Portsmouth, VA—23704
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 $231,000, with a year-over-year change of -0.5%. This indicates that home prices in Portsmouth, VA are flat. 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 Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $231,000 | -0.5% |
| Single Family | $234,000 | -1.3% |
| Condos | $186,000 | 0.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $136,000 | 5.4% |
2 Bed | $179,000 | -1.6% |
3 Bed | $246,000 | 0.0% |
4 Bed | $294,000 | -0.7% |
| 5 Bed | $331,000 | -0.6% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% 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 43. 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 46.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $276,000 | 6.0% |
Listing Count | 79 | -1.0% |
| Listings as % of Homes | 0.6% | -1.0% |
Days on Market | 43 | 4.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,200 | 7.3% |
% Under 18 | 21.1% | -13.9% |
% Seniors | 15.6% | 11.4% |
% WFH | 6.8% | 277.8% |
% w/ College Degree | 22.2% | 11.6% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $231,000 |
| Median Household Income | $44,700 |