Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$266,486+2.5% YoY · prices are rising
Market right nowBalanced, leaning buyersFewer homes for sale than last year, 31% have cut their price
Income needed to buy, per year$57,769About 0.9× the local median income ($61,783): affordable for a typical household
Days on market39 daysAbout the same pace as a year ago
Next 12 months+2.3%Zillow expects prices to rise slightly
The typical home in Portsmouth City, VA is worth $266,486, up 2.5% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $250,753, so the area is 6.3% overvalued. It is a balanced market, leaning toward buyers: homes take about 39 days to sell, listings are down 4% from a year ago, 31% of listings have had a price cut. Zillow expects prices to rise about 2.3% over the next year. A household needs about $57,769 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $61,783. Typical rent is $1,642 a month, or $2,007 for a house. In the latest IRS figures, 405 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$266,486
Change in 1 year
+2.5%
Overvalued %
+6.3%
Show 7 more
Fair home value
$250,753
Change in 5 years
+25.9%
Zillow forecast, next 12 months
+2.3%
Home value to income
4.3×
Monthly mortgage payment (20% down)
$1,444
Income needed to afford it
$57,769
Property tax rate
1.04%
Rent and investing
Typical rent
$1,642
Typical rent for houses
$2,007
Price-to-rent ratio
13.5×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,667
Gross rental yield
7.39%
Cap rate (estimate)
4.81%
Market activity
Listings vs a year ago
−4.5%
Days on market
39
Listings with a price cut
31.3%
Show 3 more
Homes for sale
297
Pending sales per 100 listings
0
Asking price per sq ft
$187
People and jobs
Median household income
$61,783
Population change (1 year)
−0.1%
Unemployment rate
6.5%
Show 4 more
Population
96,777
Income adjusted for cost of living
$63,108
Net moves in (IRS)
−405
Cost of living (US = 100)
97.9
Schools, risk and environment
School rating (1 to 10)
4.3
FEMA hazard risk score (0 to 100)
54.0
Flood risk score
64.2
Show 3 more
Wildfire risk score
19.8
Walkability (1 to 20)
12.0
Road, rail and air noise
53 dB
Questions people ask
Is Portsmouth City, VA overvalued?
Home prices in Portsmouth City, VA are slightly above what local incomes have historically supported: fair value is about $250,753, so the area is 6.3% overvalued.
Is Portsmouth City, VA a buyer's or seller's market?
Portsmouth City, VA is a balanced market, leaning toward buyers: homes take about 39 days to sell, listings are down 4% from a year ago, 31% of listings have had a price cut.
Are home prices going down in Portsmouth City, VA?
Home values in Portsmouth City, VA are up 2.5% over the last year. Zillow's forecast for the next 12 months is +2.3%.
How much do you need to earn to buy a home in Portsmouth City, VA?
A household needs about $57,769 a year to afford the typical home in Portsmouth City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $61,783.