Portsmouth, VA—23707
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 $245,000, with a year-over-year change of -0.1%. This indicates that home prices in Portsmouth, VA are flat. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $245,000 | -0.1% |
| Single Family | $247,000 | -0.4% |
| Condos | $141,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $193,000 | -1.5% |
3 Bed | $255,000 | 0.4% |
4 Bed | $310,000 | 1.3% |
| 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 $1,530, with a year-over-year rent change of 13.3%. Per bedroom, the median rent as of July '25 in Portsmouth, VA is 1-bedrooms: $1,010, 2-bedrooms: $1,280, 3-bedrooms: $1,780, 4-bedrooms: $2,400. The most common rental property sizes in Portsmouth, VA are 2-bedroom and 1-bedroom, accounting for 53.8% and 24.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,450 | $1,530 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $975 | $1,010 |
| 2 Bed Rent | $1,150 | $1,280 |
| 3 Bed Rent | $1,700 | $1,780 |
| 4 Bed Rent | $2,400 | $2,400 |
% 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 41. This is a increase of 5.0% 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 47.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $280,000 | -3.0% |
Listing Count | 51 | 40.0% |
| Listings as % of Homes | 0.4% | 40.0% |
Days on Market | 41 | 5.0% |
Demographics — Portsmouth, VA
As of the latest ACS Survey released in 2023, Portsmouth, VA has a population of 14,300, which has decreased by -6.2% over the past 5 years. Portsmouth, VA is a moderately popular place for families, as children make up 23.4% of the population. The area has a moderately educated workforce, with 26.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,300 | -6.2% |
% Under 18 | 23.4% | -19.6% |
% Seniors | 17.7% | 52.6% |
% WFH | 8.1% | 326.3% |
% w/ College Degree | 26.0% | 27.5% |
As of the latest ACS Survey released in 2023, Portsmouth, VA is a predominantly white area, with 43.4% of the population identifying as white. The white population has shrunk by 3.3% in the last 5 years. The second most common race or ethnicity in Portsmouth, VA is black, making up 41.5% of the population. Foreign-born residents account for 4.7% of the population in Portsmouth, VA, and this percentage has increased by 213.3% 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 | 43.4% | -3.3% |
% Black | 41.5% | -11.5% |
% Hispanic | 3.3% | -19.5% |
% Asian | 3.0% | 400.0% |
% Foreign Born | 4.7% | 213.3% |
Mortgage and Risk — Portsmouth, VA
According to HUD data as of 2023, there were 407 mortgage originations in Portsmouth, VA, of which 37.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 63.0% 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. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 407 |
% Conventional Loans | 37.0% |
% Government Loans | 63.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Portsmouth, VA
As of 2024, the percent of homes in Portsmouth, VA under the Section 8 program is 28.0%. 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. 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 | 1,000 |
Total Units Section 8 | 779 |
% Rentals under Section 8 | 28.0% |
% Occupied Section 8 | 74.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $265 | $975 | $1,240 |
| 2 Bedroom | $270 | $1,150 | $1,420 |
| 3 Bedroom | $280 | $1,700 | $1,980 |
| 4 Bedroom | -$50 | $2,400 | $2,350 |
Affordability — Portsmouth, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $245,000 |
| Median Household Income | $51,100 |