Norfolk, VA Home Values & Market Trends

Real estate market trends reflect that there have been 3,766 transactions over the past year in Norfolk. The median value for residential home transactions that occurred over the previous year is $281,276.5. The number of current listings in Norfolk is 392, and the percentage of properties for sale in the city is 392.00%. Norfolk, VA currently has 75 properties in foreclosure, 15 bank owned properties, 60 properties headed for auction, and 392 properties for sale.

Norfolk, VA Real Estate Market Overview

ZipMedian Est. ValueZipMedian Est. Value
23503

$ 332,344

$ 198/sqft

23502

$ 305,000

$ 175/sqft

23518

$ 385,314

$ 211/sqft

23507

$ 294,696

$ 212/sqft

23513

$ 284,867

$ 190/sqft

23517

$ 253,259

$ 218/sqft

23509

$ 291,478

$ 185/sqft

23523

$ 230,000

$ 148/sqft

23510

$ 440,764

$ 279/sqft

23515

$ --

$ --

23508

$ 339,900

$ 195/sqft

23511

$ --

$ --

23504

$ 244,014

$ 170/sqft

23551

$ --

$ --

23505

$ 333,404

$ 192/sqft

23501

$ --

$ --

Housing Market Summary for Norfolk, VA

Jun 2023May 2024Change
Median Listing Price$300K$318.9K6.30%
Median Sold Price$280.2K$277.5K-0.98%
Homes For Sale33138215.41%
Homes Sold2,0471,958-4.35%
Price
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Homes For Sale
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Price Per Square Foot

On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.

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Browse Homes in Norfolk, VA

Norfolk home values range from $30,309 to $3,849,693. The median estimated value of a home in Norfolk is $281,276.5. The median list price of a home is 315,000, and the total count of properties in the city is 58,430.

Foreclosure
There are 16 zips within Norfolk, VA; within these zips, the median estimated home value for homes in foreclosure ranges from $290,609 in 23513 to the lowest value of $100,000 in 23513. Foreclosure homes account for 0.00% of properties in Norfolk, VA with 23504 containing 12 foreclosures, the highest number of foreclosure properties in a single zip.
  • Pre-Foreclosure
    Pre-foreclosure homes account for 0% of all residential properties in Norfolk, VA with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There are 16 zips within Norfolk, VA; of those zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
  • Bank Owned
    The median estimated home value of bank owned homes (REO properties) in Norfolk, VA ranges from the highest value of $468,738 in 23508 to the lowest value of $100,000 in 23513. Bank owned homes and properties account for 0.03% of properties in Norfolk, VA. There are 16 zips within Norfolk, VA; 23504 containing 6 REO properties, has the highest number of bank owned properties in a single zip.
  • Auctions
    23505 has 10 auction properties, the highest number of properties going to auction in a single zip in the state of Norfolk, VA. Auction homes and other auction properties account for 0.10% of all properties in Norfolk, VA. There are 16 zips within Norfolk, VA; of those zips, the median estimated home value for homes going to auction ranges from $427,700 in 23517 to the lowest value of $118,705 in 23517.
Homes for Sale
Homes and properties that are actively listed for sale account for 0.67% of residential properties in Norfolk, VA with 23503 containing 64 homes for sale, the highest number of listed properties in a single zip. There are 16 zips within Norfolk, VA; homes for sale in those zips, have a range of median values from $782,924 in 23507 to the lowest value of $100,890 in 23502.
    Sold Homes
    The median value for recently sold homes ranges from $961,236 in 23507 to the lowest price of $35,956 in 23507. There are 16 zips within Norfolk, VA. 23518 has 368 recently sold homes, the highest number of recently sold properties in a single zip. Recently sold homes and properties account for 3.41% of properties in Norfolk, VA.

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      Guide for Norfolk, VA

      Virginia
      Arlington Real Estate Sees Modest Growth in Early 2024
      Market Reports
      Virginia Beach Real Estate Soars 9%, Hitting $420K in April 2024 as Market Tightens
      Market Reports
      Richmond Real Estate on the Rise: Property Values Up 7% from 2023 to 2024
      Market Reports
      Steady Growth Marks Norfolk Real Estate Landscape; Property Value Reaches $315K in March 2024
      See More Articles
      Arlington Real Estate Sees Modest Growth in Early 2024
      Virginia|posted 28 May 2024

      The Arlington, VA real estate market displays mild volatility, with fluctuating average property values and sale volumes, but remains overall stable.

      Virginia Beach Real Estate Soars 9%, Hitting $420K in April 2024 as Market Tightens
      Market Reports|posted 20 May 2024

      The Virginia Beach real estate market sees an intriguing trend with average property values rising 9% in just six months, despite a fall in the volume of sales and shrinking inventory. Meanwhile, neighboring cities each exhibit unique market trends.

      Richmond Real Estate on the Rise: Property Values Up 7% from 2023 to 2024
      Market Reports|posted 1 April 2024

      Richmond’s real estate market shows consistent growth, with trends indicating increasing property values and demand.

      Steady Growth Marks Norfolk Real Estate Landscape; Property Value Reaches $315K in March 2024
      Market Reports|posted 25 March 2024

      A glance at the real estate market in Norfolk, Virginia, highlighting rising property values, increasing desirability, and trends in nearby cities.