Is Chesapeake, VA 23321 a buyer’s or seller’s market?
Chesapeake is a seller’s market. With about 2 months of supply and 28% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 72% of U.S. ZIP codes, and #128 of 358 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Chesapeake housing market right now
In the three months ending August 31, 2026, 28% of homes in Chesapeake, VA 23321 sold above their list price, the typical home went under contract in 33 days and there were 2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 196 home sales.
Compared with the same period a year earlier, the share selling over asking was about the same (30% then), homes sold more slowly (28 days then) and the median sale price fell 2% to $399,777. Overall, Chesapeake is less competitive than a year ago, which gives buyers more room.
Within Chesapeake city, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county. On our competition score, Chesapeake ranks #128 of 358 VA ZIP codes with enough sales (score 68 out of 100).
Nearby, Chesapeake 23320 (40% sold over asking) and Chesapeake 23322 (37% sold over asking) are even more competitive.
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Nearby markets
Chesapeake 23320Seller’s market $219 /sq ftChesapeake 23322Seller’s market $239 /sq ftChesapeake 23323Seller’s market $222 /sq ftChesapeake 23324Seller’s market $193 /sq ft Browse all markets →Towns like Chesapeake nearby
Find towns like Chesapeake in other states →Where Chesapeake is
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Questions about Chesapeake real estate
Is Chesapeake a buyer’s or seller’s market?
A seller’s market: there were 2 months of supply in Chesapeake, VA 23321 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Chesapeake?
The typical home went under contract in 33 days in the latest three months.
Do homes in Chesapeake sell over asking?
28% of homes sold above their original list price, and the typical sale closed at 99.8% of the list price.
What are property taxes in Chesapeake?
About 0.82% of a home’s value a year in Chesapeake city, or roughly $3,280 on a $400,000 home.
What is the median home price in Chesapeake?
The median sale price was $399,777 in the three months ending August 31, 2026, about $209 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology