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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Norfolk, VA 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Norfolk, VA Housing Market Trends

With 232,995 people, 93,797 houses or apartments, and a median cost of homes of $317,856, Norfolk real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Norfolk, accounting for 48.83% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 28.63%), duplexes, homes converted to apartments or other small apartment buildings ( 13.98%), and a few row houses and other attached homes ( 7.77%).

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 40.67% owning and 59.33% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Norfolk's housing was primarily built during this period, from the '40s through the '60s. A full 43.23% of the city's housing hails from this era. Other housing ages represented in Norfolk include homes built between 1970-1999 ( 27.11%) and housing constructed before 1939 ( 15.33%). There's also some housing in Norfolk built between 2000 and later ( 14.32%).

Norfolk Home Appreciation Rates

Norfolk's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Norfolk during the period has been just 5.12%, which is lower than 70% of US communities.

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 7.71%, which is higher than appreciation rates in 80.35% 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 -0.39%, which equates to an annual appreciation rate of -1.56%.

Relative to Virginia, our data show that Norfolk's latest annual appreciation rate is lower than 60% of the other cities and towns in Virginia.

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

$317,856

Norfolk, VA Home Prices
> $1,321,000
$991,001 - $1,321,000
$660,001 - $991,000
$528,001 - $660,000
$396,001 - $528,000
$264,001 - $396,000
$132,001 - $264,000
$66,001 - $132,000
$0 - $66,000
2.1%
2.1%
2.4%
2.4%
6.0%
6.0%
7.0%
7.0%
16.2%
16.2%
36.3%
36.3%
23.5%
23.5%
3.1%
3.1%
3.5%
3.5%
0% 100.0%
% of Homes
Average

for Virginia

High

for nation

Number of Homes And Apartments:

93,797

Norfolk Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,886 / per month

Homeownership Rate

Owners
Renters
40.7%
40.7%
59.3%
59.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.8%
7.8%
92.2%
92.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.3%
14.3%
27.1%
27.1%
43.2%
43.2%
15.3%
15.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
48.8%
48.8%
7.8%
7.8%
14.0%
14.0%
28.6%
28.6%
0.7%
0.7%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.2%
2.2%
14.4%
14.4%
29.8%
29.8%
34.1%
34.1%
15.7%
15.7%
3.7%
3.7%
0% 100.0%
% of Homes