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 $126, which is lower than the Virginia Beach Metro average of $129. The median price of homes currently listed in Norfolk is $185,000 while the median price of homes that sold is $184,015. The median rent price in Norfolk is $1,075, which is lower than the Virginia Beach Metro median of $1,200.

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 1.3 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 5.4%, which is lower than the national value of 6.4%. 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 35.0%, which is higher than Virginia Beach Metro at 27.5%.

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Relative ZHVI
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Norfolk Market Overview

Data through Dec 31, 2014
  • No data ZHVI
  • No data 1-yr forecast
  • $185,000 Median listing price
  • $184,015 Median sale price
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Norfolk Market Health

Data through Dec 31, 2014
  • 5.1/10 Stable
    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
  • 35.0% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 5.4% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

0.1 homes Norfolk
1.3 homes Virginia Beach Metro
4 homes United States
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Nearby Cities

Name Median ZHVI
Yorktown $308,300
Seaford $286,600
Virginia Beach $244,300
Name Median ZHVI
Chesapeake $236,600
Newport News $155,100
Hampton $151,700
Name Median ZHVI
Portsmouth $139,400
 
 

Listings & Sales

Data through Dec 31, 2014
  • $126 Median list price / sq ft
  • $122 Median sale price / sq ft
  • 18.8% Listings with price cut
32.5%
Sold below listing
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Norfolk Rentals

Data through Dec 31, 2014
  • Zillow Rent Index

  • $1,262 Norfolk
    $1,425 Virginia Beach Metro
    $1,345 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
  • $1,075 Rent list price
  • $0.97 Rent list price / sq ft
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