If you’ve been checking out the homes for sale in Hampton Roads, you’ve probably been spending time trying to decide which city you will benefit from the most. Chances are, you’ve seen some of the listings of homes for sale in Chesapeake, VA. In case you weren’t aware, the real estate market in Chesapeake has hit a bit of a slump recently. At the same time, new homes in Suffolk, VA are selling at a steadier pace. While this may come as a surprise given the city’s popularity, there are a few key factors that are contributing to the slowdown. Here are three reasons why homes in Chesapeake are not selling.
1. Homes Are Overpriced
One of the primary reasons homes in Chesapeake are sitting on the market is pricing. Simply put, homes in Chesapeake are more expensive than in surrounding areas. The median home price in Chesapeake is currently $30,000+ higher than in nearby cities like Suffolk. While Chesapeake has traditionally been a sought-after location, buyers are starting to look elsewhere for more value.
In popular Chesapeake neighborhoods like Grassfield and Great Bridge, the cost of new-construction single-family homes has skyrocketed. Prices often range from $700K to over $900K, and these homes are typically built on relatively small lots. If you’re lucky enough to find new construction on a larger lot—such as in South Chesapeake areas like Benefit, Hickory, and Pleasant Grove—you can expect to pay upwards of $900K to a million dollars.
Meanwhile, in cities like Suffolk, you can find homes that are not only more affordable but also come with larger lots and a more relaxed, small-town atmosphere. Buyers looking to stretch their budget further are quickly discovering that Suffolk offers more home for the money, making it an increasingly popular alternative to Chesapeake.
2. Comparable Commute Times
Another factor influencing buyers’ decisions is the commute. While Chesapeake has long been known for its convenient location, buyers are starting to realize that the commute from Suffolk and even farther out areas like Windsor, Zuni, and Ivor is surprisingly comparable.
For instance, if you work on the Peninsula, in Portsmouth, Downtown Norfolk, or at Naval Station Norfolk (NOB), your commute time from many parts of Suffolk can be just as short as it would be from Chesapeake. In some cases, it may even be a less stressful drive with fewer traffic bottlenecks. For example, commuting from Suffolk to Newport News Shipyard can be more relaxed than navigating the traffic-heavy routes from Chesapeake.
And when you compare the commute from southern Chesapeake to places like Windsor, you’ll find that the time spent on the road is nearly identical. To put it in perspective, the commute time from Hickory in Chesapeake to Newport News Shipyard is the same as it is from Windsor. But the difference? The median home price in Windsor is $80,000 lower than in Chesapeake. This makes areas outside of Chesapeake even more appealing for those looking to save on housing costs without sacrificing convenience.
3. More for Your Money in Other Areas
If you’re going to spend money on a home, it makes sense to get as much as possible for your investment. That’s another area where Chesapeake is falling short. Buyers are increasingly looking to places like Suffolk and Windsor, where they can get larger homes and more land for significantly less money. To top it all off, these areas offer a quieter, more laid-back lifestyle.
When you factor in the similar commute times and the ability to get more home and land for your money, it becomes clear why homes in Chesapeake are facing stiff competition from neighboring areas. Suffolk, Windsor, and other surrounding communities offer a “win-win” situation for buyers—more home for less money, and without a significant increase in commute time.
Buying a Home in Hampton Roads
The real estate landscape in Chesapeake is changing. Buyers are becoming more aware of why homes in Chesapeake are not selling and becoming more savvy when it comes to getting the best value for their money. With comparable commute times and more affordable homes for sale in Suffolk, Windsor, and the surrounding areas, it’s no wonder why buyers are looking beyond Chesapeake.