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Portsmouth, VA—23704

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$240,000
2.9% YoY Growth
Household Income
$44,700
25.9% YoY Growth
Days on Market
35
4.0% Longer YoY
Home Price Forecast
1.1%
Median Rent
$1,350
3.4% YoY Growth
1-Bed Rent
$1,200
8.0% YoY Growth
2-Bed Rent
$1,300
10.1% YoY Growth
3-Bed Rent
$1,900
6.7% YoY Growth

Other Zip Codes in Portsmouth, VA

23702237072370123703
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Portsmouth, VA

As of May '26, the median home price in Portsmouth, VA is $240,000, with a year-over-year change of -2.9%. This indicates that home prices in Portsmouth, VA are decreasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$240,000-2.9%
Single Family $244,000-2.4%
Condos $191,0000.5%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $144,000
    5.1%
    2 Bed
    		$187,000-0.5%
    3 Bed
    		$254,000-1.6%
    4 Bed
    		$305,000-1.0%
    5 Bed $340,209-1.1%
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    % of Housing Stock

    Studio
    3.1%
    1 Bedroom
    22.4%
    2 Bedrooms
    36.4%
    3 Bedrooms
    25.3%
    4 Bedrooms
    9.6%
    5+ Bedrooms
    3.2%

    Rental Trends — Portsmouth, VA

    As of July '25, Rentcast reports the average rent in Portsmouth, VA is $1,530, with a year-over-year rent change of 3.4%. Per bedroom, the median rent as of July '25 in Portsmouth, VA is studios: $1,300, 1-bedrooms: $1,220, 2-bedrooms: $1,420, 3-bedrooms: $1,900, 4-bedrooms: $2,070. The most common rental property sizes in Portsmouth, VA are 2-bedroom and 1-bedroom, accounting for 39.9% and 34.0% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,350$1,530
    Studio Rent $1,300$1,300
    1 Bed Rent $1,200$1,220
    2 Bed Rent $1,300$1,420
    3 Bed Rent $1,900$1,900
    4 Bed Rent $2,200$2,070
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    % of Rental Stock

    Studio
    4.5%
    1 Bedroom
    34.0%
    2 Bedrooms
    39.9%
    3 Bedrooms
    14.4%
    4 Bedrooms
    5.4%
    5+ Bedrooms
    1.8%

    Property Listings — Portsmouth, VA

    As of May '26, Realtor.com reports that the median days on market for a home in Portsmouth, VA is 35. This is a increase of 4.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$275,0007.0%
    Listing Count
    		64-5.0%
    Listings as % of Homes0.6%-5.0%
    Days on Market
    		354.0%
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    Demographics — Portsmouth, VA

    As of the latest ACS Survey released in 2023, Portsmouth, VA has a population of 19,200, which has increased by 7.3% over the past 5 years. Portsmouth, VA is a moderately popular place for families, as children make up 21.1% of the population. The area has a poorly educated workforce, with 22.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.8% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		19,2007.3%
    % Under 18
    		21.1%-13.9%
    % Seniors
    		15.6%11.4%
    % WFH
    		6.8%277.8%
    % w/ College Degree
    		22.2%11.6%
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    As of the latest ACS Survey released in 2023, Portsmouth, VA is a predominantly black area, with 66.9% of the population identifying as black. The black population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Portsmouth, VA is white, making up 23.6% of the population. Foreign-born residents account for 2.0% of the population in Portsmouth, VA, and this percentage has decreased by 44.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		23.6%11.8%
    % Black
    		66.9%-5.1%
    % Hispanic
    		3.7%8.8%
    % Asian
    		1.7%-5.6%
    % Foreign Born
    		2.0%-44.4%
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    Mortgage and Risk — Portsmouth, VA

    According to HUD data as of 2023, there were 464 mortgage originations in Portsmouth, VA, of which 36.0% of loans were conventional mortgages. The average loan-to-value was 81.0%, with 61.0% above 90% LTV (very high). This implies large mortgage risk in Portsmouth, VA. Investor activity is low, as 6.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		464
    % Conventional Loans
    		36.0%
    % Government Loans
    		64.0%
    % Investor Loans
    		6.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		9.0%
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    Rentals and Section 8 — Portsmouth, VA

    As of 2024, the percent of homes in Portsmouth, VA under the Section 8 program is 28.9%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Portsmouth, 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
    		1,665
    Total Units Section 8
    		1,532
    % Rentals under Section 8
    		28.9%
    % Occupied Section 8
    		76.7%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$160$1,200$1,360
    2 Bedroom$250$1,300$1,550
    3 Bedroom$260$1,900$2,160
    4 Bedroom$370$2,200$2,570

    Affordability — Portsmouth, VA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio4.9
    Median Home Price$240,000
    Median Household Income$44,700

    Portsmouth, VA — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    23709

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    Frequently Asked Questions