Norfolk city, Virginia Housing Market Prices
Norfolk city 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.
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Median home price About the same as the Virginia median$257,238
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Median rent 16% below the Virginia median More expensive than 73% of counties in Virginia$1,321
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Norfolk city | 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 city 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 city, up about 6.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Norfolk city 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 city.
Buying the median-priced home in Norfolk city 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 city. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Norfolk city | 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 city 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 city | 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) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Norfolk city 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 city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1969 | 1982 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Norfolk city was built around 1969. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Norfolk city, Virginia.
What is the median home price in Norfolk city, Virginia?
The median home price in Norfolk city, Virginia is $257,238, about the same as the Virginia average.
What is the average home price in Norfolk city, Virginia?
The typical home price in Norfolk city, 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 city, Virginia?
The median gross rent in Norfolk city, Virginia is $1,321 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Norfolk city in 2020?
In 2020, the median gross rent in Norfolk city, Virginia was $1,076 per month.
What is the price-to-rent ratio in Norfolk city, Virginia?
The price-to-rent ratio in Norfolk city, 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 city.
Are home prices or rent rising faster in Norfolk city, Virginia?
Both home prices and rent are rising in Norfolk city, up about 6.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Norfolk city, Virginia?
42.5% of households in Norfolk city, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Norfolk city, Virginia?
The housing vacancy rate in Norfolk city, Virginia is 8.3%, lower than the Virginia average of 8.7%.
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