Norfolk, NE
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norfolk Neighborhoods Since 2000




Norfolk, NE 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 24,366 people, 9,839 houses or apartments, and a median cost of homes of $154,848, Norfolk real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Norfolk, accounting for 66.32% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 18.95%), duplexes, homes converted to apartments or other small apartment buildings ( 8.40%), and a few row houses and other attached homes ( 4.90%).

The most prevalent building size and type in Norfolk are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.75% owning and 42.25% renting.

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 ( 31.47%). A lesser amount of the housing stock also hails from before 1939 ( 15.86%). There's also some housing in Norfolk built between 2000 and later ( 11.61%).

Norfolk Home Appreciation Rates

In the last 10 years, Norfolk has experienced some of the highest home appreciation rates of any community in the nation. Norfolk real estate appreciated 29.89% over the last ten years, which is an average annual home appreciation rate of 2.65%, putting Norfolk in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norfolk definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Norfolk that despite a nationwide downturn in the housing market, Norfolk real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norfolk appreciation rates continue to be some of the highest in America, at 6.25%, which is higher than appreciation rates in 76.17% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norfolk. Norfolk appreciation rates in the latest quarter were at 0.99%, which equates to an annual appreciation rate of 4.02%.

Relative to Nebraska, our data show that Norfolk's latest annual appreciation rate is higher than 70% of the other cities and towns in Nebraska.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norfolk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norfolk - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Norfolk real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$154,848

Norfolk, NE HOME PRICES

Value Range
> $1,185,000 0.1
$889,001 - $1,185,000 0.2
$592,001 - $889,000 0.7
$474,001 - $592,000 1.4
$355,001 - $474,000 3.0
$237,001 - $355,000 10.5
$119,001 - $237,000 43.3
$59,001 - $119,000 31.5
$0 - $59,000 9.3

High for NE
Average for Nation

Value Relative to Nation Value Relative to State
47.9842962615727 22.5641025641026

Number Of Homes And Apartments:
9,839

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NE*
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
51.21% 2.43% 3 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$797 / per month

Homeownership Rate

Homeownership
Owners 57.75
Renters 42.25
Vacant 5.77

Housing Market Details

 

Age of Homes

AGE OF Norfolk HOMES
2000 or Newer 11.6
1970 - 1999 41.1
1940 - 1969 31.5
1939 or Older 15.9

Types of Homes

TYPE OF Norfolk HOMES
Single-Family 66.3
Townhomes 4.9
Small Apt. Buildings 8.4
Apt. Complexes 19.0
Mobile Homes 1.4
Other 0.1

Home Size

SIZE OF Norfolk HOMES
No Bedroom 2.08
1 Bedroom 10.87
2 Bedrooms 31.16
3 Bedrooms 34.93
4 Bedrooms 15.27
5 or more bedrooms 5.70