$3,194 Closing Credit*
$269,000
1,384 SqFt
3 Beds
•2 Full Baths, 1 Partial
#10561848, Kelly Hollowell, Listing Office: BHHS RW Towne Realty
Is Chesapeake, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Chesapeake was a Buyer's Market.
Key Takeaway
Chesapeake is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Chesapeake, VA
How much do homes in Chesapeake, VA cost?
Median Sold Price
$520,000
$208/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$170,000(+48.6%)
Key Takeaway
Homes in Chesapeake have sold for 48.6% more than they did a year ago.
Summary: The median home sold price in Chesapeake was $520,000 in November 2024, up 48.6% from last year, and the median price per square foot was $208.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $149.9K | N/A |
| 2 Bedrooms | $265.5K | $305K | +14.9% |
| 3 Bedrooms | $320K | $520K | +62.5% |
| 4 Bedrooms | $445K | $582.5K | +30.9% |
| 5+ Bedrooms | $710K | $626.5K | -11.8% |
Summary: Chesapeake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 62.5%, 4 bedroom homes increased by 30.9%, and 5+ bedroom homes decreased by 11.8%.
Median Sold Price Compared To Nearby Cities
| Chesapeake | $350K | $520K | +48.6% |
| Mathews | $332.4K | $382.5K | +15.1% |
Housing Supply in Chesapeake, VA
How many homes are available in Chesapeake, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1,323 | 1,323 | 0.0% |
Summary: The Chesapeake real estate market had 1,323 homes for sale in November 2024, the same as October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 111 | 125 | +12.6% |
| 3 Bedrooms | 427 | 433 | +1.4% |
| 4 Bedrooms | 532 | 517 | -2.8% |
| 5+ Bedrooms | 252 | 247 | -2.0% |
Summary: The Chesapeake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 2.8%, and 5+ bedroom homes decreased by 2%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 276 | 219 | -20.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chesapeake, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 219 homes were sold or pending in Chesapeake in November 2024, down by 20.7% month-over-month. Of the 2 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 34 Days | 36 Days | +5.2% |
Summary: Homes in Chesapeake had an average of 36 days on market in Nov 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
120 Homes Were Sold
Under 30 Days
82 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Chesapeake are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 219 homes were sold in Chesapeake; 55% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
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