3-digit ZIP regional index
Home appreciation in ZIP codes 233xxChesapeake, VA area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 233 changed +3.9% over the year to Q2 2026, compared with +3.8% for Virginia and +3.0% for the United States.
The region covers ZIP codes 23301–23398. Most of its 2010 population lived in Chesapeake city (87%), Accomack County (5%). Communities in the region include Carrollton, Chincoteague, Exmore, Captains Cove, Cape Charles. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +3.9%
- 5-year change
- +44.6%
- Since Q1 1995
- +291%
- National rank (1 year)
- 397th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 233 vs Virginia and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 233: 391.0
- Virginia: 403.8
- Virginia Beach-Chesapeake-Norfolk, VA-NC metro: 389.0
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 233 | VA | U.S. | Gap vs VA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +3.9% | +3.8% | +3.0% | +0.2 pts | +0.9 pts |
| 3 years | +17.0% | +15.9% | +12.9% | +1.1 pts | +4.2 pts |
| 5 years | +44.6% | +44.1% | +41.3% | +0.5 pts | +3.3 pts |
| 10 years | +79.5% | +83.4% | +93.3% | −3.9 pts | −13.8 pts |
| Since Q1 1995 | +291% | +304% | +292% | −12.8 pts | −0.6 pts |
If you bought in ZIP3 233 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +285% | $1,153,703 |
| Q2 2000 | +236% | $1,008,399 |
| Q2 2005 | +84.6% | $553,653 |
| Q2 2010 | +78.6% | $535,823 |
| Q2 2015 | +83.0% | $548,861 |
| Q2 2020 | +59.5% | $478,548 |
| Q2 2021 | +44.6% | $433,710 |
| Q2 2023 | +17.0% | $351,105 |
| Q2 2025 | +3.9% | $311,761 |
How ZIP3 233 ranks
Over the past year ZIP3 233 ranks 397th of 882 3-digit ZIP regions nationally and 14th of 28 in Virginia. Its one-year change is +0.9 pts versus the nation and +0.2 pts versus Virginia. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in Virginia |
|---|---|---|
| 1 year | 397th of 882 | 14th of 28 |
| 3 years | 352nd of 882 | 11th of 28 |
| 5 years | 442nd of 882 | 18th of 28 |
| 10 years | 606th of 882 | 18th of 28 |
| Since Q1 1995 | 338th of 879 | 11th of 28 |
Boom, bust, and recovery in ZIP3 233
ZIP3 233's index peaked in Q3 2007, fell 21.0% to its low in Q1 2014, and regained its peak in Q4 2020, about 13.2 years after the top. Today it sits +53.9% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 233 | Q3 2007 | Q1 2014 | -21.0% | Q4 2020 (13.2 yrs) | +53.9% |
| VA | Q2 2007 | Q2 2012 | -17.4% | Q2 2019 (12 yrs) | +66.9% |
| Metro | Q2 2007 | Q4 2013 | -19.3% | Q1 2021 (13.8 yrs) | +53.1% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 233's index has changed +76.6% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 233 after inflation | VA after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | +0.1% | -0.1% | -0.2% | -0.8% |
| 3 years | +9.8% | +6.6% | +5.6% | +5.2% | +2.8% |
| 5 years | +24.0% | +16.6% | +16.2% | +15.6% | +13.9% |
| 10 years | +39.1% | +29.1% | +31.9% | +28.1% | +39.0% |
| Since Q1 1995 | +121% | +76.6% | +82.4% | +75.7% | +76.8% |
Estimate appreciation for a home in ZIP3 233
Regional estimate
$538,554
- Estimated gain
- $238,554
- Index change
- +79.52%
- Start index
- 217.80
- End index
- 390.99
ZIP3 233 (Chesapeake, VA area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 234 · Virginia Beach, VA area | VA | +4.1% | +44.4% | +321% |
| 235 · Norfolk, VA area | VA | +1.9% | +38.8% | +308% |
| 237 · Portsmouth, VA area | VA | +3.6% | +43.4% | +289% |
| 236 · Newport News, VA area | VA | +2.2% | +41.0% | +245% |
| 279 · Elizabeth City, NC area | NC | -1.9% | +50.6% | +331% |
| 238 · Petersburg, VA area | VA | +3.3% | +49.7% | +251% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 390.99 |
| Q1 2026 | 382.45 |
| Q4 2025 | 377.88 |
| Q3 2025 | 381.32 |
| Q2 2025 | 376.24 |
| Q1 2025 | 368.48 |
| Q4 2024 | 366.65 |
| Q3 2024 | 361.14 |
| Q2 2024 | 356.94 |
| Q1 2024 | 345.18 |
| Q4 2023 | 335.62 |
| Q3 2023 | 339.69 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 233?
- Based on FHFA HPI® data for 3-digit ZIP region 233, the regional index changed +3.9% over the year to Q2 2026, +44.6% over five years, +79.5% over ten years, and +291% since Q1 1995.
- Is ZIP3 233 appreciating faster than Virginia and the U.S.?
- Over the past year the region's index +3.9% compares with +3.8% for Virginia and +3.0% for the U.S., a gap of +0.9 pts versus the nation. Over five years the gap versus the nation is +3.3 pts.
- Which ZIP codes are in 3-digit ZIP region 233?
- All ZIP codes that begin with 233. Census 2010 ZIP Code Tabulation Areas in this region run from 23301 to 23398 (30 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.