Norfolk, Virginia Housing Market Prices
Norfolk Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price About the same as the Virginia median$257,238
-
Median rent 16% below the Virginia median$1,321
Housing Market Overview
| Metric | Norfolk | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $257,238 | $256,082 | $248,835 |
| Price Trend (Annual %) | 6.5% | 3.5% | 7.5% |
| Median Gross Rent | $1,321 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norfolk is about the same as in Virginia. Rent is about 16% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Norfolk, up about 6.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Norfolk rose about 36.3% between 2015 and 2024, from $969 to $1,321. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Norfolk.
Buying the median-priced home in Norfolk costs roughly 16.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Norfolk. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Norfolk | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $257,238 | $256,082 | $248,835 |
| Median Household Income | $66,067 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.9 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Norfolk rose about 63.7%, while median household income rose about 48.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Norfolk | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.5% | 61.5% | 58.5% |
| Rental Rate | 49.2% | 29.8% | 31.2% |
| Vacancy Rate | 8.3% | 8.7% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Norfolk has a homeownership rate of 42.5%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 8.3%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Norfolk | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1966 | 1982 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Norfolk was built around 1966. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 10.0 years on average.
Norfolk, VA Housing Compared With Nearby Cities
Norfolk, VA is the 2nd largest of the 4 cities compared here, 233,287 residents against a local median of 137,557. Norfolk, VA's homeownership, at 46.3%, runs 20% below the 57.9% typical of the cities around it. That is the weaker end of the local range on this measure.
The cities themselves spread 17.4% on homeownership, so Norfolk, VA sits at one end of an already wide local range rather than apart from it. Norfolk, VA has the 4th highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Norfolk, VA | 233,287 | $257,238 #2/4 | $1,321 #3/4 | 46.3% #4/4 |
| Portsmouth, VA | 97,157 | $246,079 | $1,299 | 57.9% |
| Hampton, VA | 137,557 | $206,858 | $1,427 | 56.9% |
| Chesapeake, VA | 252,549 | $388,636 | $1,586 | 74.4% |
Frequently Asked Questions
Common questions about the housing market in Norfolk, Virginia.
What is the median home price in Norfolk, Virginia?
The median home price in Norfolk, Virginia is $257,238, about the same as the Virginia average.
What is the average home price in Norfolk, Virginia?
The typical home price in Norfolk, Virginia, reported as the median sale price, is $257,238. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Norfolk, Virginia?
The median gross rent in Norfolk, Virginia is $1,321 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Norfolk in 2020?
In 2020, the median gross rent in Norfolk, Virginia was $1,076 per month.
What is the price-to-rent ratio in Norfolk, Virginia?
The price-to-rent ratio in Norfolk, Virginia is about 16.2, meaning it would take roughly 16.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Norfolk.
Are home prices or rent rising faster in Norfolk, Virginia?
Both home prices and rent are rising in Norfolk, up about 6.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Norfolk, Virginia?
42.5% of households in Norfolk, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Norfolk, Virginia?
The housing vacancy rate in Norfolk, Virginia is 8.3%, lower than the Virginia average of 8.7%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →