Is Chesapeake, VA 23323 a buyer’s or seller’s market?
Chesapeake is a seller’s market. With about 1.8 months of supply and 35% 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 80% of U.S. ZIP codes, and #62 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, 35% of homes in Chesapeake, VA 23323 sold above their list price, the typical home went under contract in 28 days and there were 1.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 184 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 37%, homes sold about as fast and the median sale price rose 2% to $434,812. Overall, Chesapeake is about as competitive as it was a year ago.
Within Chesapeake city, homes here sell faster than in 60% of the county’s ZIP codes, and sell more often over asking than in 60%. On our competition score, Chesapeake ranks #62 of 358 VA ZIP codes with enough sales (score 76 out of 100).
Nearby, buyers who want less competition could look at Chesapeake 23321 (28% sold over asking) or Chesapeake 23324 (30% sold over asking), while 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 23321Seller’s market $209 /sq ftChesapeake 23322Seller’s market $239 /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 1.8 months of supply in Chesapeake, VA 23323 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 28 days in the latest three months.
Do homes in Chesapeake sell over asking?
35% of homes sold above their original list price, and the typical sale closed at 100.3% 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 $434,812 in the three months ending August 31, 2026, about $222 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