Norfolk Home Prices & Values

No data Zillow Home Value Index

  • No data1-year change
  • No data 1-year forecast

The median list price per square foot in Norfolk is $130, which is lower than the Virginia Beach Metro average of $131. The median price of homes currently listed in Norfolk is $189,900 while the median price of homes that sold is $195,400. The median rent price in Norfolk is $1,115, which is lower than the Virginia Beach Metro median of $1,250.

Foreclosures will be a factor impacting home values in the next several years. In Norfolk 0.1 homes are foreclosed (per 10,000). This is lower than the Virginia Beach Metro value of 1.1 and also lower than the national value of 4.3

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Norfolk is 5.7%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Norfolk homeowners underwater on their mortgage is 30.9%, which is higher than Virginia Beach Metro at 25.8%.

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Relative ZHVI
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Norfolk Market Overview

Data through Aug 31, 2014
  • No data ZHVI
  • No data 1-yr forecast
  • $189,900 Median listing price
  • $195,400 Median sale price
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Norfolk Market Health

Data through Aug 31, 2014
  • 4.4/10 Less healthy What's This?  
    Close

    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • No data Average days on Zillow
  • 30.9% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 5.7% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

0.1 homes(Mar 31, 2014) Norfolk
1.1 homes Virginia Beach Metro
4.3 homes United States
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Nearby Cities

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Yorktown $302,500 Seaford $281,800 Virginia Beach $242,800
Chesapeake $238,500 Moyock $236,600 Knotts Island $205,600
Newport News $157,100 Hampton $155,400 Portsmouth $142,200

Listings & Sales

Data through Aug 31, 2014
  • $130 Median list price / sq ft
  • $127 Median sale price / sq ft
  • 47.3% Listings with price cut
31.1%
Sold below listing
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Norfolk Rentals

Data through Aug 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,257 Norfolk
$1,422 Virginia Beach Metro
$1,328 United States
  • No data Breakeven horizon
  • $1,115 Rent list price
  • $0.95 Rent list price / sq ft
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