Home Values in Norfolk, Virginia — 2026 Market Report
Updated March 2026 | Seller's Market | +2.8% YoY
The median home value in Norfolk, Virginia is $255,000 as of March 2026, which is below the national median of $400,000. Home values in Norfolk have increased by 2.8% over the past year and 14.8% over the last five years. With a population of 238,005 and a median household income of $50,810, the price-to-income ratio stands at 5.0x, making Norfolk affordable for the average household.
Norfolk Housing Market Conditions
| Metric | Norfolk | National Avg |
|---|---|---|
| Median Home Value | $255,000 | $400,000 |
| YoY Appreciation | +2.8% | +3.8% |
| 5-Year Appreciation | +14.8% | +22.4% |
| Price per Sq Ft | $109 | $222 |
| Days on Market | 46 days | 45 days |
| Months of Supply | 2.6 | 3.5 |
| List-to-Sale Ratio | 100.1% | 98.5% |
| Monthly Homes Sold | 102 | — |
| Foreclosure Rate | 0.29% | 0.3% |
Home Value Trends in Norfolk
A homeowner who purchased at the median price of $222,125 five years ago in Norfolk would have gained approximately $32,875 in equity, representing a 14.8% return on investment. Over the past year alone, the typical homeowner gained $6,946 in home equity.
Affordability in Norfolk, VA
With a median household income of $50,810 and a median home price of $255,000, the price-to-income ratio in Norfolk is 5.0x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,477 compared to estimated monthly ownership costs of $1,381 gives a rent-vs-buy ratio of 0.94. In Norfolk, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Norfolk
The effective property tax rate in Virginia is 0.8%. On a home valued at $255,000, the estimated annual property tax bill is $2,040, or approximately $170/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Norfolk is 96.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Norfolk, VA?
The median home value in Norfolk, Virginia is $255,000 as of March 2026. Home values have changed +2.8% over the past year, with a 5-year appreciation of 14.8%.
Is Norfolk a buyer's or seller's market?
Norfolk is currently a seller's market with 2.6 months of housing supply. Homes spend an average of 46 days on market, and the list-to-sale price ratio is 100.1%. Low inventory gives sellers an advantage.
Are home values going up in Norfolk?
Yes, home values in Norfolk have increased by 2.8% over the past year. The 5-year appreciation rate is 14.8%, meaning a home worth $222,125 five years ago is now worth $255,000.
Is it better to rent or buy in Norfolk?
The average monthly rent in Norfolk is $1,477, while estimated monthly homeownership costs are approximately $1,381. The price-to-rent ratio is 14.4. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Norfolk, Virginia is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.