Is Portsmouth, VA 23702 a buyer’s or seller’s market?
Portsmouth is a seller’s market. With about 2.5 months of supply and 49% 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 90% of U.S. ZIP codes, and #16 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, 49% of homes in Portsmouth, VA 23702 sold above their list price, the typical home went under contract in 20 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 52 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 32%, homes sold faster (38 days then) and the median sale price held steady to $259,888. Overall, Portsmouth is more competitive than a year ago, so tougher for buyers.
Within Portsmouth city, homes here sell faster, and more often over asking, than in any other ZIP code in the county. On our competition score, Portsmouth ranks #16 of 358 VA ZIP codes with enough sales (score 85 out of 100).
Nearby, buyers who want less competition could look at Portsmouth 23701 (33% sold over asking) or Portsmouth 23704 (39% sold over asking).
Run the numbers for 23702
Nearby markets
Portsmouth 23701Seller’s market $203 /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 2.5 months of supply in Portsmouth, VA 23702 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 20 days in the latest three months.
Do homes in Portsmouth sell over asking?
49% of homes sold above their original list price, and the typical sale closed at 103.1% 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 $259,888 in the three months ending August 31, 2026, about $184 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