Norfolk, NE
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Norfolk Neighborhoods Since 2000




Norfolk, NE Real Estate Data


Norfolk Housing Market Information

With a population of 24,366, 9,839 total housing units (homes and apartments), and a median house value of $153,064, 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 28.99% over the last ten years, which is an average annual home appreciation rate of 2.58%, 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.

NeighborhoodScout's data show that during the latest twelve months, Norfolk's appreciation rate, at 5.18%, has been at or slightly above the national average. In the latest quarter, Norfolk's appreciation rate has been 0.48%, which annualizes to a rate of 1.94%.

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:
$153,064

Norfolk, NE HOME PRICES

Value Range
> $1,170,000 0.0
$877,001 - $1,170,000 0.2
$585,001 - $877,000 0.7
$468,001 - $585,000 1.4
$351,001 - $468,000 3.0
$234,001 - $351,000 10.5
$117,001 - $234,000 43.3
$59,001 - $117,000 31.5
$0 - $59,000 9.3

High for NE
Average for Nation

Value Relative to Nation Value Relative to State
48.423766553381 22.5641025641026

Number Of Homes And Apartments:
9,839

Rent & Ownership

 

Average Market Rent:
$758 / 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

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NE*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
49.20% 2.35% 3 6
* 10 is highest