Norfolk, NE Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norfolk, NE Housing Market Trends

With 24,449 people, 10,290 houses or apartments, and a median cost of homes of $182,820, 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 64.61% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 20.39%), duplexes, homes converted to apartments or other small apartment buildings ( 8.15%), and a few row houses and other attached homes ( 5.01%).

People in Norfolk primarily live in small (one, two or no bedroom) single-family detached homes. Norfolk has a mixture of owner-occupied and renter-occupied housing.

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 ( 25.76%). A lesser amount of the housing stock also hails from before 1939 ( 17.96%). There's also some housing in Norfolk built between 2000 and later ( 10.39%).

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 54.75%, which ranks in the top 40% nationwide. This equates to an annual average Norfolk house appreciation rate of 4.46%.

Over the last year, Norfolk appreciation rates have trailed the rest of the nation. In the last twelve months, Norfolk's appreciation rate has been 6.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norfolk were at 1.41%, which equates to an annual appreciation rate of 5.76%.

Notably, Norfolk's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Nebraska, our data show that Norfolk's latest annual appreciation rate is lower than 80% 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:
$182,820

Norfolk, NE HOME PRICES

> $1,174,000
0.7%
0.7%
$881,001 - $1,174,000
0.3%
0.3%
$587,001 - $881,000
1.7%
1.7%
$470,001 - $587,000
2.0%
2.0%
$352,001 - $470,000
3.7%
3.7%
$235,001 - $352,000
16.6%
16.6%
$117,001 - $235,000
44.0%
44.0%
$59,001 - $117,000
24.1%
24.1%
$0 - $59,000
6.9%
6.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for NE

Value Relative To Nation

Number Of Homes And Apartments:
10,290

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NE*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
85.16% 2.91%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$959 / per month

Homeownership Rate

Owners
58.1%
58.1%
Renters
41.9%
41.9%
Vacant
6.9%
6.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.4%
10.4%
1970 - 1999
45.9%
45.9%
1940 - 1969
25.8%
25.8%
1939 or Older
18.0%
18.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.6%
64.6%
Townhomes
5.0%
5.0%
Small Apt. Buildings
8.1%
8.1%
Apt. Complexes
20.4%
20.4%
Mobile Homes
1.7%
1.7%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.4%
3.4%
1 Bedroom
11.6%
11.6%
2 Bedrooms
33.9%
33.9%
3 Bedrooms
31.3%
31.3%
4 Bedrooms
14.6%
14.6%
5 or more bedrooms
5.2%
5.2%
0.0% 100.0%
% OF HOMES