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Chesapeake real estate market overview
- Average Monthly Rent: $1,577
- Home Price/Value Percentage Change: 3.20%
- Median Home Value: $371,261
- Best Time To Sell a Home: July
- Affordability Index: Moderate
- Days To Sell a House: 25
- Job Market: Fair
- Public School Ranking: 4
Location and weather
Chesapeake can be found in South Hampton, and is known to be a diverse city with an abundance of farmland, forests and wetlands. This city is located on the Atlantic Intracostal Waterway, and offers miles of water-front property. This city has been voted one of the best places to live in Virginia, and offers both a country and city based life-style. There's easy access to beaches and inlets, as well as Norfolk and Virginia Beach. Many residents and visitors travel to these cities to enjoy different yearly events and family leisure.
If you're a fan of bird-watching, water activities, hiking, or parks, visit the Chesapeake Arboretum, go on a pedal boat ride at Northwest River Park, or let the kids play at Fun Forest. Some of the main attractions in Chesapeake include the Oak Grove Lake Park, Hickory Ridge Farm, The Garage Bewery, or the Greenbrier Mall.
The weather in Chesapeake consists of warm summers and very cold winters. Summer temperatures here reach highs in the 80's, with lows in the 60's. Winter temperatures reach highs in the 50's and lows in the 30's.
Population, job market and cost of living
The population in Chesapeake is 257,585, and has a growth rate of 1.07% annually.
The job growth here has decreased by -5.77% over the last year and in ten years, is predicted to have increased by 35.15%. Several major industries are industrial technologies, communication technologies, knowledge services, military support industries and health care technologies. Some of the largest companies to work for here include the Dollar Tree, Chesapeake Public Schools, Coast Guard Exchange System, MEB General Contractors and Sarach Systems Inc.
The cost of living here is higher than the US average, with housing being the biggest contributor to its cost. Chesapeake is one of the best places to live for those seeking employment opportunities, or for a new place to call home. Thanks to the quality of life it has to offer, it will continue attracting those hoping to live in Virginia.
Chesapeake real estate market details
- Great Bridge
- South Norfolk
- Greenbrier
- Hickory
- Pleasant Grove
The average monthly rent in Chesapeake is $1,577 for an average apartment size of 981 sq. feet.
There has been a 3.2% increase in median home value over the last year. As of 2023, the median home value is $371,261.
On average, homes in Chesapeake sell after 25 days on the market.
The best time to sell a home for the highest valued sale is during July. For the quickest sale, homeowners should sell in May.
The affordability index in Chesapeake is 103. This number indicates moderate affordability in this city.
The top ranked public schools are Grassfield High School, Great Bridge Intermediate School, Cedar Road Elementary School, Hickory High School and Hickory Elementary School. This information is based on data measuring academic performance and equity.