Portsmouth, Virginia Housing Market Prices
Portsmouth Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 4% below the Virginia median$246,079
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Median rent 18% below the Virginia median$1,299
Housing Market Overview
| Metric | Portsmouth | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,079 | $256,082 | $248,835 |
| Price Trend (Annual %) | 8.7% | 3.5% | 7.5% |
| Median Gross Rent | $1,299 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Portsmouth is about 4% lower than in Virginia. Rent is about 18% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Portsmouth, up about 8.7% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Portsmouth rose about 34.9% between 2015 and 2024, from $963 to $1,299. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Portsmouth.
Buying the median-priced home in Portsmouth costs roughly 15.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Portsmouth. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Portsmouth | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,079 | $256,082 | $248,835 |
| Median Household Income | $60,549 | $93,527 | $80,455 |
| Price-to-Income Ratio | 4.1 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Portsmouth rose about 96.5%, while median household income rose about 31.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Portsmouth | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.9% | 61.5% | 58.5% |
| Rental Rate | 39.1% | 29.8% | 31.2% |
| Vacancy Rate | 7.0% | 8.7% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Portsmouth has a homeownership rate of 53.9%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 7.0%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Portsmouth | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1967 | 1982 | 1978 |
| Median Number of Rooms | 5.7 | 6.0 | 5.5 |
The typical housing unit in Portsmouth was built around 1967. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Portsmouth, VA Housing Compared With Nearby Cities
Portsmouth, VA is the smallest of the 4 cities compared here, 97,157 residents against a local median of 233,287. Portsmouth, VA sits close to the middle of its own neighbourhood. No measure below is more than 15% off the local median, so the choice between these cities turns on things this data does not capture.
The largest of those small differences is median rent, 9% below the local median at $1,299 against $1,427. Portsmouth, VA has the 4th highest median rent of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Portsmouth, VA | 97,157 | $246,079 #3/4 | $1,299 #4/4 | 57.9% #2/4 |
| Norfolk, VA | 233,287 | $257,238 | $1,321 | 46.3% |
| Chesapeake, VA | 252,549 | $388,636 | $1,586 | 74.4% |
| Hampton, VA | 137,557 | $206,858 | $1,427 | 56.9% |
Frequently Asked Questions
Common questions about the housing market in Portsmouth, Virginia.
What is the median home price in Portsmouth, Virginia?
The median home price in Portsmouth, Virginia is $246,079, lower than the Virginia average of $256,082.
What is the average home price in Portsmouth, Virginia?
The typical home price in Portsmouth, Virginia, reported as the median sale price, is $246,079. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Portsmouth, Virginia?
The median gross rent in Portsmouth, Virginia is $1,299 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Portsmouth in 2020?
In 2020, the median gross rent in Portsmouth, Virginia was $1,083 per month.
What is the price-to-rent ratio in Portsmouth, Virginia?
The price-to-rent ratio in Portsmouth, Virginia is about 15.8, meaning it would take roughly 15.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Portsmouth.
Are home prices or rent rising faster in Portsmouth, Virginia?
Both home prices and rent are rising in Portsmouth, up about 8.7% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Portsmouth, Virginia?
53.9% of households in Portsmouth, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Portsmouth, Virginia?
The housing vacancy rate in Portsmouth, Virginia is 7.0%, lower than the Virginia average of 8.7%.
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