Portsmouth, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Portsmouth Housing Market Information

With a population of 96,201, 36,757 total housing units (homes and apartments), and a median house value of $176,579, 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 61.92% of the city's housing units. Other types of housing that are prevalent in Portsmouth include large apartment complexes or high rise apartments ( 19.71%), duplexes, homes converted to apartments or other small apartment buildings ( 10.48%), and a few row houses and other attached homes ( 7.25%).

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 53.11% owning and 46.89% 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 46.43% of the city's housing hails from this era. Other housing ages represented in Portsmouth include homes built between 1970-1999 ( 33.23%) and housing constructed before 1939 ( 12.23%). There's also some housing in Portsmouth built between 2000 and later ( 8.11%).

Vacant housing appears to be an issue in Portsmouth. Fully 10.32% 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

Homes have actually lost value in Portsmouth over the last then years, as home values have seen a decline of 21.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Portsmouth home appreciation rates at -0.63%, which equates to an annual appreciation rate of -2.48%.

NeighborhoodScout's data show that during the latest twelve months, Portsmouth's appreciation rate, at 5.24%, has been at or slightly above the national average. In the latest quarter, Portsmouth's appreciation rate has been -0.63%, which annualizes to a rate of -2.48%.

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 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 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

 

Median Home Value:
$176,579

Portsmouth, VA HOME PRICES

Value Range
> $1,013,000 0.4
$760,001 - $1,013,000 0.4
$506,001 - $760,000 1.6
$405,001 - $506,000 1.6
$304,001 - $405,000 5.1
$203,001 - $304,000 21.0
$101,001 - $203,000 56.1
$51,001 - $101,000 9.1
$0 - $51,000 4.6

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
39.3736083440759 55.9556786703601

Number Of Homes And Apartments:
36,757

Portsmouth Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
58.83% 2.72% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,226 / per month

Homeownership Rate

Homeownership
Owners 53.11
Renters 46.89
Vacant 10.32

Housing Market Details

 

Age of Homes

AGE OF Portsmouth HOMES
2000 or Newer 8.1
1970 - 1999 33.2
1940 - 1969 46.4
1939 or Older 12.2

Types of Homes

TYPE OF Portsmouth HOMES
Single-Family 61.9
Townhomes 7.2
Small Apt. Buildings 10.5
Apt. Complexes 19.7
Mobile Homes 0.6
Other 0.1

Home Size

SIZE OF Portsmouth HOMES
No Bedroom 2.16
1 Bedroom 8.64
2 Bedrooms 30.74
3 Bedrooms 42.90
4 Bedrooms 13.54
5 or more bedrooms 2.02