Foreclosure Homes in Portsmouth, VA

Current Market Conditions in Portsmouth, VA

The real estate market in Portsmouth is currently experiencing a steady increase in home values, driven by demand from new residents and investors. Inventory levels remain comparatively low, leading to a competitive atmosphere for buyers. As more people seek affordable housing options within the larger Norfolk metropolitan area, Portsmouth stands out as a desirable location.

Recent trends indicate a resurgence in interest for homes in Portsmouth due to its affordability compared to neighboring cities. Investors are actively looking at the market, especially for multi-family units and renovated historic properties, which have become a hot commodity.

Rent Prices In Portsmouth, VA

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Portsmouth, VA, is on a rollercoaster ride. The average rent price in Portsmouth, VA, is $1,376.00. Indeed, when looking to rent in Portsmouth, VA, you can expect to pay as little as $690.00 or as much as $4,620.00, with the average rent median estimated to be $1,340.00. The good news is that finding an affordable and desirable property to rent in Portsmouth, VA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.