Foreclosure Homes in Portsmouth, VA 23701

Current Market Conditions in Portsmouth, VA

Portsmouth's real estate market has shown robust activity in recent months, driven by a combination of low inventory and high demand. The average home prices have steadily risen, with many buyers attracted to the city's affordable housing relative to other cities in Virginia, particularly those along the coast. Homes are typically selling quickly, often within weeks of being listed. This upward trend suggests a competitive market where buyers need to act fast to secure their desired properties.

In recent years, Portsmouth has attracted significant interest due to its blend of historical character and modern amenities. As development continues and more people are drawn to its waterfront, many investors see potential in purchasing rental properties or flipping homes in this growing market.

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.