Home Values

Norfolk Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

None

  • None 1-year change
  • None 1-year forecast

The median list price per square foot in Norfolk is $129, which is lower than the Virginia Beach Metro average of $130. The median price of homes currently listed in Norfolk is $189,000 while the median price of homes that sold is $187,050. The median rent price in Norfolk is $1,095, 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 0.8 and also lower than the national value of 4.0

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 Sep 30, 2014
  • No data ZHVI
  • No data 1-yr forecast
  • $189,000 Median listing price
  • $187,050 Median sale price
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Norfolk Market Health

Data through Sep 30, 2014
  • 2.7/10 Less healthy
    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
0.8 homes Virginia Beach Metro
4 homes United States
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Nearby Cities

Name Median ZHVI
Yorktown $299,400
Seaford $284,200
Virginia Beach $245,200
Name Median ZHVI
Moyock $238,100
Chesapeake $236,600
Knotts Island $204,200
Name Median ZHVI
Newport News $154,800
Hampton $154,700
Portsmouth $138,800

Listings & Sales

Data through Sep 30, 2014
  • $129 Median list price / sq ft
  • $124 Median sale price / sq ft
  • 47.2% Listings with price cut
27.9%
Sold below listing
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Norfolk Rentals

Data through Sep 30, 2014
  • Zillow Rent Index

  • $1,258 Norfolk
    $1,423 Virginia Beach Metro
    $1,335 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • No data Breakeven horizon
  • $1,095 Rent list price
  • $0.96 Rent list price / sq ft
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