Norfolk city, Virginia Housing Market
In Norfolk city, Virginia, the median home value is $289,900, with a median monthly rent of $1,321. This places Norfolk city at #676 nationally out of 3134 counties by median home value, and #59 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,359
- Establishments: 6,372
- BLS QCEW, 2025
Housing Supply
- Single-family: 143
- Multi-family: 13
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 87,851 (avg $65,865)
- Outflow: 82,336 (avg $67,002)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Norfolk city · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23502 | 364.0 | +19.78% | 2025 |
| 2 | 23517 | 297.5 | — | 2025 |
| 3 | 23504 | 326.0 | +18.69% | 2025 |
| 4 | 23513 | 333.9 | +6.11% | 2025 |
| 5 | 23462 | 328.6 | +4.95% | 2025 |
| 6 | 23503 | 325.8 | +1.83% | 2025 |
| 7 | 23518 | 288.6 | -1.32% | 2025 |
| 8 | 23507 | 240.5 | +0.93% | 2025 |
| 9 | 23508 | 301.0 | +1.25% | 2025 |
| 10 | 23505 | 276.6 | +4.12% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Norfolk city Compares
| Metric | Norfolk city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $289,900 | $295,807 | $227,706 |
| Median Gross Rent | $1,321 | $1,169 | $968 |
| Owner Occupancy Rate | 46.3% | 70.8% | 73.3% |
| Price/Rent Ratio | 18.3 | 20.3 | 18.7 |
Market Analysis
The median home value in Norfolk city is 2.0% below the Virginia state average and 27.3% above the U.S. national average. The median rent of $1,321/month is 13.0% above the state average.
With a price-to-rent ratio of 18.3, the buy-vs-rent decision in Norfolk city is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Norfolk city has an owner-occupancy rate of 46.3%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Kent County | Michigan | $289,900 | $1,243 |
| Uinta County | Wyoming | $290,000 | $900 |
| Caroline County | Maryland | $290,100 | $1,105 |
| Moffat County | Colorado | $289,500 | $1,039 |
| Georgetown County | South Carolina | $289,500 | $1,204 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Botetourt County | $289,200 | $1,035 | 85.5% |
| Prince George County | $293,400 | $1,594 | 74.3% |
| Roanoke County | $286,000 | $1,224 | 75.7% |
| Shenandoah County | $294,900 | $984 | 73.3% |
| Amelia County | $282,400 | $1,164 | 82.5% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).