Chesapeake, VA Housing Market Report

The Chesapeake real estate market as of December 2025 is characterized by a steady transition toward a more balanced environment, though it still retains a slight edge for sellers due to a perfect 1-to-1 sale-to-list ratio. With a median home value of $409,714, the market has seen a consistent upward trajectory over the last six months. However, the increase in active inventory to 5,749 units—an 8.08% jump year-over-year—suggests that the chronic supply shortages of previous years are beginning to ease, providing local buyers with more options than they have had in recent memory.

Price trends in Chesapeake reflect a resilient demand for the Virginia Beach-Norfolk-Newport News metro area. Since July 2025, home values have climbed incrementally every month, rising from $402,155 to the current high of $409,714. This 2.95% annual appreciation indicates a healthy, sustainable growth rate rather than the volatile spikes seen in previous cycles. While home values are rising moderately, the rental market is experiencing much sharper pressure, with median rents surging by 7.22% to $2,029. This divergence suggests that while the sales market is stabilizing, the demand for housing remains high across all sectors.

Looking ahead, the increase in days on market to an average of 61 days—a week longer than last year—signals that buyers are becoming more selective and are no longer rushing into offers. For sellers, this means that pricing strategy and home condition are more critical than ever, as buyers are less likely to engage in bidding wars. For prospective buyers, the current climate offers a window of opportunity to negotiate, especially as inventory levels continue to build. The market outlook for 2026 suggests continued modest appreciation, making Chesapeake a stable choice for long-term equity growth without the immediate risk of a price correction.