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 2020. 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, VA Housing Market Trends

With 242,742 people, 88,353 houses or apartments, and a median cost of homes of $229,133, 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 49.20% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 28.80%), duplexes, homes converted to apartments or other small apartment buildings ( 13.80%), and a few row houses and other attached homes ( 7.39%).

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 38.71% owning and 61.29% 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 44.17% of the city's housing hails from this era. Other housing ages represented in Norfolk include homes built between 1970-1999 ( 28.33%) and housing constructed before 1939 ( 15.05%). There's also some housing in Norfolk built between 2000 and later ( 12.46%).

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 1.09%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Norfolk's appreciation rate, at 5.57%, has been at or slightly above the national average. In the latest quarter, Norfolk's appreciation rate has been 1.79%, which annualizes to a rate of 7.37%.

Relative to Virginia, our data show that Norfolk's latest annual appreciation rate is lower than 50% 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

 
info

Median Home Value:
$229,133

Norfolk, VA HOME PRICES

> $1,137,000
1.1%
1.1%
$853,001 - $1,137,000
1.5%
1.5%
$569,001 - $853,000
5.7%
5.7%
$455,001 - $569,000
6.6%
6.6%
$341,001 - $455,000
10.5%
10.5%
$227,001 - $341,000
27.2%
27.2%
$114,001 - $227,000
40.3%
40.3%
$57,001 - $114,000
5.1%
5.1%
$0 - $57,000
2.0%
2.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for VA

Value Relative To Nation

Number Of Homes And Apartments:
88,353

Norfolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
103.30% 3.44%
8
8
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,435 / per month

Homeownership Rate

Owners
38.7%
38.7%
Renters
61.3%
61.3%
Vacant
9.5%
9.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
12.5%
12.5%
1970 - 1999
28.3%
28.3%
1940 - 1969
44.2%
44.2%
1939 or Older
15.0%
15.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
49.2%
49.2%
Townhomes
7.4%
7.4%
Small Apt. Buildings
13.8%
13.8%
Apt. Complexes
28.8%
28.8%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
13.7%
13.7%
2 Bedrooms
31.5%
31.5%
3 Bedrooms
34.9%
34.9%
4 Bedrooms
14.4%
14.4%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES