Chesapeake

VAHampton Roads/Virginia Beach-Norfolk-Newport News MSA

Real Estate Market Analysis

Q3 2025 Report
$395,000–$399,500 (June 2025)
Median Home Price
~252,000 (2024 estimate)
Population
$87,000 (2024 estimate)
Median Income
A- (Niche 2025)
School District Rating

Market Overview

Property Values

$395,000–$399,500 (June 2025)
Median Home Price
$224–$228 (June 2025)
Price per Sq Ft
-3.3% (June 2025 vs. June 2024)
YoY Change

Market Performance

Days on Market30–39 days (June 2025)
Market TypeBalanced, trending toward buyer-friendly
Months of Supply~4.3 months (1,698 homes for sale in June 2025)

Sales Activity

Sales Volume347 homes sold in June 2025
Metro AreaHampton Roads/Virginia Beach-Norfolk-Newport News MSA
Population~252,000 (2024 estimate)

Economic Indicators

Employment & Growth

Unemployment Rate~3.4% (Hampton Roads region, 2025 estimate)
Job Growth Rate~1.2% (2024–2025 regional estimate)
Median Household Income$87,000 (2024 estimate)

Major Employers

  • U.S. Department of Defense (Naval bases)
  • Chesapeake Public Schools
  • Sentara Healthcare
  • Dollar Tree (headquarters)
  • City of Chesapeake

Demographics

~252,000 (2024 estimate)
Population
37.5 years
Median Age
+0.8% year-over-year (2024–2025)
Population Growth
32% bachelor's degree or higher
Education Level

Family Composition

Predominantly families, with a mix of young professionals and retirees

Key Industries

Defense/militaryLogistics/transportationHealthcareRetailEducation

Education

School District

A- (Niche 2025)
District Rating

Top Schools

  • Grassfield High School
  • Hickory High School
  • Great Bridge Middle School

Higher Education

  • Tidewater Community College (Chesapeake campus)
  • Regent University (nearby)
  • Old Dominion University (Norfolk)

Infrastructure & Development

Major Projects

  • I-64 Southside Widening Project
  • Dominion Boulevard Corridor Improvements

Transportation

  • Expansion of Hampton Roads Bridge-Tunnel
  • Improvements to Chesapeake Expressway

Planned Developments

  • Mixed-use developments in Greenbrier and Western Branch
  • New residential communities in Hickory and Great Bridge

Lifestyle & Amenities

Recreation

  • Chesapeake City Park
  • Dismal Swamp Canal Trail
  • Elizabeth River Park

Dining & Entertainment

  • Greenbrier Mall area restaurants
  • Downtown Chesapeake eateries

Cultural Attractions

  • Chesapeake Arboretum
  • Annual Chesapeake Jubilee
  • Historic Great Bridge Battlefield Park

Investment Analysis

Investment Opportunities

  • Rising rental demand due to military and healthcare workforce
  • New construction in suburban neighborhoods
  • Value-add opportunities in older subdivisions

Growth Outlook

Moderate; stable demand but price appreciation slowing

Market Risks

  • Slight price softening in 2025
  • Longer days on market
  • Potential for further inventory increases

Rental Market

Strong, with low vacancy and steady rent growth

Marketing Intelligence

Target Demographics

  • Military families
  • Young professionals
  • Move-up buyers
  • Retirees

Marketing Channels

  • Zillow, Realtor.com, Redfin
  • Facebook and Instagram ads
  • Local relocation networks

Pricing Strategies

List at or just below recent comps to attract offers quickly

Common Objections & Response Strategies

Objection: Market seems to be softening—should I wait to buy?

Response Strategy:

Emphasize long-term value, low interest rates, and strong rental demand.

Objection: Homes are taking longer to sell—will my home sit on the market?

Response Strategy:

Discuss importance of pricing, staging, and marketing to ensure competitive positioning.

Professional Recommendations

1

Advise sellers to price competitively and invest in staging to reduce days on market.

2

Encourage buyers to act during periods of higher inventory for best selection.

3

Highlight Chesapeake’s school quality and family-friendly amenities in marketing.

4

Monitor inventory and pricing trends monthly to adjust strategies.

5

Educate investors on neighborhoods with best rental yields and lowest vacancy.

Competitive Analysis

Comparable Markets

  • Virginia Beach, VA
  • Norfolk, VA
  • Suffolk, VA

Market Positioning

Appealing to families and military relocators seeking value and amenities

Competitive Advantages

  • Lower property taxes than Virginia Beach
  • Strong school system
  • Proximity to major employers and bases

Price Comparison

Slightly more affordable than Virginia Beach; higher than Norfolk and Suffolk

Investment Metrics

5.5%–6.2% (2025 estimate for SFR rentals)
Cap Rates
6.0% gross yield (median)
Rental Yields
~16:1 (2025)
Price-to-Rent
Positive cash flow possible in most neighborhoods with 20% down
Cash Flow
1–2% annual appreciation (2025–2026)
Appreciation

Buyer Journey Insights

First-Time Buyers

Benefit from increased inventory and stable prices; FHA/VA loans common.

Move-Up Buyers

Can leverage equity from previous sales; more options in mid-range market.

Downsizers

Find value in smaller homes and townhomes; strong demand for low-maintenance living.

Investors

Attractive rental yields and stable tenant base; value-add opportunities in older homes.

Relocators

Military and healthcare professionals drawn by proximity to bases and hospitals; relocation services in demand.

This city analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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