Is Chesapeake, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Chesapeake was a Buyer's Market.
Housing Prices in Chesapeake, VA
How much do homes in Chesapeake, VA cost?
Median Sold Price
$415,000
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Chesapeake was $415,000 in April 2024, up 9.9% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $249.9K | - | N/A |
2 Bedrooms | $220.2K | $303K | +37.6% |
3 Bedrooms | $355K | $427.5K | +20.4% |
4 Bedrooms | $468K | $447.5K | -4.4% |
5+ Bedrooms | $270K | $664K | +145.9% |
Summary: Chesapeake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 37.6%, 3 bedroom homes increased by 20.4%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes increased by 145.9%.
Median Sold Price Compared To Nearby Cities
Mathews | $310K | $350K | +12.9% |
Chesapeake | $377.4K | $415K | +9.9% |
Housing Supply in Chesapeake, VA
How many homes are available in Chesapeake, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,194 | 1,316 | +10.2% |
Summary: The Chesapeake real estate market had 1,316 homes for sale in April 2024, a 10.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 94 | 119 | +26.6% |
3 Bedrooms | 382 | 414 | +8.4% |
4 Bedrooms | 510 | 554 | +8.6% |
5+ Bedrooms | 207 | 228 | +10.1% |
Summary: The Chesapeake housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 26.6%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 10.1%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
298 | 289 | -3.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 289 homes were sold or pending in Chesapeake in April 2024, down by 3.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Chesapeake, VA
How long does it take to sell a home in Chesapeake, VA?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
51 Days | 25 Days | -49.4% |
Summary: Homes in Chesapeake had an average of 25 days on market in Apr 2024, down by 49.4% compared to last year.
Breakdown of Home Sale Times
216 Homes Were Sold
Under 30 Days
52 Homes Were Sold
In 30 - 90 Days
21 Homes Were Sold
Over 90 Days
Summary: During April 2024, 289 homes were sold in Chesapeake; 75% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.