Is Portsmouth, VA a buyer’s or seller’s market?

Housing Market Conditions



Gauge showing Portsmouth is a neutral's market


Difference Since Last Month

Last month, Portsmouth was a Seller's Market.

Key Takeaway

Portsmouth 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 Portsmouth, VA

How much do homes in Portsmouth, VA cost?

Median Sold Price



Based on all homes sold in March 2024.

Difference Since Last Month


Key Takeaway

Homes in Portsmouth have sold for 43.9% more than they did a month ago.

Summary: The median home sold price in Portsmouth was $295,000 in March 2024, up 43.9% from last month, and the median price per square foot was $211.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
2 $205K-
3 -$295K
4 --
5+ --

Summary: Portsmouth housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in Portsmouth, VA

How many homes are available in Portsmouth, VA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE

Summary: The Portsmouth real estate market had 699 homes for sale in March 2024, a 11.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 57
2 86105
3 338348
4 168201
5+ 3138

Summary: The Portsmouth housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 22.1%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 19.6%, and 5+ bedroom homes increased by 22.6%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Portsmouth, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 113 homes were sold or pending in Portsmouth in March 2024, down by 13.7% 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 Portsmouth, VA

How long does it take to sell a home in Portsmouth, VA?

Average Sale Time

Feb 2024Mar 2024CHANGE
42 Days37 Days-11.2%

Summary: Homes in Portsmouth had an average of 37 days on market in Mar 2024, down by 11.2% compared to last month.

Breakdown of Home Sale Times

69 Homes Were Sold
Under 30 Days

32 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Portsmouth are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 113 homes were sold in Portsmouth; 61% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Portsmouth, VA

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