Portsmouth, VA—23703
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 $312,000, with a year-over-year change of 1.3%. This indicates that home prices in Portsmouth, 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 | $312,000 | 1.3% |
| Single Family | $315,000 | 1.3% |
| Condos | $275,000 | 1.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $195,000 | -1.5% |
3 Bed | $306,000 | 1.0% |
4 Bed | $373,000 | 2.5% |
| 5 Bed | $466,000 | 3.1% |
% of Housing Stock
Rental Trends — Portsmouth, VA
As of July '25, Rentcast reports the average rent in Portsmouth, VA is $1,960, with a year-over-year rent change of 1.0%. Per bedroom, the median rent as of July '25 in Portsmouth, VA is 1-bedrooms: $1,060, 2-bedrooms: $1,530, 3-bedrooms: $2,060, 4-bedrooms: $2,790. The most common rental property sizes in Portsmouth, VA are 2-bedroom and 3-bedroom, accounting for 48.3% and 38.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,880 | $1,960 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,030 | $1,060 |
| 2 Bed Rent | $1,500 | $1,530 |
| 3 Bed Rent | $1,900 | $2,060 |
| 4 Bed Rent | $2,750 | $2,790 |
% 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 16.0% 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 | $340,000 | 2.0% |
Listing Count | 63 | -3.0% |
| Listings as % of Homes | 0.3% | -3.0% |
Days on Market | 38 | 16.0% |
Demographics — Portsmouth, VA
As of the latest ACS Survey released in 2023, Portsmouth, VA has a population of 26,400, which has increased by 1.6% over the past 5 years. Portsmouth, VA is a popular place for families, as children make up 25.7% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,400 | 1.6% |
% Under 18 | 25.7% | 14.7% |
% Seniors | 14.0% | -6.0% |
% WFH | 9.9% | 147.5% |
% w/ College Degree | 29.3% | -2.3% |
As of the latest ACS Survey released in 2023, Portsmouth, VA is a predominantly black area, with 46.7% of the population identifying as black. The black population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Portsmouth, VA is white, making up 37.8% of the population. Foreign-born residents account for 3.8% of the population in Portsmouth, VA, and this percentage has decreased by 2.6% 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 | 37.8% | -12.7% |
% Black | 46.7% | -2.1% |
% Hispanic | 7.4% | 60.9% |
% Asian | 1.8% | 12.5% |
% Foreign Born | 3.8% | -2.6% |
Mortgage and Risk — Portsmouth, VA
According to HUD data as of 2023, there were 588 mortgage originations in Portsmouth, VA, of which 48.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 50.0% above 90% LTV (very high). This implies large mortgage risk in Portsmouth, 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 | 588 |
% Conventional Loans | 48.0% |
% Government Loans | 52.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% 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 11.6%. 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 | 389 |
Total Units Section 8 | 379 |
% Rentals under Section 8 | 11.6% |
% Occupied Section 8 | 70.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $400 | $1,030 | $1,430 |
| 2 Bedroom | $140 | $1,500 | $1,640 |
| 3 Bedroom | $380 | $1,900 | $2,280 |
| 4 Bedroom | -$30 | $2,750 | $2,720 |
Affordability — Portsmouth, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $312,000 |
| Median Household Income | $75,800 |