 3.17%, 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 1.93%, which equates to an annual appreciation rate of 7.93%.

Relative to Virginia, our data show that Portsmouth's latest annual appreciation rate is lower than 50% 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 2000, to assist you in making the best Portsmouth real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$188,268

Portsmouth, VA HOME PRICES

> $1,146,000
0.4%
0.4%
$859,001 - $1,146,000
0.3%
0.3%
$573,001 - $859,000
0.8%
0.8%
$458,001 - $573,000
1.6%
1.6%
$344,001 - $458,000
4.7%
4.7%
$229,001 - $344,000
23.5%
23.5%
$115,001 - $229,000
55.6%
55.6%
$57,001 - $115,000
10.1%
10.1%
$0 - $57,000
3.0%
3.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Low for VA

Value Relative To Nation

Number Of Homes And Apartments:
36,471

Portsmouth Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
83.41% 2.97%
6
7
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,448 / per month

Homeownership Rate

Owners
52.3%
52.3%
Renters
47.7%
47.7%
Vacant
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
9.2%
9.2%
1970 - 1999
35.1%
35.1%
1940 - 1969
42.8%
42.8%
1939 or Older
12.8%
12.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.3%
61.3%
Townhomes
8.0%
8.0%
Small Apt. Buildings
10.6%
10.6%
Apt. Complexes
19.1%
19.1%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.0%
1.0%
1 Bedroom
7.9%
7.9%
2 Bedrooms
32.8%
32.8%
3 Bedrooms
41.6%
41.6%
4 Bedrooms
14.3%
14.3%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES