Portsmouth, VA—23702
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 $221,000, with a year-over-year change of -2.3%. This indicates that home prices in Portsmouth, VA are decreasing. 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 | $221,000 | -2.3% |
| Single Family | $221,000 | -2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $183,000 | -5.2% |
3 Bed | $229,000 | -1.7% |
4 Bed | $294,000 | 0.0% |
| 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 $1,640, with a year-over-year rent change of 2.5%. Per bedroom, the median rent as of July '25 in Portsmouth, VA is 1-bedrooms: $912, 2-bedrooms: $1,320, 3-bedrooms: $1,690, 4-bedrooms: $2,400. The most common rental property sizes in Portsmouth, VA are 2-bedroom and 3-bedroom, accounting for 55.6% and 29.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,640 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $950 | $912 |
| 2 Bed Rent | $1,200 | $1,320 |
| 3 Bed Rent | $1,600 | $1,690 |
| 4 Bed Rent | $2,500 | $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 37. This is a increase of 19.0% 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 48.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $226,000 | -4.0% |
Listing Count | 42 | 20.0% |
| Listings as % of Homes | 0.5% | 20.0% |
Days on Market | 37 | 19.0% |
Demographics — Portsmouth, VA
As of the latest ACS Survey released in 2023, Portsmouth, VA has a population of 12,100, which has increased by 9.3% over the past 5 years. Portsmouth, VA is a popular place for families, as children make up 26.1% of the population. The area has a poorly educated workforce, with 9.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,100 | 9.3% |
% Under 18 | 26.1% | -12.4% |
% Seniors | 9.2% | 9.5% |
% WFH | 4.4% | 83.3% |
% w/ College Degree | 9.1% | -26.0% |
As of the latest ACS Survey released in 2023, Portsmouth, VA is a predominantly black area, with 51.3% of the population identifying as black. The black population has grown by 1.4% in the last 5 years. The second most common race or ethnicity in Portsmouth, VA is white, making up 35.1% of the population. Foreign-born residents account for 3.6% of the population in Portsmouth, VA, and this percentage has increased by 16.1% 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 | 35.1% | -9.5% |
% Black | 51.3% | 1.4% |
% Hispanic | 8.1% | 47.3% |
% Asian | 0.9% | 0.0% |
% Foreign Born | 3.6% | 16.1% |
Mortgage and Risk — Portsmouth, VA
According to HUD data as of 2023, there were 294 mortgage originations in Portsmouth, VA, of which 29.0% of loans were conventional mortgages. The average loan-to-value was 84.0%, with 72.0% above 90% LTV (very high). This implies large mortgage risk in Portsmouth, VA. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 294 |
% Conventional Loans | 29.0% |
% Government Loans | 71.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Portsmouth, VA
As of 2024, the percent of homes in Portsmouth, VA under the Section 8 program is 11.5%. 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 | 293 |
Total Units Section 8 | 289 |
% Rentals under Section 8 | 11.5% |
% Occupied Section 8 | 70.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $320 | $950 | $1,270 |
| 2 Bedroom | $250 | $1,200 | $1,450 |
| 3 Bedroom | $420 | $1,600 | $2,020 |
| 4 Bedroom | -$100 | $2,500 | $2,400 |
Affordability — Portsmouth, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $221,000 |
| Median Household Income | $48,300 |