Norfolk, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Norfolk Neighborhoods Since 2000




Norfolk, MA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Norfolk Housing Market Information

With 11,908 people, 3,177 houses or apartments, and a median cost of homes of $503,187, real estate costs in Norfolk are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Norfolk is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Norfolk than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norfolk. Owner-occupied housing accounts for 77.48% of Norfolk's homes, and 81.37% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Norfolk built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Norfolk built between 1940-1969 ( 22.34%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.44%). There's also some housing in Norfolk built before 1939 ( 7.98%).

Norfolk Home Appreciation Rates

Appreciation rates for homes in Norfolk have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.27%, which ranks in the top 50% nationwide. This equates to an annual average Norfolk house appreciation rate of 0.23%.

NeighborhoodScout's data show that during the latest twelve months, Norfolk's appreciation rate, at 4.56%, has been at or slightly above the national average. In the latest quarter, Norfolk's appreciation rate has been 1.07%, which annualizes to a rate of 4.36%.

Relative to Massachusetts, our data show that Norfolk's latest annual appreciation rate is lower than 50% of the other cities and towns in Massachusetts.

Average Home Values

 

Median Home Value:
$503,187

Norfolk, MA HOME PRICES

Value Range
> $1,136,000 1.1
$852,001 - $1,136,000 4.0
$568,001 - $852,000 27.9
$454,001 - $568,000 35.9
$341,001 - $454,000 21.9
$227,001 - $341,000 6.4
$113,001 - $227,000 1.6
$57,001 - $113,000 0.3
$0 - $57,000 0.9

High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
5.83909527715926 22.7564102564103

Number Of Homes And Apartments:
3,177

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
46.18% 2.23% 4 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,803 / per month

Homeownership Rate

Homeownership
Owners 77.48
Renters 22.52
Vacant 3.58

Housing Market Details

 

Age of Homes

AGE OF Norfolk HOMES
2000 or Newer 13.4
1970 - 1999 56.2
1940 - 1969 22.3
1939 or Older 8.0

Types of Homes

TYPE OF Norfolk HOMES
Single-Family 91.5
Townhomes 5.3
Small Apt. Buildings 2.1
Apt. Complexes 1.0
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Norfolk HOMES
No Bedroom 0.24
1 Bedroom 2.58
2 Bedrooms 11.50
3 Bedrooms 34.51
4 Bedrooms 46.86
5 or more bedrooms 4.31

Popular Neighborhoods in Norfolk

Zip Codes in Norfolk, MA