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Norfolk

Why you'd want to live in Norfolk

Norfolk Virginia is a city of some 247,000 residents and encompasses 66 square miles. It has seven miles of Chesapeake Bay beachfront and a total of 144 miles of shoreline along our lakes, rivers, and the Bay. Much of this land is located in residential neighborhoods. Norfolk is home to the world's largest naval base and the North American Headquarters for NATO (North Atlantic Treaty Organization). USA Today called Norfolk one of the Top 10 booming downtowns, recognizing a decades-long housing, retail and financial boom in Norfolk. Norfolk International Terminal has completed a 300-acre expansion, making it the largest inter-model center in the U.S. Norfolk is home of the USS Wisconsin battleship and a vibrant harbor. Ocean-going cruise vessels of up to 3,000 passengers regularly stop at the Half Moone Cruise and Celebration Center downtown. Norfolk is home to the Virginia Opera, the Virginia Stage Company, the Virginia Symphony, the Virginia Arts Festival, Chrysler Hall, Chrysler Museum of Art, the General Douglas MacArthur Memorial, and Nauticus, the National Maritime Center. Norfolk has been recognized as a Tree City and its neighborhoods have extensive trees and flowers. It is home to the Norfolk Botanical Garden. Old Dominion University, Norfolk State University and a new downtown campus of Tidewater Community College are located in Norfolk and Wesleyan College is located on the border between Norfolk and Virginia Beach. Eastern Virginia Medical School and it's four internationally recognized research institutes are located in Norfolk, as is Sentara Health System, DePaul Medical Center-Bon Secours and Virginia's only free-standing, full-service pediatric hospital, Children's Hospital of the King's Daughters. via norfolk.gov

Norfolk Market Report

$341,235

AVERAGE PRICE OF 1,015 HOMES

$219,430

AVERAGE PRICE OF 23 DISTRESSED HOMES

$1,408,750

AVERAGE PRICE OF 16 MULTI-MILLION DOLLAR HOMES

$511,108

AVERAGE PRICE OF 122 NEWLY BUILT HOMES

$443,705

AVERAGE PRICE OF 19 HOMES WITH A POOL

$260,803

AVERAGE PRICE OF 49 REDUCED PRICE HOMES

Average Home

Average Price $341,235
Avg Bedrooms 2.91 beds
Avg Bathrooms 1.73 baths

Average Price by Bedrooms

1 bedroom $228,136
2 bedrooms $224,428
3 bedrooms $319,519
4 bedrooms $387,058
5 bedrooms $504,800
Norfolk Home Price Trends
  7/2022 6/2022 5/2022 4/2022 3/2022
Total Listings 1,010 n/a n/a n/a 868
Average Price $344,104 n/a n/a n/a $342,967
Avg Price Change n/a n/a n/a n/a +2.93%
Median Price $290,118 n/a n/a n/a $283,836
Med Price Change n/a n/a n/a n/a +1.95%
Avg Bedrooms 2.91 beds n/a n/a n/a 2.92 beds
Avg Bathrooms 1.74 baths n/a n/a n/a 1.76 baths
Home Price by High School
School Name Total Homes Average Price Avg Days on Site
Bt Washington 123 $262,345 49 days
Granby 232 $296,087 55 days
Lake Taylor 202 $426,111 78 days
Maury 272 $355,739 55 days
Norview 169 $296,528 45 days
Home Price by House Size
Total Homes Average Price Avg Days on Site
All Homes 1,015 $341,235 62 days
Distressed Homes 23 $219,430 145 days
Multi-Million Dollar Homes 16 $1,408,750 98 days
Newly Built Homes 122 $511,108 119 days
Homes with a Pool 19 $443,705 39 days
Reduced Price Homes 49 $260,803 49 days
Iron Valley Real Estate Hampton Roads - Realty Fever Group
Edgar Munoz
200 Bendix Road, Ste. 270
Virginia Beach, VA 23452
757-774-3473

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REIN update its listing on a daily basis. data last updated: August 17, 2022

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