Home Values in Chesapeake, Virginia — 2026 Market Report
Updated March 2026 | Seller's Market | +3% YoY
The median home value in Chesapeake, Virginia is $335,000 as of March 2026, which is below the national median of $400,000. Home values in Chesapeake have increased by 3% over the past year and 15.9% over the last five years. With a population of 249,422 and a median household income of $78,440, the price-to-income ratio stands at 4.3x, making Chesapeake affordable for the average household.
Chesapeake Housing Market Conditions
| Metric | Chesapeake | National Avg |
|---|---|---|
| Median Home Value | $335,000 | $400,000 |
| YoY Appreciation | +3% | +3.8% |
| 5-Year Appreciation | +15.9% | +22.4% |
| Price per Sq Ft | $138 | $222 |
| Days on Market | 45 days | 45 days |
| Months of Supply | 2 | 3.5 |
| List-to-Sale Ratio | 98.1% | 98.5% |
| Monthly Homes Sold | 168 | — |
| Foreclosure Rate | 0.18% | 0.3% |
Home Value Trends in Chesapeake
A homeowner who purchased at the median price of $289,042 five years ago in Chesapeake would have gained approximately $45,958 in equity, representing a 15.9% return on investment. Over the past year alone, the typical homeowner gained $9,757 in home equity.
Affordability in Chesapeake, VA
With a median household income of $78,440 and a median home price of $335,000, the price-to-income ratio in Chesapeake is 4.3x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,000 compared to estimated monthly ownership costs of $1,815 gives a rent-vs-buy ratio of 0.91. In Chesapeake, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Chesapeake
The effective property tax rate in Virginia is 0.8%. On a home valued at $335,000, the estimated annual property tax bill is $2,680, or approximately $223/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Chesapeake is 97.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Chesapeake, VA?
The median home value in Chesapeake, Virginia is $335,000 as of March 2026. Home values have changed +3% over the past year, with a 5-year appreciation of 15.9%.
Is Chesapeake a buyer's or seller's market?
Chesapeake is currently a seller's market with 2 months of housing supply. Homes spend an average of 45 days on market, and the list-to-sale price ratio is 98.1%. Low inventory gives sellers an advantage.
Are home values going up in Chesapeake?
Yes, home values in Chesapeake have increased by 3% over the past year. The 5-year appreciation rate is 15.9%, meaning a home worth $289,042 five years ago is now worth $335,000.
Is it better to rent or buy in Chesapeake?
The average monthly rent in Chesapeake is $2,000, while estimated monthly homeownership costs are approximately $1,815. The price-to-rent ratio is 14. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Chesapeake, Virginia is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.