Chesapeake, VA—23324
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chesapeake, VA
As of Oct '25, the median home price in Chesapeake, VA is $278,000, with a year-over-year change of 2.2%. This indicates that home prices in Chesapeake, VA are increasing. 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 | $278,000 | 2.2% |
| Single Family | $277,000 | 2.2% |
| Condos | $305,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $214,000 | 2.4% |
3 Bed | $271,000 | 1.9% |
4 Bed | $339,000 | 2.7% |
| 5 Bed | $375,000 | 2.7% |
% of Housing Stock
Rental Trends — Chesapeake, VA
As of July '25, Rentcast reports the average rent in Chesapeake, VA is $1,750, with a year-over-year rent change of 2.9%. Per bedroom, the median rent as of July '25 in Chesapeake, VA is 1-bedrooms: $995, 2-bedrooms: $1,360, 3-bedrooms: $1,920, 4-bedrooms: $2,300. The most common rental property sizes in Chesapeake, VA are 3-bedroom and 2-bedroom, accounting for 34.8% and 31.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $1,750 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $925 | $995 |
| 2 Bed Rent | $1,250 | $1,360 |
| 3 Bed Rent | $1,900 | $1,920 |
| 4 Bed Rent | $2,500 | $2,300 |
% of Rental Stock
Property Listings — Chesapeake, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Chesapeake, VA is 36. This is a decrease of -14.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 52.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $308,000 | 9.0% |
Listing Count | 69 | 19.0% |
| Listings as % of Homes | 0.5% | 19.0% |
Days on Market | 36 | -14.0% |
Demographics — Chesapeake, VA
As of the latest ACS Survey released in 2023, Chesapeake, VA has a population of 23,700, which has decreased by -1.8% over the past 5 years. Chesapeake, VA is a popular place for families, as children make up 28.2% of the population. The area has a poorly educated workforce, with 20.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,700 | -1.8% |
% Under 18 | 28.2% | 1.1% |
% Seniors | 12.9% | 22.9% |
% WFH | 7.8% | 143.8% |
% w/ College Degree | 20.6% | 40.1% |
As of the latest ACS Survey released in 2023, Chesapeake, VA is a predominantly black area, with 58.6% of the population identifying as black. The black population has shrunk by 2.8% in the last 5 years. The second most common race or ethnicity in Chesapeake, VA is white, making up 26.8% of the population. Foreign-born residents account for 4.4% of the population in Chesapeake, VA, and this percentage has decreased by 36.2% 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 | 26.8% | -9.2% |
% Black | 58.6% | -2.8% |
% Hispanic | 8.8% | 17.3% |
% Asian | 1.5% | 7.1% |
% Foreign Born | 4.4% | -36.2% |
Mortgage and Risk — Chesapeake, VA
According to HUD data as of 2023, there were 455 mortgage originations in Chesapeake, VA, of which 35.0% of loans were conventional mortgages. The average loan-to-value was 82.0%, with 66.0% above 90% LTV (very high). This implies large mortgage risk in Chesapeake, VA. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 455 |
% Conventional Loans | 35.0% |
% Government Loans | 65.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Chesapeake, VA
As of 2024, the percent of homes in Chesapeake, VA under the Section 8 program is 28.4%. 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 Chesapeake, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,371 |
Total Units Section 8 | 1,112 |
% Rentals under Section 8 | 28.4% |
% Occupied Section 8 | 86.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $325 | $925 | $1,250 |
| 2 Bedroom | $180 | $1,250 | $1,430 |
| 3 Bedroom | $90 | $1,900 | $1,990 |
| 4 Bedroom | -$130 | $2,500 | $2,370 |
Affordability — Chesapeake, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $278,000 |
| Median Household Income | $57,800 |