How much is a home worth in ZIP code 23701?

The typical home in 23701 is worth $260,023, based on the Zillow Home Value Index.

Are home values rising in 23701?

Home values in 23701 are up 0.4% over the past year, and up 5.9% a year over five years.

What is the typical rent in 23701?

A typical home in 23701 rents for about $1,865 a month, a gross rental yield of 8.6%.

What is the property tax rate in 23701?

The effective property tax rate in 23701 is 1.0% — roughly $2,722 a year on a typical home.

ZIP code 23701 has a population of 24,298 and a median household income of $62,349.

HousingHandbookReference data

…

U.S. ZIP Code · VA23701

Portsmouth city · Virginia Beach-Chesapeake-Norfolk, VA-NC

Typical home value

$260,023^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.4%
5-year / yr: +5.9%
10-year / yr: +5.9%

Relative price

vs U.S.: -8.5%
vs metro: -26.2%
vs state: -20.8%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 23701 is worth $260,023 — 26.2% below the Virginia Beach-Chesapeake-Norfolk, VA-NC median. Over the past year, values have risen 0.4%. Homes here rent for a typical $1,865 a month — a 8.6% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,865^[2]
Gross yield: 8.6%^[2]
Cap rate: 5.2%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.0%^[3]
Typical annual tax: $2,722^[3]

#Climate risk

FEMA National Risk Index ratings for Portsmouth city. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Low
Coastal flood: Relatively Moderate
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Low
Hurricane: Relatively Moderate
Tornado: Relatively Low
Earthquake: Relatively Low
Winter weather: Relatively Moderate

#Who lives here

Population: 24,298^[3]
Median household income: $62,349^[3]

#Migration

Household moves in and out of Portsmouth city over a year, from IRS tax-return data.

Net migration: -25^[5]
Moved in: 4,472
Moved out: 4,497

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 8
Elementary: 5
Middle: 1
High: 1

Manor High
High · Grades 9–12 · Portsmouth City Public Schools
1,167 students
Simonsdale Elementary
Elementary · Grades K–6 · Portsmouth City Public Schools
609 students
Victory Elementary
Elementary · Grades K–6 · Portsmouth City Public Schools
570 students
William E. Waters Middle
Middle · Grades 7–8 · Portsmouth City Public Schools
562 students
Douglass Park Elementary
Elementary · Grades K–6 · Portsmouth City Public Schools
528 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield8.6%

Net yield (after ~40% expenses)5.2%

Annual rent$22,380

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,315

Loan principal$208,018

Down payment$52,005

Total interest paid$265,316

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio0.94

Monthly cost to own$1,759

Monthly rent$1,865

Owning is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 67th percentile^[1]
Rental yield: 96th percentile^[2]
Property tax: 100th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

7th for highest rental yield in VAView list →

Frequently asked

How much is a home worth in ZIP code 23701?: The typical home in 23701 is worth $260,023, based on the Zillow Home Value Index.
Are home values rising in 23701?: Home values in 23701 are up 0.4% over the past year, and up 5.9% a year over five years.
What is the typical rent in 23701?: A typical home in 23701 rents for about $1,865 a month, a gross rental yield of 8.6%.
What is the property tax rate in 23701?: The effective property tax rate in 23701 is 1.0% — roughly $2,722 a year on a typical home.
Who lives in 23701?: ZIP code 23701 has a population of 24,298 and a median household income of $62,349.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

23523 vs 23701 →
Norfolk, VA
Typical home
$257,803
Gross yield
10.1%
27937 vs 23701 →
NC
Typical home
$266,460
Gross yield
—
23707
Portsmouth, VA
Typical home
$252,538
Gross yield
7.0%
23504
Norfolk, VA
Typical home
$269,702
Gross yield
6.7%
23513
Norfolk, VA
Typical home
$271,577
Gross yield
7.4%
23603
Newport News, VA
Typical home
$275,248
Gross yield
—

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#Jump to section

U.S. ZIP Code · VA23701

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