Chesapeake, VA—23323
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 $412,000, with a year-over-year change of 2.5%. This indicates that home prices in Chesapeake, VA are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $412,000 | 2.5% |
| Single Family | $414,000 | 2.2% |
| Condos | $401,000 | 3.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $246,000 | 3.4% |
3 Bed | $343,000 | 2.7% |
4 Bed | $463,000 | 2.0% |
| 5 Bed | $608,000 | 2.0% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $2,740, with a year-over-year rent change of 6.2%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is 1-bedrooms: $1,480, 2-bedrooms: $1,590, 3-bedrooms: $2,610, 4-bedrooms: $2,930. The most common rental property sizes in Chesapeake, VA are 2-bedroom and 3-bedroom, accounting for 43.5% and 25.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,740 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,480 |
| 2 Bed Rent | $1,300 | $1,590 |
| 3 Bed Rent | $2,600 | $2,610 |
| 4 Bed Rent | $2,900 | $2,930 |
% 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 43. This is a increase of 18.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $477,000 | 7.0% |
Listing Count | 107 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 43 | 18.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 43,400, which has increased by 9.6% over the past 5 years. Chesapeake, VA is a popular place for families, as children make up 28.1% of the population. The area has a moderately educated workforce, with 35.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,400 | 9.6% |
% Under 18 | 28.1% | 9.8% |
% Seniors | 11.3% | 4.6% |
% WFH | 11.0% | 175.0% |
% w/ College Degree | 35.4% | 33.1% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly white area, with 54.4% of the population identifying as white. The white population has grown by 1.5% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is black, making up 28.3% of the population. Foreign-born residents account for 5.2% of the population in Chesapeake, VA, and this percentage has decreased by 7.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 54.4% | 1.5% |
% Black | 28.3% | -14.5% |
% Hispanic | 8.5% | 7.6% |
% Asian | 2.5% | 8.7% |
% Foreign Born | 5.2% | -7.1% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 1040 mortgage originations in Chesapeake, VA, of which 45.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 49.0% 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. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,040 |
% Conventional Loans | 45.0% |
% Government Loans | 55.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 11.0%. 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 | 342 |
Total Units Section 8 | 286 |
% Rentals under Section 8 | 11.0% |
% Occupied Section 8 | 85.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $280 | $1,500 | $1,780 |
| 2 Bedroom | $730 | $1,300 | $2,030 |
| 3 Bedroom | $230 | $2,600 | $2,830 |
| 4 Bedroom | $460 | $2,900 | $3,360 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $412,000 |
| Median Household Income | $106,000 |