If you're looking for a prime location to make your first home purchase, look no further than Portsmouth, VA. With its unique blend of historic charm and modern amenities, this seaport city has earned the top spot as the best place for first-time homebuyers, according to the Realtor.comĀ® economics team. With its affordable pricing and easy access to the highly sought-after Hampton Roads region, Portsmouth is quickly becoming one of the hottest real estate markets in the country. Whether you're a real estate agent looking for a lucrative opportunity, a home seller eager to capitalize on the rising prices, or a homeowner who wants to know what the fuss is all about, keep reading for the latest housing updates from Portsmouth, VA.
Quick Facts:
- The U.S. Census Bureau estimates a population of 97,840 for Portsmouth in 2021.
- Median home list price: $239,000
- Homes often sell for list price and go pending in 30 days.
- The typical Portsmouth family earns $68,483 per year.
Portsmouth, VA, in a Nutshell
Situated in Virginia, the charming city of Portsmouth boasts a unique character that sets it apart from other cities in the region. A historic seaport, Portsmouth is teeming with fascinating and diverse attractions that make it a must-visit destination for travelers. From one-of-a-kind shops to historic landmarks, the city never runs out of things to discover. With a population of approximately 100,000, Portsmouth boasts a strong employment market. This includes a significant number of military jobs, in part due to its naval medical center. These factors make Portsmouth an ideal location for those looking to purchase their first home.
Employment
Portsmouth boasts significant professional work opportunities. It is home to several prominent employers like Norfolk Naval Shipyard and Old Dominion University. Finance and technology sectors, in particular, offer numerous high-paying jobs, with the median wage standing at around $52K per year, surpassing Virginia's statewide average. Additionally, the city's low unemployment rate of 2.4% makes it an attractive option for job seekers. Regardless of one's skillset, Portsmouth presents a range of possibilities.
Economy
Portsmouth, Virginia, is poised for future growth with various economic projects underway. Moreover, the city's growth is closely related to the United States Navy. The country's oldest naval shipyard and navy hospital are located in Portsmouth, further emphasizing its importance to the defense of the country.
Additionally, Portsmouth's shipyards still manufacture and repair vessels, which supports the country's defense endeavors. The Virginia International Gateway Terminal is just one of five Port of Virginia terminals located in the city. It is a cutting-edge facility that handles the import and export of cargo and freight from all over the world.
Moreover, the Commonwealth of Virginia has made multi-billion dollar investments in infrastructure in and around the city to enhance the shipping industry. This includes the construction of warehouses and distribution centers, thereby increasing the efficiency of logistic operations.
Portsmouth, VA, Real Estate Market
Portsmouth, VA, has earned the top position among all the destinations recommended by Realtor.comĀ® economics team for first-time homebuyers. The city rose from the fifth position last year principally because of its affordability despite being located in the sought-after Hampton Roads region. The median list price of homes available in Portsmouth stands at $239,000, which is pocket-friendly for home seekers. Most of the properties offered for sale in the city are single-family homes, and they come with a broad range of price points, which includes high-end homes worth a million dollars or more, which are ideally located along the vibrant waterways.
Real Estate Trends
Portsmouth, VA, boasts a burgeoning housing market, with the median listing home price coming in at $239K in March 2023, indicating a 3.3% year-over-year increase. The median listing home price per square foot is $158, highlighting the region's real estate market's desirability. Participants in Portsmouth's real estate scene should expect stiff competition, with homes in Portsmouth typically garnering three offers and selling within 30 days of listing. Many properties receive multiple offers, often with waived contingencies. Appreciably, the area's average home prices hover around the list price and go pending in about a month. However, if you're in the market for a "hot" property, be prepared to pay as much as 2% above the asking price, with these housing units going pending in as few as two weeks!
Final Thoughts
Portsmouth, VA, is an ideal destination for anyone looking to purchase a home. With its burgeoning professional opportunities, robust economy, and desirable real estate market, Portsmouth has all the ingredients needed to make it a great choice for first-time homebuyers. Coupled with its low unemployment rate and proximity to several major cities in the Hampton Roads region, there are plenty of reasons why Portsmouth could be the perfect place for you and your family!
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