Chesapeake, VA—23322
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 $534,000, with a year-over-year change of 3.3%. 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 | $534,000 | 3.3% |
| Single Family | $540,000 | 2.9% |
| Condos | $444,000 | 5.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $292,000 | 3.2% |
3 Bed | $424,000 | 3.9% |
4 Bed | $546,000 | 3.0% |
| 5 Bed | $711,000 | 1.9% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $2,530, with a year-over-year rent change of -9.3%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is 1-bedrooms: $1,300, 2-bedrooms: $2,060, 3-bedrooms: $2,270, 4-bedrooms: $3,110. The most common rental property sizes in Chesapeake, VA are 3-bedroom and 2-bedroom, accounting for 35.5% and 33.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,530 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,300 | $1,300 |
| 2 Bed Rent | $1,950 | $2,060 |
| 3 Bed Rent | $2,200 | $2,270 |
| 4 Bed Rent | $3,100 | $3,110 |
% 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 47. This is a increase of 2.0% from last year, suggesting that homes are sitting on the market longer 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 | $680,000 | 7.0% |
Listing Count | 208 | 18.0% |
| Listings as % of Homes | 0.5% | 18.0% |
Days on Market | 47 | 2.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 66,100, which has remained stable by 0.7% over the past 5 years. Chesapeake, VA is a moderately popular place for families, as children make up 24.2% of the population. The area has a moderately educated workforce, with 41.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 66,100 | 0.7% |
% Under 18 | 24.2% | 0.8% |
% Seniors | 14.3% | 20.2% |
% WFH | 12.4% | 138.5% |
% w/ College Degree | 41.5% | 8.6% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly white area, with 76.5% of the population identifying as white. The white population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is black, making up 8.9% of the population. Foreign-born residents account for 5.2% of the population in Chesapeake, VA, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.5% | -1.3% |
% Black | 8.9% | -27.0% |
% Hispanic | 6.1% | 38.6% |
% Asian | 4.0% | 37.9% |
% Foreign Born | 5.2% | 0.0% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 1695 mortgage originations in Chesapeake, VA, of which 67.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Chesapeake, VA. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,695 |
% Conventional Loans | 67.0% |
% Government Loans | 33.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 1.1%. 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. 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 | 28 |
Total Units Section 8 | 28 |
% Rentals under Section 8 | 1.1% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $690 | $1,300 | $1,990 |
| 2 Bedroom | $330 | $1,950 | $2,280 |
| 3 Bedroom | $970 | $2,200 | $3,170 |
| 4 Bedroom | $680 | $3,100 | $3,780 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $534,000 |
| Median Household Income | $134,000 |