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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chesapeake is a neutral'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

# BEDSNov 2023Nov 2024CHANGE
1 -$149.9K
N/A
2 $265.5K$305K
+14.9%
3 $320K$520K
+62.5%
4 $445K$582.5K
+30.9%
5+ $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
+48.6%
Mathews
+15.1%

Housing Supply in Chesapeake, VA

How many homes are available in Chesapeake, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1,3231,3230.0%

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

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 111125
+12.6%
3 427433
+1.4%
4 532517
-2.8%
5+ 252247
-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 2024Nov 2024CHANGE
276219-20.7%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2023Nov 2024CHANGE
34 Days36 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

Breakdown of Home Sale Times

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.

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

Report Updated 20 Days Ago

Newest Listings in Chesapeake, VA

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