Is Chesapeake, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Chesapeake was a Buyer's Market.
Key Takeaway
Chesapeake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Chesapeake, VA
How much do homes in Chesapeake, VA cost?
Median Sold Price
$415,000
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Chesapeake have sold for 16.9% more than they did a year ago.
Summary: The median home sold price in Chesapeake was $415,000 in March 2024, up 16.9% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $249.9K | - | N/A |
| 2 Bedrooms | $212.5K | $303K | +42.6% |
| 3 Bedrooms | $399.9K | $410K | +2.5% |
| 4 Bedrooms | $468K | $447.5K | -4.4% |
| 5+ Bedrooms | $270K | $664K | +145.9% |
Summary: Chesapeake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 42.6%, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes increased by 145.9%.
Housing Supply in Chesapeake, VA
How many homes are available in Chesapeake, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,172 | 1,314 | +12.1% |
Summary: The Chesapeake real estate market had 1,314 homes for sale in March 2024, a 12.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 5 | -28.6% |
| 2 Bedrooms | 81 | 101 | +24.7% |
| 3 Bedrooms | 403 | 426 | +5.7% |
| 4 Bedrooms | 478 | 557 | +16.5% |
| 5+ Bedrooms | 203 | 225 | +10.8% |
Summary: The Chesapeake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 24.7%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes increased by 10.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 235 | 261 | +11.1% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chesapeake, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 261 homes were sold or pending in Chesapeake in March 2024, up by 11.1% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 20 Days | 32 Days | +59.5% |
Summary: Homes in Chesapeake had an average of 32 days on market in Mar 2024, up by 59.5% compared to last year.
Breakdown of Home Sale Times
173 Homes Were Sold
Under 30 Days
66 Homes Were Sold
In 30 - 90 Days
22 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 March 2024, 261 homes were sold in Chesapeake; 66% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Copyright © 2024 REIN, Inc - All Rights Reserved. Information Deemed Reliable But Not Guaranteed. 
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
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.