23321, Chesapeake, VA

The 23321 zip code of Chesapeake, VA is home to a population of around 106,000 people. The median household income in this zip code is $92,000, and the median home value is $253,500. Home equity in this zip code is quite high compared to other areas of the country. In fact, according to Zillow’s 2018 Home Value Report, the median home value in this zip code is more than three times the national average. This high level of equity has helped drive up home prices in this area over the past few years.

One reason for the high level of equity in this zip code is that there are a lot of homes available for sale. According to Trulia’s 2019 State Of The Market Report, there are currently 97 homes for sale in this zip code and an average list price of $269,000. This high level of availability has helped drive up prices in this area over the past few years.

Another factor contributing to the high level of equity in this zip code is the low rate of homeownership. According to Zillow’s 2018 Home Value Report, only 54% of households living in this zip code own their homes outright vs. 68% nationally. This low rate of homeownership has helped keep demand high and prices elevated relative to other areas throughout the country where homeownership rates are higher.

Overall, it appears that factors such as a high level of home equity and availability have been responsible for driving up home prices in Chesapeake over recent years. While these trends may not continue indefinitely – especially if interest rates rise – they do suggest that buyers should consider looking into purchasing a property here if they are interested in buying a house or condo soon