Norfolk, VA — Momentum Score, Home Values & Best-For

All states·Virginia·Norfolk

Norfolk city · Virginia Beach-Norfolk-Newport News · population 231,105

Shrinking
Norfolk, VA
Image: Wikipedia · Norfolk, Virginia
OverviewCost of livingMoving guide
View watchlist →
63
Rising
Momentum score · 0–100

Where Norfolk stands

At or near all-time high. population shrinking 0.7% per year. rents up 6.8% in the last year.

Median home $310,519
1-year +0.8%
5-yr CAGR +4.4%
vs 5-yr peak -0.1%
Population -0.7%/yr

Home value trajectory · last 10 years

Zillow ZHVI · monthly
peak 2026-03$311k$176k$225k$274k$323k201620182020202220242026

Lifestyle scores

🚶
Walkability
52/100
Somewhat walkable
Estimated from population density. Higher = denser, more amenities within walking distance.
🚉
Public transit
38/100
Minimal transit
Curated list of major US transit systems + population-based estimate. Higher = real subway/rail/bus options.
💻
Remote work fit
76/100
Strong remote-work fit
Composite of city size, housing cost, state tax structure, and region's remote-work track record.

Scores are heuristic estimates from population density, state, and known transit/walkable cities. Not based on a paid Walk Score / Transit Score API — see methodology for the formula.

Rent trajectory · last 5 years

Zillow ZORI · monthly
$1,748/mo$1,174$1,514$1,853202220242026

Home value vs rent · indexed to 100

Both rebased at first month of ZORI data (~2015)
Home valueRent124140100120140202220242026

Rent vs buy

Price-to-rent ratio: 14.8
Buy

At a 14.8 price-to-rent ratio, buying generally beats renting in Norfolk on a long-enough horizon. The headline math is that one year of mortgage payments approximates 14.8 years of rent — well below the 15+ threshold where ownership starts to dominate.

How the momentum score breaks down

methodology →
Home YoY
54 · w22%
Home 5-yr CAGR
61 · w22%
Distance from peak
90 · w18%
Population growth
34 · w16%
Rent YoY
85 · w12%
Home 10-yr CAGR
61 · w10%
Long thesis

Norfolk has held up across the cycle: home values at $310,519 with +4.4% 5-year CAGR. The bull case is structural — population, location, employer base — and holds even if next year's print is soft.

Short thesis

Norfolk's population is shrinking 0.7% per year. Housing demand has to come from somewhere — if people are leaving, the buyer pool is shrinking faster than the inventory. That eventually shows up in price.

About Norfolk

Norfolk is a city in Norfolk city, Virginia, with an estimated population of 231,105. It anchors the Virginia Beach-Norfolk-Newport News metro area. The population has contracted 0.7% per year on average since 2020. The median home value in Norfolk is $310,519 as of 2026-04, up 0.8% over the last 12 months. Over the last five years, home values have averaged +4.4% annual growth, with prices at or near the 5-year peak. Rents in Norfolk average $1,748 per month, up 6.8% year-over-year. The composite momentum score is 63 of 100 (Rising). The market is healthy with prices supported by underlying demand.

▲ Bull case

●Held the highs: currently -0.1% from the 5-year peak — this market refused to give back gains.
●Hot rental market: rents up 6.8% YoY — landlords have pricing power, supports new investment math.

▼ Bear case

●Flat or shrinking population: -0.7% per year. Housing demand has to come from somewhere — verify the source.
○Local nuance: city-level data smooths over neighborhood differences. School zones, HOA rules, and street-level character matter — visit before deciding.

About Norfolk (Wikipedia)

Norfolk is an independent city in the U.S. commonwealth of Virginia. It had a population of 238,005 at the 2020 census, making it the third-most populous city in Virginia and 100th-most populous city in the United States. The city holds a strategic position as the historical, urban, financial, and cultural center of the Hampton Roads metropolitan area, which has more than 1.8 million inhabitants and is the 37th-largest metropolitan area in the U.S.

Source: Wikipedia · this summary is contributed and licensed under CC-BY-SA.

City facts

MayorKenny Alexander (D)
Area96.40 sq mi
Elevation7 ft
Founded1680 (as town)
Density4468/sq mi

Extracted from the Wikipedia infobox. Values may be slightly out of date relative to the latest sources.

Playbook

Buyer

You're not in a frenzy but you're not getting bargains either. Make a competitive offer with normal inspection terms. Don't lowball — the listing will move with or without you.

Seller

Price at fair market value; expect movement in 30-45 days. Don't get clever with terms (rent-back, contingencies) — buyers in a Rising market have options.

Investor

Appreciation tailwind exists but cash flow requires discipline on price. Run the numbers conservatively and confirm rent comps before committing.

Local safety & alerts

No active National Weather Service alerts for Norfolk city right now.

NWS active alerts (VA)Virginia Emergency ManagementHow to prepare (NWS)

Public-safety links are official .gov sources, not curated by us. Norfolk city routes NWS alerts; check the state EM portal for non-weather emergencies.

Neighborhoods of Norfolk

111 tracked · ranked by median home value
1Algonquin$952,079+4.6%
2Lochhaven$755,379-0.8%
3Lakewood$694,266+3.3%
4The Gardens$633,491-1.3%
5Pleasant Point$621,169+1.1%
6River Point$588,110-1.7%
7Larchmont$545,116+1.2%
8East Ocean View$539,952+0.6%
9Ghent Square$520,516+1.1%
10Edgewater$497,141-0.2%
11Talbot Park$489,085-1.7%
12Stonebridge$488,954+2.5%
13Glengariff$476,053+2.2%
14West Ghent$474,736+0.6%
15Belvedere$432,317-2.2%
16Cromwell Farms$427,787+0.7%
17Riverview$412,668+1.6%
18Pinewell$412,644+1.8%
19Freemason Street Area Association$408,736-0.5%
20Ghent$386,356-1.0%
21Meadowbrook Forest$381,877+1.2%
22Elizabeth Park$381,752+1.8%
23Colonial Place$376,460-1.3%
24Bel-Aire$369,712-2.1%

See the full neighborhood ranking →

Cities like Norfolk

Portsmouth, VA64 · RisingHampton, VA66 · RisingCharlottesville, VA60 · StableRichmond, VA69 · Rising

Run the numbers for Norfolk

ToolCan I afford Norfolk?Income → city shortlistToolROI on a Norfolk rentalCap rate, cash-on-cash, DSCRToolCompare Norfolk to anywhereSide-by-side up to 3 citiesToolNorfolk cost-of-livingEquivalent income elsewhere

Sources: Zillow ZHVI (home values), Zillow ZORI (rents), US Census ACS + place population. Updated when source agencies publish revisions.

Climate & natural-disaster risk

Winter (Jan)
47° / 27°
avg high / low
Summer (Jul)
87° / 65°
avg high / low
Sunny days/yr
205
~56% of year
Annual precip
44″ rain
14″ snow
Disaster risk (1=very low, 5=very high)
Hurricane
Moderate
Tornado
Low
Wildfire
Low
Earthquake
Low
Flood
Moderate

State-level averages from NOAA Climate Normals (1991-2020) and FEMA National Risk Index. City-level conditions can vary significantly within a state.

Current weather

Loading current conditions…

7-day forecast on weather.gov →

Find rentals & listings

Open current Norfolk listings on the major real-estate sites.

Links open the live search on the destination site — results are always current.

Local news & community

Updated 2026-05-21 from Google News + Reddit RSS. Headlines link to original sources.

Local sports teams

Major professional teams the Virginia Beach-Norfolk-Newport News area cheers for. Detailed stats, schedules, and player pages on intherafters.com.

Local economy & environment

Humidity
70%
Humid climate
Median household income
$87,200
Virginia state median
Top industries (state-level)
Government/DefenseTech (NoVa)Shipbuilding

Humidity is annual average relative humidity (NOAA). Income is Census ACS 5-year estimate. Industries are largest employment sectors statewide (BLS); the local mix in a given city may vary.

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