Portsmouth city, Virginia Housing Market
In Portsmouth city, Virginia, the median home value is $246,900, with a median monthly rent of $1,300. This places Portsmouth city at #913 nationally out of 3134 counties by median home value, and #71 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: $1,124
- Establishments: 1,825
- BLS QCEW, 2025
Housing Supply
- Single-family: 125
- Multi-family: 54
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 38,427 (avg $51,910)
- Outflow: 35,526 (avg $52,941)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 5 active ZIP codes in Portsmouth city · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23702 | 280.6 | -11.50% | 2025 |
| 2 | 23704 | 305.4 | +7.87% | 2025 |
| 3 | 23707 | 305.9 | +9.44% | 2025 |
| 4 | 23703 | 281.9 | +4.56% | 2025 |
| 5 | 23701 | 304.6 | -0.47% | 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 Portsmouth city Compares
| Metric | Portsmouth city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $246,900 | $295,807 | $227,706 |
| Median Gross Rent | $1,300 | $1,169 | $968 |
| Owner Occupancy Rate | 57.9% | 70.8% | 73.3% |
| Price/Rent Ratio | 15.8 | 20.3 | 18.7 |
Market Analysis
The median home value in Portsmouth city is 16.5% below the Virginia state average and 8.4% above the U.S. national average. The median rent of $1,300/month is 11.2% above the state average.
With a price-to-rent ratio of 15.8, the buy-vs-rent decision in Portsmouth city is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Portsmouth city has an owner-occupancy rate of 57.9%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Coffee County | Tennessee | $246,800 | $913 |
| Logan County | Oklahoma | $246,700 | $891 |
| Bullitt County | Kentucky | $247,200 | $987 |
| Colonial Heights city | Virginia | $246,600 | $1,234 |
| Lincoln County | Colorado | $246,500 | $868 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Colonial Heights city | $246,600 | $1,234 | 68.1% |
| Hampton city | $245,700 | $1,427 | 56.9% |
| Waynesboro city | $245,500 | $1,020 | 59.9% |
| Rockbridge County | $248,800 | $925 | 79.3% |
| Charles City County | $241,400 | $1,099 | 86.3% |
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).