Is Chesapeake, VA 23324 a buyer’s or seller’s market?
Chesapeake is a seller’s market. With about 2.5 months of supply and 30% 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 66% of U.S. ZIP codes, and #158 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, 30% of homes in Chesapeake, VA 23324 sold above their list price, the typical home went under contract in 31 days and there were 2.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 89 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 39%, homes sold more slowly (26 days then) and the median sale price fell 1% to $309,866. Overall, Chesapeake is less competitive than a year ago, which gives buyers more room.
Within Chesapeake city, homes here sell more slowly than in 80% of the county’s ZIP codes, and sell less often over asking than in 80%. On our competition score, Chesapeake ranks #158 of 358 VA ZIP codes with enough sales (score 64 out of 100).
Nearby, Chesapeake 23320 (40% sold over asking) and Chesapeake 23322 (37% sold over asking) are even more competitive.
Run the numbers for 23324
Nearby markets
Chesapeake 23320Seller’s market $219 /sq ftChesapeake 23321Seller’s market $209 /sq ftChesapeake 23322Seller’s market $239 /sq ftChesapeake 23323Seller’s market $222 /sq ft Browse all markets →Towns like Chesapeake nearby
Find towns like Chesapeake in other states →Where Chesapeake is
Loading map…
Questions about Chesapeake real estate
Is Chesapeake a buyer’s or seller’s market?
A seller’s market: there were 2.5 months of supply in Chesapeake, VA 23324 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 31 days in the latest three months.
Do homes in Chesapeake sell over asking?
30% of homes sold above their original list price, and the typical sale closed at 99.0% 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 $309,866 in the three months ending August 31, 2026, about $193 per square foot.
Local agents
See all agents in 23324 →No sponsored agents in 23324 yet. Are you an agent here? Put your name in front of local buyers.
More tools for 23324
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology