Is Portsmouth, VA 23701 a buyer’s or seller’s market?
Portsmouth is a seller’s market. With about 1.2 months of supply and 33% 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 76% of U.S. ZIP codes, and #105 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 Portsmouth housing market right now
In the three months ending August 31, 2026, 33% of homes in Portsmouth, VA 23701 sold above their list price, the typical home went under contract in 33 days and there were 1.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 141 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 39%, homes sold about as fast and the median sale price rose 6% to $270,183. Overall, Portsmouth is less competitive than a year ago, which gives buyers more room.
Within Portsmouth city, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county. On our competition score, Portsmouth ranks #105 of 358 VA ZIP codes with enough sales (score 72 out of 100).
Nearby, Portsmouth 23702 (49% sold over asking) and Portsmouth 23703 (44% sold over asking) are even more competitive.
Run the numbers for 23701
Nearby markets
Portsmouth 23702Seller’s market $184 /sq ftPortsmouth 23703Seller’s market $200 /sq ftPortsmouth 23704Seller’s market $175 /sq ftPortsmouth 23707Seller’s market $178 /sq ft Browse all markets →Towns like Portsmouth nearby
Find towns like Portsmouth in other states →Where Portsmouth is
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Questions about Portsmouth real estate
Is Portsmouth a buyer’s or seller’s market?
A seller’s market: there were 1.2 months of supply in Portsmouth, VA 23701 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 Portsmouth?
The typical home went under contract in 33 days in the latest three months.
Do homes in Portsmouth sell over asking?
33% of homes sold above their original list price, and the typical sale closed at 99.4% of the list price.
What are property taxes in Portsmouth?
About 1.04% of a home’s value a year in Portsmouth city, or roughly $4,160 on a $400,000 home.
What is the median home price in Portsmouth?
The median sale price was $270,183 in the three months ending August 31, 2026, about $203 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