Steady Growth Marks Norfolk Real Estate Landscape; Property Value Reaches $315K in March 2024

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

authorWritten by Manuel MartinezMar 25, 2024

Norfolk, Virginia, has experienced a buoyant real estate market, characterized by increasing property values and a keen interest in the housing sector. As recent data indicates, Norfolk’s real estate landscape is marked by a rise in the average property value, suggesting a strong and stable growth potential for homeowners and investors alike.

In March 2023, the city recorded an average property value of about $295,000. This number climbed steadily, reaching a peak of approximately $316,333 in September 2023. While this peak was followed by a slight decline, values quickly stabilized, maintaining an average close to $315,500 in early 2024. This trend aligns with the growing desirability of living in Norfolk, driven by factors such as its vibrant urban environment, economic opportunities, and strategic location near military installations and coastal amenities.

Norfolk VA Real Estate Report March 2024 - Price Per Sq Ft
Norfolk VA Real Estate Report March 2024 – Price Per Sq Ft

Corresponding with the rise in property values, the per-square-foot value also revealed an upward trajectory. Starting at $187 in March 2023, it reached a high of $196 by February 2024, after experiencing minor fluctuations. This particular metric gives us a clear perspective on the consistent appreciation of Norfolk’s real estate over time, reinforcing the area’s appeal to both residential buyers and real estate investors.

When it comes to the number of properties sold, Norfolk saw a peak in September 2023 with a considerable 2,354 properties changing hands. Nonetheless, by February 2024, this number had decreased to 1,786—a natural ebb and flow that can be observed in most active real estate markets. This could be the result of various economic factors or seasonal market patterns, which typically affect the volume of sales.

Comparative Analysis with Nearby Cities

The broader region surrounding Norfolk paints a heterogeneous picture of real estate trends. For example, Portsmouth, a nearby city, has noted a moderate increase in its average property value throughout the year, settling at about $250,000 by February 2024. In contrast, Hampton’s real estate market has been more volatile, with a more pronounced fluctuation before arriving at an average property value of $287,450.

Chesapeake stands out with a robust growth pattern, starting with average property values lower than Norfolk’s at the beginning of 2023 but surpassing Norfolk by February 2024 with an average value of $380,000. This might indicate a surge in Chesapeake’s desirability or perhaps an influx of high-value property developments that have increased the overall average.

Other areas such as Carrollton and Poquoson present distinct narratives. Carrollton, despite having a high average property value of $472,450, shows no property sales in the given timeframe, pointing perhaps to a niche market or a lack of transactions during that specific period. Poquoson, on the other hand, boasts the highest average value of all discussed cities at an impressive $699,800, although only one property was listed, and 112 were sold; such a discrepancy might suggest a diverse market with a range of property values, from the much more affordable to the luxurious.

Norfolk Real Estate: A Closer Look at Current Values and Volumes

Delving deeper into the specifics, as of February 2024, Norfolk’s real estate market appears robust with an average value of homes standing at $315,000 and a per-square-foot rate of $196. A total of 326 properties were available, and the average sale price for the 1,786 homes sold was around $287,936, with an average sold per-square-foot value of $188.

Norfolk VA Real Estate Report March 2024 - Homes For Sale
Norfolk VA Real Estate Report March 2024 – Homes For Sale

Comparing these figures with the data from the nearby city of Portsmouth, which boasts 930 property sales at an average sale price of about $243,463 and a per-square-foot value of $171, we see a differential that may reflect varying market conditions, investment potentials, and local economic factors between the two cities.

Similarly, Hampton also offers a unique real estate profile. The city’s property sales volume stood at 1,253, and the average sale price was approximately $254,405, with a slightly higher per-square-foot value of $170 compared to Portsmouth. Chesapeake demonstrates even stronger market conditions, with nearly 1,945 s properties sold at an average sale price of about $360,127 and a per-square-foot value of $198.

The data from Carrollton, with no recorded property sales in February 2024, is less revealing. In contrast, small but pricey Poquoson notched an average sale price of around $402,022 for its 112 sold properties, indicating a lucrative but possibly less accessible market segment.

The analysis of these figures offers valuable insights into the varying dynamics of the real estate market across different cities and suggests potential investment strategies tailored to each area’s unique conditions. Whether for homebuyers looking for growing equity or investors seeking profitable opportunities, the real estate landscape in and around Norfolk, VA, poses exciting prospects.

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