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.
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
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Chesapeake have sold for 9.9% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Chesapeake, you could pay more than the asking price. 100% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Chesapeake are selling fast, if you're buying plan to act quickly.
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.
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.