The housing market in Norfolk, VA (23505) is on the rise. The median value of a house in this area is currently $271,000, which is significantly lower than the US national median value of $338,100. However, that doesn't mean there isn't room for growth. The one year appreciation rate of houses in this area is 8.59%, slightly higher than the US national rate of 8.27%. This indicates that investing in housing in Norfolk, VA may be a wise decision for anyone looking to break into the real estate market and benefit from the current trend towards increasing property values.
The median home cost in Norfolk (zip 23505) is $271,000. Home appreciation the last 10 years has been 55.7%. Home Appreciation in Norfolk (zip 23505) is up 12.2%.
Average Age of Homes
- The median age of Norfolk (zip 23505) real estate is 55 years old
The Rental Market in Norfolk (zip 23505)
- Renters make up 61.0% of the Norfolk (zip 23505) population
- 3.7% of houses and apartments in Norfolk (zip 23505), 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.