$2,945 Closing Credit*
$248,000
1,345 SqFt
2 Beds
•2 Full Baths, 1 Partial
#10559944, Durene High, Listing Office: Long & Foster Real Estate Inc.
Is Chesapeake, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$455,000
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$55,100(+13.8%)
Key Takeaway
Homes in Chesapeake have sold for 13.8% more than they did a year ago.
Summary: The median home sold price in Chesapeake was $455,000 in October 2024, up 13.8% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $149.9K | N/A |
| 2 Bedrooms | $228K | $305K | +33.8% |
| 3 Bedrooms | $374.9K | $410K | +9.3% |
| 4 Bedrooms | $445K | $590K | +32.6% |
| 5+ Bedrooms | $710K | $635K | -10.6% |
Summary: Chesapeake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 33.8%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 32.6%, and 5+ bedroom homes decreased by 10.6%.
Median Sold Price Compared To Nearby Cities
| Port Haywood | $272.4K | $330K | +21.1% |
| Chesapeake | $399.9K | $455K | +13.8% |
Housing Supply in Chesapeake, VA
How many homes are available in Chesapeake, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,302 | 1,397 | +7.3% |
Summary: The Chesapeake real estate market had 1,397 homes for sale in October 2024, a 7.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 111 | 122 | +9.9% |
| 3 Bedrooms | 408 | 447 | +9.6% |
| 4 Bedrooms | 541 | 563 | +4.1% |
| 5+ Bedrooms | 241 | 264 | +9.5% |
Summary: The Chesapeake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 9.5%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 259 | 250 | -3.5% |
Asking Price vs. Sold Price
0 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, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 250 homes were sold or pending in Chesapeake in October 2024, down by 3.5% month-over-month. Of the 1 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 72 Days | 32 Days | -54.8% |
Summary: Homes in Chesapeake had an average of 32 days on market in Oct 2024, down by 54.8% compared to last year.
Breakdown of Home Sale Times
144 Homes Were Sold
Under 30 Days
90 Homes Were Sold
In 30 - 90 Days
16 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 October 2024, 250 homes were sold in Chesapeake; 58% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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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
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