Chesapeake, VA—23320
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chesapeake, VA
As of Oct '25, the median home price in Chesapeake, VA is $380,000, with a year-over-year change of 3.2%. This indicates that home prices in Chesapeake, VA are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $380,000 | 3.2% |
| Single Family | $404,000 | 2.8% |
| Condos | $296,000 | 3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $196,000 | 5.9% |
2 Bed | $253,000 | 2.4% |
3 Bed | $345,000 | 3.3% |
4 Bed | $490,000 | 3.2% |
| 5 Bed | $668,000 | 2.8% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $2,160, with a year-over-year rent change of -4.8%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is studios: $1,750, 1-bedrooms: $1,620, 2-bedrooms: $1,770, 3-bedrooms: $2,280, 4-bedrooms: $2,840. The most common rental property sizes in Chesapeake, VA are 2-bedroom and 3-bedroom, accounting for 53.6% and 19.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,040 | $2,160 |
| Studio Rent | $1,650 | $1,750 |
| 1 Bed Rent | $1,540 | $1,620 |
| 2 Bed Rent | $1,800 | $1,770 |
| 3 Bed Rent | $2,350 | $2,280 |
| 4 Bed Rent | $2,800 | $2,840 |
% of Rental Stock
Property Listings — Chesapeake, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Chesapeake, VA is 36. This is a decrease of -20.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $399,000 | -8.0% |
Listing Count | 132 | -10.0% |
| Listings as % of Homes | 0.4% | -10.0% |
Days on Market | 36 | -20.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 59,600, which has increased by 5.0% over the past 5 years. Chesapeake, VA is a moderately popular place for families, as children make up 19.4% of the population. The area has a moderately educated workforce, with 38.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 59,600 | 5.0% |
% Under 18 | 19.4% | -10.6% |
% Seniors | 15.5% | 15.7% |
% WFH | 11.8% | 227.8% |
% w/ College Degree | 38.3% | 0.5% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly white area, with 49.3% of the population identifying as white. The white population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is black, making up 29.5% of the population. Foreign-born residents account for 8.9% of the population in Chesapeake, VA, and this percentage has increased by 18.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 49.3% | -9.4% |
% Black | 29.5% | -2.6% |
% Hispanic | 9.7% | 38.6% |
% Asian | 5.5% | 1.9% |
% Foreign Born | 8.9% | 18.7% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 1357 mortgage originations in Chesapeake, VA, of which 56.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Chesapeake, VA. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,357 |
% Conventional Loans | 56.0% |
% Government Loans | 44.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 7.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Chesapeake, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 666 |
Total Units Section 8 | 666 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 87.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $270 | $1,540 | $1,810 |
| 2 Bedroom | $270 | $1,800 | $2,070 |
| 3 Bedroom | $530 | $2,350 | $2,880 |
| 4 Bedroom | $630 | $2,800 | $3,430 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $380,000 |
| Median Household Income | $81,700 |