Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$310,877+1.5% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 24% have cut their price
Income needed to buy, per year$67,392About 1.0× the local median income ($64,281): a stretch for a typical household
Days on market43 daysAbout the same pace as a year ago
Next 12 months+2.3%Zillow expects prices to rise slightly
The typical home in Norfolk City, VA is worth $310,877, up 1.5% from a year ago. That is slightly below what local incomes have historically supported: fair value is about $317,240, so the area is 2.0% undervalued. It is a buyer's market: homes take about 43 days to sell, listings are up 9% from a year ago, 24% of listings have had a price cut. Zillow expects prices to rise about 2.3% over the next year. A household needs about $67,392 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $64,281. Typical rent is $1,749 a month, or $2,138 for a house. In the latest IRS figures, 2,325 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$310,877
Change in 1 year
+1.5%
Overvalued %
−2.0%
Show 7 more
Fair home value
$317,240
Change in 5 years
+20.0%
Zillow forecast, next 12 months
+2.3%
Home value to income
4.8×
Monthly mortgage payment (20% down)
$1,685
Income needed to afford it
$67,392
Property tax rate
1.00%
Rent and investing
Typical rent
$1,749
Typical rent for houses
$2,138
Price-to-rent ratio
14.8×
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HUD Fair Market Rent, 2 bedrooms
$1,667
Gross rental yield
6.75%
Cap rate (estimate)
4.39%
Market activity
Listings vs a year ago
+8.8%
Days on market
43
Listings with a price cut
23.9%
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Homes for sale
641
Pending sales per 100 listings
0
Asking price per sq ft
$217
People and jobs
Median household income
$64,281
Population change (1 year)
−0.0%
Unemployment rate
5.7%
Show 4 more
Population
231,013
Income adjusted for cost of living
$65,660
Net moves in (IRS)
−2,325
Cost of living (US = 100)
97.9
Schools, risk and environment
School rating (1 to 10)
3.3
FEMA hazard risk score (0 to 100)
81.2
Unhealthy air days a year
0
Show 4 more
Flood risk score
82.4
Wildfire risk score
32.9
Walkability (1 to 20)
13.1
Road, rail and air noise
53 dB
Questions people ask
Is Norfolk City, VA overvalued?
Home prices in Norfolk City, VA are slightly below what local incomes have historically supported: fair value is about $317,240, so the area is 2.0% undervalued.
Is Norfolk City, VA a buyer's or seller's market?
Norfolk City, VA is a buyer's market: homes take about 43 days to sell, listings are up 9% from a year ago, 24% of listings have had a price cut.
Are home prices going down in Norfolk City, VA?
Home values in Norfolk City, VA are up 1.5% over the last year. Zillow's forecast for the next 12 months is +2.3%.
How much do you need to earn to buy a home in Norfolk City, VA?
A household needs about $67,392 a year to afford the typical home in Norfolk City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $64,281.