Chesapeake city, Virginia Housing Market
In Chesapeake city, Virginia, the median home value is $378,400, with a median monthly rent of $1,586. This places Chesapeake city at #344 nationally out of 3134 counties by median home value, and #30 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,147
- Establishments: 6,964
- BLS QCEW, 2025
Housing Supply
- Single-family: 551
- Multi-family: 295
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 100,350 (avg $84,138)
- Outflow: 94,523 (avg $85,296)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 6 active ZIP codes in Chesapeake city · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23324 | 346.7 | +2.20% | 2025 |
| 2 | 23320 | 302.1 | +3.25% | 2025 |
| 3 | 23322 | 302.2 | +4.45% | 2025 |
| 4 | 23321 | 282.7 | +4.10% | 2025 |
| 5 | 23323 | 310.0 | +1.51% | 2025 |
| 6 | 23325 | 310.7 | +1.09% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Chesapeake city Compares
| Metric | Chesapeake city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $378,400 | $295,807 | $227,706 |
| Median Gross Rent | $1,586 | $1,169 | $968 |
| Owner Occupancy Rate | 74.4% | 70.8% | 73.3% |
| Price/Rent Ratio | 19.9 | 20.3 | 18.7 |
Market Analysis
The median home value in Chesapeake city is 27.9% above the Virginia state average and 66.2% above the U.S. national average. The median rent of $1,586/month is 35.7% above the state average.
With a price-to-rent ratio of 19.9, the buy-vs-rent decision in Chesapeake city is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Chesapeake city has an owner-occupancy rate of 74.4%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Mesa County | Colorado | $378,600 | $1,182 |
| Currituck County | North Carolina | $378,800 | $1,162 |
| Iron County | Utah | $379,000 | $1,065 |
| Mercer County | New Jersey | $377,700 | $1,623 |
| St. Croix County | Wisconsin | $377,700 | $1,271 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Virginia Beach city | $382,500 | $1,714 | 65.1% |
| Frederick County | $386,000 | $1,507 | 79.3% |
| Madison County | $370,300 | $1,166 | 77.8% |
| Chesterfield County | $366,000 | $1,629 | 76.7% |
| Orange County | $364,200 | $1,205 | 78.7% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).