Chesapeake, Virginia

Chesapeake median housing value is $254,600. This is an increase of 1.2 percent over last year. It is predicted that home values will rise 1.7 percent this year. Per square feet, the list price median is $142 in Chesapeake. The Metro area of Virginia Beach has a $138 average per square feet, which is lower than Chesapeake.

$320,000 is the current median cost of houses listed in Chesapeake, Virginia. $244,600 is the current median cost of houses sold there.

$1,425 is the rent cost median in Chesapeake. $1,350 is the rent cost median in the Metro area of Virginia Beach which is lower than in Chesapeake.

A factor having an impact on housing value in the following few years is foreclosures. Chesapeake has a high foreclosure rate compared to the national average. For every 10,000 homes in Chesapeake, 6.0 houses go through foreclosure. Nationally 1.6 houses per 10,000 homes go through foreclosure.

The first thing that happens in foreclosures is that the home owner is delinquent. Delinquent means that the home owner did not pay their mortgage for a month. 1.6 percent is the delinquency percentage in Chesapeake. This is the same as the national delinquency percentage of 1.6%

Nationally, housing values have dropped more than 20 percent from their high in the year 2007 to their low in the later part of 2011. As a result, quite a few home owners have their mortgage underwater. The meaning of underwater is that they owe a greater amount than the value of their house.11.3 percent of Chesapeake owners of homes are underwater on their mortgage. The metro area of Virginia Beach is higher. 16.1 percent of their homes are underwater.