Norfolk, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norfolk Neighborhoods Since 2000




Norfolk, VA 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 a population of 246,393, 87,045 total housing units (homes and apartments), and a median house value of $195,334, 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 49.66% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 27.84%), duplexes, homes converted to apartments or other small apartment buildings ( 13.47%), and a few row houses and other attached homes ( 8.11%).

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 39.06% owning and 60.94% 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 46.01% of the city's housing hails from this era. Other housing ages represented in Norfolk include homes built between 1970-1999 ( 28.89%) and housing constructed before 1939 ( 15.08%). There's also some housing in Norfolk built between 2000 and later ( 10.03%).

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 -1.67%, which is lower than 80% of US communities.

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 3.03%, 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 -0.63%, which equates to an annual appreciation rate of -2.48%.

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

Relative to Virginia, our data show that Norfolk's latest annual appreciation rate is higher 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:
$195,334

Norfolk, VA HOME PRICES

Value Range
> $1,033,000 0.9
$775,001 - $1,033,000 1.7
$517,001 - $775,000 5.3
$413,001 - $517,000 6.3
$310,001 - $413,000 9.6
$207,001 - $310,000 24.5
$103,001 - $207,000 42.3
$52,001 - $103,000 6.0
$0 - $52,000 3.4

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
33.4231805929919 47.3684210526316

Number Of Homes And Apartments:
87,045

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
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
75.74% 3.32% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,289 / per month

Homeownership Rate

Homeownership
Owners 39.06
Renters 60.94
Vacant 9.44

Housing Market Details

 

Age of Homes

AGE OF Norfolk HOMES
2000 or Newer 10.0
1970 - 1999 28.9
1940 - 1969 46.0
1939 or Older 15.1

Types of Homes

TYPE OF Norfolk HOMES
Single-Family 49.7
Townhomes 8.1
Small Apt. Buildings 13.5
Apt. Complexes 27.8
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Norfolk HOMES
No Bedroom 1.49
1 Bedroom 14.05
2 Bedrooms 32.59
3 Bedrooms 35.00
4 Bedrooms 13.92
5 or more bedrooms 2.95