For much of 2021, the story of real estate across the region was that available inventory couldn’t match buyer demand. In Portsmouth, however, homebuyers are finding more homes at affordable prices. Portsmouth may be deeply rooted in nearly 300 years of history, but it’s swiftly budding with new opportunities. This seaport city along the Elizabeth River is a quick drive away from Virginia Beach Oceanfront, a five-minute ferry ride from downtown Norfolk, and a brief road trip to Colonial Williamsburg. In 2022, Portsmouth was named one of the best cities for first-time homebuyers by Realtor.com. Let’s look at what these homebuying hopefuls find appealing about the area.
Own a Piece of History
There’s no shortage of historic homes, buildings, and churches in the heart of Portsmouth. If you love the charm of Queen Anne, American Foursquare, or Federal & Greek Revival style homes, you’ll love exploring the various historic neighborhoods and districts in Portsmouth. Explore a few on REIN.com below.
Port Norfolk Historic District
Enhance Your Quality of Living
Next to making sure you love the home you’re in, you want to make sure the area around your home gives you the quality of life you are looking for. In Portsmouth, there are tons to explore. Travel through the village of Olde Towne with a self-guided walking tour. If you have small children, you may be interested in visiting the Children’s Museum of Virginia. There is so much to do in the city and on the Chesapeake Bay. After all, what’s the use of living in a seaport city if you never get out on the water? Take in the sights at the Seawall in Olde Towne. Drift down Hoffler Creek in a kayak. Take a ride on a ferry along the Elizabeth River. If the water isn’t your thing, enjoy an array of shopping and dining opportunities in the area.
Keep a Pulse on the Portsmouth Housing Market
At the end of 2021, Portsmouth proved to be a promising city for homebuyers. While many cities are seeing significant drops in inventory, Portsmouth saw the least impact on its available homes. At the close of 2021, Portsmouth’s month’s supply of inventory (MSI) sat at 1.12 while the entire region’s MSI ended at .88. MSI is the amount of time it would take all available homes to sell in a particular area. The median sale price for homes in Portsmouth ended at $213,940 in 2021 – nearly $75,000 less than other homes in the region and close to $141,000 less than the national median sale price which was $355,000.
Portsmouth has a lot to offer those diving into the market for the first time, and you’re likely to get a lot of value for a more affordable price compared to some cities. If you’re ready to check out Portsmouth, connect with one of more than 9,000 agents to help you navigate the market. Ready to buy but, you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. Available in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
