Norfolk, VA housing market
The typical Norfolk home is worth about $312,000, up 1.3% in a year, 25% below the Virginia typical home. Homes typically sell in 25 days, close to asking.
Home values, sales, trends and how Norfolk compares with the towns next door — updated as new data is published.
Norfolk at a glance
A seller's market
Supply is tight — about 2.3 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Typical home value, 2016–2026
Show as a table
| January | Norfolk | Virginia |
|---|---|---|
| 2017 | $195,000 | $253,000 |
| 2018 | $201,000 | $263,000 |
| 2019 | $206,000 | $271,000 |
| 2020 | $218,000 | $284,000 |
| 2021 | $241,000 | $311,000 |
| 2022 | $268,000 | $345,000 |
| 2023 | $280,000 | $367,000 |
| 2024 | $299,000 | $386,000 |
| 2025 | $310,000 | $405,000 |
| 2026 | $311,000 | $411,000 |
| August 2026 | $312,000 | $415,000 |
156 new homes permitted in 2025
Builders were permitted 156 new homes in Norfolk in 2025: 143 single-family houses and 13 in buildings with two or more homes, worth about $26.2 million to build. That's 0.7 per 1,000 residents, slower than across Virginia (4). Over the past 10 years, Norfolk has permitted 8,995 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Norfolk's population fell by 4,798 even though 6,982 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across Virginia: 2.2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 419 | 95 | 324 | $44.7 million |
| 2025 | 156 | 143 | 13 | $26.2 million |
| 2024 | 438 | 145 | 293 | $71.4 million |
| 2023 | 1,427 | 319 | 1,108 | $213.5 million |
| 2022 | 1,208 | 255 | 953 | $130.9 million |
| 2021 | 1,473 | 303 | 1,170 | $174.5 million |
| 2020 | 1,202 | 464 | 738 | $139.5 million |
| 2019 | 819 | 333 | 486 | $125.4 million |
| 2018 | 594 | 317 | 277 | $74.8 million |
| 2017 | 633 | 429 | 204 | $68.8 million |
| 2016 | 1,045 | 378 | 667 | $78.7 million |
| 2015 | 931 | 405 | 526 | $80.8 million |
| 2014 | 650 | 393 | 257 | $62.4 million |
| 2013 | 991 | 389 | 602 | $83.9 million |
| 2012 | 496 | 311 | 185 | $49.4 million |
| 2011 | 519 | 225 | 294 | $46.3 million |
| 2010 | 304 | 171 | 133 | $46.3 million |
| 2009 | 587 | 165 | 422 | $59.7 million |
| 2008 | 821 | 257 | 564 | $95.8 million |
| 2007 | 349 | 313 | 36 | $55.6 million |
| 2006 | 545 | 351 | 194 | $97.7 million |
| 2005 | 1,183 | 526 | 657 | $154.1 million |
| 2004 | 769 | 382 | 387 | $133 million |
| 2003 | 771 | 437 | 334 | $81.8 million |
| 2002 | 617 | 276 | 341 | $58.6 million |
| 2001 | 408 | 227 | 181 | $42.5 million |
| 2000 | 287 | 177 | 110 | $26.4 million |
How Norfolk ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Norfolk and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Norfolk | $312K | +1.3% | $1,690 | 156 | $66,109 |
| Virginia Beach | $428K | +3.3% | $2,060 | 436 | $92,968 |
| Chesapeake | $425K | +3.6% | $2,140 | 846 | $95,373 |
| Portsmouth | $268K | +1.9% | $1,590 | 179 | $60,491 |
| Hampton | $282K | +2% | $1,750 | 100 | $69,621 |
4.7 years of income
The typical Norfolk home costs about 4.7 years of the town's median household income, about the same as across Virginia (4.5).
How Norfolk ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,690
HUD's Fair Market Rent for a two-bedroom in Norfolk is $1,690 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Norfolk pay a median of $1,321, so moving in tends to cost more than staying put. A two-bedroom takes about 31% of the town's median household income, above the 30% guideline for affordable housing.
Studio $1,470 · 4 bedrooms $2,760
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (23502, 23503, 23504, 23505, 23508, 23509 and 5 more; Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Recent listings in Norfolk
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.