Foreclosures in Norfolk, VA

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Home Value Estimator For Norfolk, VA

There are currently 59,363 real estate properties in Norfolk, VA, with a median automated valuation model (AVM) price of $277,826.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Norfolk, VA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Norfolk, VA, is $319,521.00, with the most expensive house in Norfolk, VA, topping out at $8,974,696.00 and the cheapest home in Norfolk, VA, clocking in at $15,004.00. In other words, there’s something for every potential homebuyer or savvy investor in Norfolk, VA!

Rent Prices In Norfolk, VA

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Norfolk, VA, is on a rollercoaster ride. The average rent price in Norfolk, VA, is $1,501.00. Indeed, when looking to rent in Norfolk, VA, you can expect to pay as little as $690.00 or as much as $4,860.00, with the average rent median estimated to be $1,430.00. The good news is that finding an affordable and desirable property to rent in Norfolk, VA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Norfolk, VA In 2024

Norfolk is located in Norfolk, Virginia, with an estimated municipal population of 242,742 residents. All of the best foreclosed homes for sale in Norfolk are located in the following zip code areas on 23509 23508 23507 23504 23503 23502 23505 23518 23510 23513 23517 23551 23523 23511 23501 23506 23514 23515 23519 23529 23541. The estimated population per square kilometer (.62 miles) in Norfolk is 1,759.

Cost Of Living In Norfolk, VA

So, about how much do homes cost in Norfolk? The most recent median value of resident-owned homes in Norfolk is 206,408. An estimated 43.4 percent of households in Norfolk own their homes, with an average family size of 3.18. The median household income in Norfolk is 51,590, with20 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Norfolk, the median commute time of resident workers (in minutes) is 21.3. And last, but certainly not least, are you looking for homes to rent in Norfolk? If so, the average rent price paid by renters in Norfolk is 1,059, according to recent statistics.

Diversity And Demographics In Norfolk, Virginia

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Norfolk, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Norfolk is 30.7, split between 52.2 percent male versus 47.8 female. The percentage of residents who report being married in Norfolk is 34.9, with an average family size of 3.18.

The percentage of residents who report their race in Norfolk is as follows:

White 47%
Black / African American 41.1%
Asian 3.7%
American Indian / Alaskan Native 0.4%
Native Hawaiian / Other Pacifc Islander 0.1%
Multi-racial 4.7%
Other 3%

Looking for family-friendly neighborhoods in and/or near Norfolk? Or maybe you are searching for 55+ active adult communities in and/or near Norfolk?

The percentage of residents who report their age in Norfolk is as follows:

Under 10 12%
Aged 10-19 11.6%
20s 25.2%
30s 14.5%
40s 9.9%
50s 10.9%
60s 8.9%
70s 4.4%
80+ 2.7%

Best Schools In Norfolk, Virginia

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Norfolk with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Norfolk.

Pros And Cons Of Living In Norfolk, Virginia

How do you know that living in -- or moving to -- Norfolk is right where you need to be? Perhaps you grew up in Norfolk or already live nearby; therefore, the decision to buy a home in Norfolk is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Norfolk for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Norfolk:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Norfolk.

Reasons To Move To Norfolk, Virginia, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Norfolk can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Norfolk, meanwhile, can field multiple offers from more qualified buyers.

Norfolk, VA Foreclosures


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