Portsmouth, Virginia Real Estate

Introduction

Portsmouth is located in the eastern region of the Commonwealth of Virginia. It’s part of the Hampton Roads metropolitan area, which encompasses six other cities – Norfolk, Chesapeake, Newport News, Suffolk, Hampton and Virginia Beach. It is directly across from Norfolk. The city has a total area of approximately forty-seven square miles according to the United States Census Bureau. Thirty-three square miles of these are land and thirteen and half square miles are comprised of water. The city’s population is about 101,377 people as of 2006.

Homes in Portsmouth

Portsmouth real estate is highly desirable, as it offers residents a range of environments. There are multi-family homes, single-family homes, homes for rent, new construction homes, foreclosures, town homes, condos, waterfront homes, apartments and vacant land for sale in the city. Recent reports show the median home value in Portsmouth is $175,00. There are multiple communities within the city, each with distinct characteristics. In the charming Historic District one can find the Olde Towne, Cradock, Port Norfolk and Truxtun neighborhoods. Downtown Portsmouth offers a fashionable vibe with neighborhoods like Park View, The Myrtles at Olde Towne, Swimming Point, Westbury and London Street. The Midtown neighborhoods range from practical to posh and include Glenshellah, Lake Shores, Waterview, Mount Hermon, Cresent Place Apartments and Westhaven. Lastly, the quant Victory community is made up of the Simonsdale, Kings Gate Crossing, Green Lakes, Crystal Lake Estates and Cavalier Manor neighborhoods.

Real Estate

Because of the area’s strong military presence, Portsmouth’s real estate market has maintained a certain amount of cushion over the years. Recent reports suggest there have been over 16,000 listings this year alone in the Hampton Roads area. Because the city’s real estate property is so well rounded – ranging from condos and town homes to detached residential homes with waterfront views, the market should continue on the same steady path.

Search Portsmouth Homes by Zip Code - 23701, 23702, 23703, 23704, 23707

New Homes and New Construction in Portsmouth

The downtown area of Portsmouth is going through a revitalization phase. Not only businesses, shopping centers, restaurants and community facilities, but residential areas are sprouting up as well. If one is looking to customize their home, they have the option to build on vacant land or in an existing new construction neighborhood in Portsmouth. Choosing this option allows a buyer to customize a floor plan, so one can meet their personal or family’s needs – all while designing their dream home at an affordable price. When building a personalized home, there is often a high level of flexibility in the building process to ensure these dream homes meet their owners' expectations. Using an agent in this process will help in many ways. An agent can assist by directing buyers to newly built homes that specifically match their criteria. They can also recommend builders based on their reputation and experience in delivering a high-quality and reasonably priced product. A buyer with an agent will likely have more favor when negotiating. Additionally, agents can help buyers choose between hundreds of design and upgrade options and can recommend those which will add value to a home when it comes time to sell.

Buying and Selling Near Portsmouth

With miles of scenic waterfront and many employment opportunities, the city’s real estate is popular among families. Bizjournals, a national business news source, rated the Hampton Roads area as America’s least stressful metro area based on factors such as air quality, employment, crime levels and income growth. The city of Portsmouth is a large part of this, with access to all the metro area’s offerings. Additionally, this is the best buyers market in some time with good interest rates and many sellers assisting with closing costs. When it comes time to sell a home in Portsmouth, residents can rest assured that there will always be interested buyers. Besides having suburban, city and family appeal, the area’s economy is typically stimulated by tourism, agribusiness and military sectors locally.

Living in Portsmouth

Many of Portsmouth’s attractions are within walking distance of each other – conveniently located in the “Olde Towne” area of the city. This neighborhood offers a plethora of antique and boutique shops, upscale dining, a scenic waterfront and the largest group of historic homes between Alexandria, Virginia and Charleston, South Carolina.

The Children’s Museum, The Virginia Sports Hall of Fame and the Norfolk Naval Shipyard are all local favorites, drawing many visitors each year. Additionally, The city operates three high schools, three middle schools, fourteen elementary schools, two pre-k centers, one special education center, an alternative school, an adult learning center and a career and technology center. There are also nine private schools in the city and a Tidewater Community College campus in Portsmouth.