The votes have been counted, the data is in, and our very own Portsmouth tops Realtor.com’s list of “10 Best Real Estate Markets for First-Time Homebuyers in 2023.”

So what was their methodology? “[T]he Realtor.com economics team looked at places with at least 5,000 residents in the 100 largest metropolitan areas. Then the team factored in the percentage of 25- to 34-year-olds living there (prime first-time buyer years), average commute times, and unemployment rates in the larger metropolitan area. (Metros include the main city and surrounding towns and smaller urban areas.)”

Additionally, the team at Realtor.com “considered the number of homes for sale per 1,000 households and affordability measured by home prices compared with incomes of 25- to 34-year-olds in the 12 months ending November 2022. The economics team also included the number of food and drink establishments per 1,000 households and forecasted sales and price growth in 2023.”

With a population of approximately 98,000, the City of Portsmouth is a charming Coastal Virginia city nestled among the other cities of South Hampton Roads — Norfolk, Chesapeake, Suffolk, and Virginia Beach. Portsmouth's roots are in shipbuilding, with King James I of England granting the land in 1620. Formally established as a town in 1752 by Colonel William Crawford, the City has had a front row seat to every major era of American history.

Today, Portsmouth is home to significant industry and commerce, including Norfolk Naval Shipyard, Naval Medical Center Portsmouth, Portsmouth Marine Terminal, Tidewater Community College, and the newly-opened Rivers Casino.

Real estate in Portsmouth offers many great opportunities. From condos to townhomes to single family, the City offers a wide variety of style of living. The median home sales price is $240,000, and there’s amply opportunity for waterfront living with the City being bounded on two sides by the Elizabeth River and encompasses countless creeks and wetlands.

For what’s currently available for sale in Portsmouth, check out this link.

We have loved selling in Portsmouth for decades, and we would love to help you make a great move.