Portsmouth, Virginia
Portsmouth is located in the heart of the Hampton Roads area on the western side of the Elizabeth River directly across from the City of Norfolk. With a population of 101,377 (as of the 2006 census), Portsmouth is one of the older cities in Hampton Roads and has a limited capacity for growth, since it is surrounded by water and other Hampton Roads cities.
Despite its name, The Norfolk Naval Shipyard, often called the Norfolk Navy Yard, is a historic and active U.S. Navy facility which is actually located in Portsmouth; Navy ships of all types are built, remodeled, and repaired here. There is a large military medical community thanks to the Portsmouth Naval Medical Hospital.
Portsmouth is about 15-20 minutes from the Norfolk International Airport, and is serviced by the Hampton Roads Beltway and several bridges and tunnels from neighboring cities. In recent years, Portsmouth has seen a revival of its charming downtown business and historic district, referred to as Old Towne. Old Towne features one of the largest collections of historically significant homes between Alexandria, Virginia and Charleston, South Carolina. Along with the many unique restaurants and entertainment venues in the Old Towne district, Portsmouth is home to several other attractions for families and visitors. The Children's Museum of Virginia, Virginia Sports Hall of Fame, Naval Shipyard & Lightship Museum, and Harbor Center (home of the Ntelos Pavilion, a concert venue which hosts mainly national touring acts) are all located in Portsmouth.
The Portsmouth Public School System is made up of 14 elementary schools, 3 middle schools, 3 high schools, and several secondary and specialty schools.
Portsmouth is considered to be one of the most affordable areas in the Hampton Roads region, although there are also many miles of waterfront property which are more exclusive. A family-friendly city, Portsmouth has many parks and recreation centers for the public to enjoy.
Portsmouth VA Homes For Sale
What's My Portsmouth Home Worth
|
by: Dave.Macklin on Aug 28, 2008 @ 9:57 am Leave a comment »
Portsmouth Sales Statistics - July 2008 Portsmouth residential sales decreased by 27 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 58 days to 71 days. The median and averages sales prices increased, 1 percent and 2 percent, respectively, bringing the average sales price to $191,650.
What do these statistics mean for Portsmouth real estate buyers and sellers? The Portsmouth real estate market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act. Portsmouth Real Estate Market Report Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country. NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values," Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®. Also read: Virginia
Beach Real Estate: South Hampton Roads Market Report July 2008 To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. Search all Portsmouth and Virginia Beach homes for sale. Find out what your home is worth.
Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 
|
|
by: Dave.Macklin on Jul 31, 2008 @ 5:36 pm Leave a comment »
Portsmouth June 2008 Sales StatisticsResidential sales in Portsmouth dropped by 26 percent in June compared to June 2007, causing the average market time to increase 12 percent, from 68 days to 76 days. The median sales price decreased 7 percent, while the average sale price decreased 5 percent to $253,847.
What do these statistics mean for Portsmouth and Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.
|
|
by: Dave.Macklin on Jun 27, 2008 @ 11:44 am 1 comment »
Portsmouth Real Estate Market Report A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index,* a
forward-looking indicator based on contracts signed in April, rose 6.3 percent
to 88.2 from a reading of 83.0 in March. It's the highest index since last
October, but remains 13.1 percent lower than April 2007 when it stood at 101.5. Let's take a look at the Portsmouth real estate market activity to see how the spring market is shaping up. Portsmouth May 2008 Sales Statistics
|
|
by: Dave.Macklin on Jun 18, 2008 @ 10:23 am 1 comment »
South Hampton Roads Real Estate Area Market ReportA modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index,* a
forward-looking indicator based on contracts signed in April, rose 6.3 percent
to 88.2 from a reading of 83.0 in March. It's the highest index since last
October, but remains 13.1 percent lower than April 2007 when it stood at 101.5. Let's take a look at the South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this May. South Hampton Roads May 2008 Sales Statistics
|
|
by: Dave.Macklin on May 29, 2008 @ 11:13 am Leave a comment »
A flat pattern in Portsmouth VA real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available." Let's take a look at the Portsmouth VA real estate market activity for this April to see how the spring is looking so far:
|
To begin your search for the perfect home or to sell your home in the Virginia Beach area,
call Dave Macklin and The Butler Team at 866-222-0158 #550.
This site is proudly sponsored by