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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Portsmouth is a neutral's market

Buyer'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

$295,000

$211/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

+$90,000(+43.9%)

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 --
N/A
2 $205K-
N/A
3 -$295K
N/A
4 --
N/A
5+ --
N/A

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
628699+11.3%

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
+40.0%
2 86105
+22.1%
3 338348
+3.0%
4 168201
+19.6%
5+ 3138
+22.6%

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
131113-13.7%

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

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