Is Portsmouth, VA 23704 a buyer’s or seller’s market?

The Portsmouth housing market right now

In the three months ending August 31, 2026, 39% of homes in Portsmouth, VA 23704 sold above their list price, the typical home went under contract in 28 days and there were 3.3 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 85 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 27%, homes sold faster (45 days then) and the median sale price rose 8% to $274,881. Overall, Portsmouth is more competitive than a year ago, so tougher for buyers.

Within Portsmouth city, homes here sell faster than in 50% of the county’s ZIP codes, and sell less often over asking than in 75%. On our competition score, Portsmouth ranks #125 of 358 VA ZIP codes with enough sales (score 69 out of 100).

Nearby, buyers who want less competition could look at Portsmouth 23701 (33% sold over asking), while Portsmouth 23702 (49% sold over asking) and Portsmouth 23703 (44% sold over asking) are even more competitive.