Multi-family Foreclosures in Norfolk, VA 23518

Current Market Conditions in Norfolk, VA

Norfolk's real estate market has been experiencing a steady increase in home values, driven by the city's major investments in infrastructure and urban development. The demand for housing in Norfolk remains strong due to its proximity to the waterfront and military installations. Homes in desirable neighborhoods are usually sold quickly, and bidding wars have become more common as buyers compete for properties in this desirable area.

Rental prices in Norfolk are also witnessing an upward trend as more individuals and families migrate to the city seeking affordable yet accessible living options. The economic growth of the region, spurred by local businesses and a growing tech industry, has further fueled demand for homes,

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 $1,500.00. 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.