Chesapeake, VA—23321
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 $388,000, 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 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $388,000 | 3.2% |
| Single Family | $405,000 | 2.5% |
| Condos | $274,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $234,000 | 2.6% |
3 Bed | $336,000 | 3.1% |
4 Bed | $467,000 | 2.6% |
| 5 Bed | $580,000 | 1.8% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $2,280, with a year-over-year rent change of 11.8%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is studios: $1,320, 1-bedrooms: $1,450, 2-bedrooms: $1,760, 3-bedrooms: $2,350, 4-bedrooms: $2,940. The most common rental property sizes in Chesapeake, VA are 2-bedroom and 3-bedroom, accounting for 58.6% and 17.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,280 |
| Studio Rent | $1,320 | $1,320 |
| 1 Bed Rent | $1,420 | $1,450 |
| 2 Bed Rent | $1,740 | $1,760 |
| 3 Bed Rent | $2,400 | $2,350 |
| 4 Bed Rent | $2,900 | $2,940 |
% 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 42. This is a decrease of -14.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $458,000 | 2.0% |
Listing Count | 111 | 7.0% |
| Listings as % of Homes | 0.5% | 7.0% |
Days on Market | 42 | -14.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 39,500, which has increased by 11.2% over the past 5 years. Chesapeake, VA is a popular place for families, as children make up 27.2% of the population. The area has a moderately educated workforce, with 39.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,500 | 11.2% |
% Under 18 | 27.2% | 5.4% |
% Seniors | 14.0% | -0.7% |
% WFH | 12.7% | 284.8% |
% w/ College Degree | 39.1% | 15.0% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly white area, with 48.7% of the population identifying as white. The white population has shrunk by 11.3% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is black, making up 36.6% of the population. Foreign-born residents account for 5.6% of the population in Chesapeake, VA, and this percentage has increased by 64.7% 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 | 48.7% | -11.3% |
% Black | 36.6% | 9.3% |
% Hispanic | 4.5% | 2.3% |
% Asian | 3.1% | -3.1% |
% Foreign Born | 5.6% | 64.7% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 805 mortgage originations in Chesapeake, VA, of which 52.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 45.0% 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. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 805 |
% Conventional Loans | 52.0% |
% Government Loans | 48.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 10.1%. 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. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Chesapeake, VA, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 370 |
Total Units Section 8 | 341 |
% Rentals under Section 8 | 10.1% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $1,420 | $1,510 |
| 2 Bedroom | -$10 | $1,740 | $1,730 |
| 3 Bedroom | $10 | $2,400 | $2,410 |
| 4 Bedroom | -$30 | $2,900 | $2,870 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $388,000 |
| Median Household Income | $98,300 |