Chesapeake, VA 23322 Real Estate Market Report

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Market Metrics

The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Rental Market

Property Taxes

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

Market Trends & Context

Key Findings

1. The neighborhood's representative recent sale shows $486,000 as the median sold price, which should be treated as the primary indicator of market value; the wide gap versus the median listing price of $650,000 suggests pricing friction between asking and transaction levels, so sellers should consider aligning expectations to recent sold prices and buyers can be more assertive referencing realized sales.
2. With a 97 median days on market, transaction velocity appears slower than a rapid-turn market; combined with a relatively constrained active supply, this may indicate selective buyer behavior and suggests sellers should expect longer marketing periods unless pricing is tightened.
3. Local pricing is showing a positive direction—price year-over-year trend is up—while market temperature is neutral, indicating prices are rising but market balance remains measured; up for price trends alongside a neutral temperature implies gradual appreciation rather than a heated sellers' market.
4. Rental fundamentals are strengthening with a $2,995 median market rent and rent year-over-year trend up, which supports investor interest, but elevated interest rate pressure (highlighted) may constrain purchase affordability; elevated interest rate pressure suggests investors should prioritize interest-rate sensitivity in underwriting and consider longer hold periods.

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.