Housing in Norfolk, VA is relatively affordable compared to the US House Median Value of $338,100. Over the past year house appreciation in Norfolk was 8.59%, slightly higher than the US average of 8.27%. This makes it an attractive option for those looking to invest in property or purchase a home. The median value of housing in Norfolk, VA is $271,500, providing a great opportunity for individuals and families who are looking to purchase a home but cannot afford the higher price tags found elsewhere.
The median home cost in Norfolk is $271,500. Home appreciation the last 10 years has been 55.7%. Home Appreciation in Norfolk is up 12.2%.
Average Age of Homes
- The median age of Norfolk real estate is 55 years old
The Rental Market in Norfolk
- Renters make up 50.9% of the Norfolk population
- 2.8% of houses and apartments in Norfolk, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.