Zip 23518 (Norfolk, VA) Housing

The housing market in Norfolk, VA (23518) is thriving compared to the national median. Currently, the median value for a house in Norfolk is $284,400 which is significantly lower than the US median of $338,100. However, the annual house appreciation within Norfolk has been at 8.59% which is slightly higher than the US 1 year appreciation at 8.27%. This suggests that despite being lower than average prices nationally, Norfolk's housing market is still growing as a valuable asset to potential buyers or sellers.

The median home cost in Norfolk (zip 23518) is $284,400. Home appreciation the last 10 years has been 55.7%. Home Appreciation in Norfolk (zip 23518) is up 12.2%.

Average Age of Homes

- The median age of Norfolk (zip 23518) real estate is 54 years old

The Rental Market in Norfolk (zip 23518)

- Renters make up 41.5% of the Norfolk (zip 23518) population
- 2.4% of houses and apartments in Norfolk (zip 23518), are available to rent

DID YOU KNOW

Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.

Median Monthly Rent by Number of Bedrooms

Housing by Year Built

Housing	Norfolk, Virginia	United States
	13,559.0	139,647,020.0
	55	42
	$284,400	$338,100
	12.2%	16.6%
	49.5%	57.0%
	55.7%	101.1%
	$11.18	$10.98
	$2,619	$2,690
	50.9%	57.4%
	7.5%	11.2%
	41.6%	31.4%
Vacant Housing
	2.4%	1.9%
	0.8%	0.4%
	1.3%	0.7%
	0.4%	0.4%
	0.7%	3.6%
	1.9%	4.1%
Value of Owner-Occupied Housing
	2.0%	2.6%
	0.9%	2.4%
	0.1%	2.8%
	0.0%	3.9%
	0.9%	4.5%
	4.7%	11.3%
	23.6%	13.0%
	41.3%	20.1%
	13.0%	13.6%
	4.0%	8.3%
	4.8%	9.7%
	1.8%	3.9%
	2.7%	2.2%
	0.1%	0.8%
	0.1%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	8.4%	13.6%
	8.4%	13.6%
	7.4%	13.6%
	9.8%	13.2%
	10.2%	14.8%
	7.4%	13.6%
	32.1%	10.0%
	5.6%	4.7%
	2.3%	12.2%

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