Chesapeake, VA—23325
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 $317,000, with a year-over-year change of 1.7%. 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 | $317,000 | 1.7% |
| Single Family | $319,000 | 1.6% |
| Condos | $269,000 | 3.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $239,000 | 2.1% |
3 Bed | $295,000 | 1.0% |
4 Bed | $389,000 | 3.5% |
| 5 Bed | $435,000 | 1.9% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $2,000, with a year-over-year rent change of 18.3%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is 1-bedrooms: $1,350, 2-bedrooms: $1,360, 3-bedrooms: $1,970, 4-bedrooms: $2,730. The most common rental property sizes in Chesapeake, VA are 2-bedroom and 3-bedroom, accounting for 62.9% and 26.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,350 |
| 2 Bed Rent | $1,400 | $1,360 |
| 3 Bed Rent | $2,100 | $1,970 |
| 4 Bed Rent | $2,700 | $2,730 |
% 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 39. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $300,000 | 1.0% |
Listing Count | 26 | -5.0% |
| Listings as % of Homes | 0.3% | -5.0% |
Days on Market | 39 | 1.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 19,200, which has increased by 17.7% over the past 5 years. Chesapeake, VA is a moderately popular place for families, as children make up 20.9% of the population. The area has a moderately educated workforce, with 27.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,200 | 17.7% |
% Under 18 | 20.9% | -7.1% |
% Seniors | 16.4% | 3.8% |
% WFH | 9.8% | 226.7% |
% w/ College Degree | 27.9% | 19.2% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly black area, with 46.4% of the population identifying as black. The black population has grown by 19.0% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is white, making up 39.5% of the population. Foreign-born residents account for 6.3% of the population in Chesapeake, VA, and this percentage has increased by 46.5% 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 | 39.5% | -20.8% |
% Black | 46.4% | 19.0% |
% Hispanic | 7.4% | 54.2% |
% Asian | 4.0% | 37.9% |
% Foreign Born | 6.3% | 46.5% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 300 mortgage originations in Chesapeake, VA, of which 49.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 52.0% 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. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 300 |
% Conventional Loans | 49.0% |
% Government Loans | 51.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 4.0%. 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 | 271 |
Total Units Section 8 | 115 |
% Rentals under Section 8 | 4.0% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $440 | $1,100 | $1,540 |
| 2 Bedroom | $360 | $1,400 | $1,760 |
| 3 Bedroom | $350 | $2,100 | $2,450 |
| 4 Bedroom | $210 | $2,700 | $2,910 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $317,000 |
| Median Household Income | $73,700 |