Portsmouth, VA—23701
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Portsmouth, VA
As of Oct '25, the median home price in Portsmouth, VA is $254,000, with a year-over-year change of 0.6%. This indicates that home prices in Portsmouth, VA are flat. 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 | $254,000 | 0.6% |
| Single Family | $254,000 | 0.4% |
| Condos | $131,000 | -2.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $198,000 | 1.0% |
3 Bed | $253,000 | 0.4% |
4 Bed | $312,000 | 1.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Portsmouth, VA
As of July '25, Rentcast reports the average rent in Portsmouth, VA is $1,710, with a year-over-year rent change of 1.2%. Per bedroom, the median rent as of July '25 in Portsmouth, VA is 1-bedrooms: $1,030, 2-bedrooms: $1,380, 3-bedrooms: $1,780, 4-bedrooms: $2,710. The most common rental property sizes in Portsmouth, VA are 2-bedroom and 3-bedroom, accounting for 44.6% and 38.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,660 | $1,710 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,080 | $1,030 |
| 2 Bed Rent | $1,200 | $1,380 |
| 3 Bed Rent | $1,720 | $1,780 |
| 4 Bed Rent | $2,650 | $2,710 |
% of Rental Stock
Property Listings — Portsmouth, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Portsmouth, VA is 38. This is a increase of 14.0% 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 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $275,000 | 2.0% |
Listing Count | 82 | 2.0% |
| Listings as % of Homes | 0.4% | 2.0% |
Days on Market | 38 | 14.0% |
Demographics — Portsmouth, VA
As of the latest ACS Survey released in 2023, Portsmouth, VA has a population of 24,400, which has increased by 1.9% over the past 5 years. Portsmouth, VA is a moderately popular place for families, as children make up 21.4% of the population. The area has a poorly educated workforce, with 22.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,400 | 1.9% |
% Under 18 | 21.4% | 14.4% |
% Seniors | 18.0% | -4.3% |
% WFH | 8.3% | 453.3% |
% w/ College Degree | 22.5% | 29.3% |
As of the latest ACS Survey released in 2023, Portsmouth, VA is a predominantly black area, with 52.8% of the population identifying as black. The black population has grown by 4.1% in the last 5 years. The second most common race or ethnicity in Portsmouth, VA is white, making up 38.5% of the population. Foreign-born residents account for 1.6% of the population in Portsmouth, VA, and this percentage has decreased by 44.8% 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 | 38.5% | -3.5% |
% Black | 52.8% | 4.1% |
% Hispanic | 2.8% | -17.6% |
% Asian | 0.5% | -58.3% |
% Foreign Born | 1.6% | -44.8% |
Mortgage and Risk — Portsmouth, VA
According to HUD data as of 2023, there were 469 mortgage originations in Portsmouth, VA, of which 43.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 54.0% above 90% LTV (very high). This implies large mortgage risk in Portsmouth, VA. Investor activity is low, as 1.0% 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 | 469 |
% Conventional Loans | 43.0% |
% Government Loans | 57.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Portsmouth, VA
As of 2024, the percent of homes in Portsmouth, VA under the Section 8 program is 14.4%. 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 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Portsmouth, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 501 |
Total Units Section 8 | 496 |
% Rentals under Section 8 | 14.4% |
% Occupied Section 8 | 70.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $1,080 | $1,380 |
| 2 Bedroom | $380 | $1,200 | $1,580 |
| 3 Bedroom | $480 | $1,720 | $2,200 |
| 4 Bedroom | -$30 | $2,650 | $2,620 |
Affordability — Portsmouth, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $254,000 |
| Median Household Income | $63,400 |