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Foreclosure Homes in Norfolk, VA

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Norfolk, VA Foreclosures

How much do homes sell for in Norfolk, VA?
The average home price is currently $387,980.
In Norfolk, VA, how many homes are available?
There are currently 493 active home listings available in Norfolk.
What’s the average rental cost in Norfolk, VA?
The average rental price in Norfolk is $1,500.
What is the most expensive home in Norfolk?
The most expensive home sold in Norfolk had a price of $83,124,856.
What is currently the cheapest priced home in Norfolk, VA?
The cheapest home for sale in Norfolk is priced at $10,827.

Living in Norfolk, VA

Norfolk, VA is a vibrant coastal city known for its rich maritime culture, vibrant arts scene, and diverse communities. With numerous parks, schools, and amenities, it caters to families and professionals alike. Its waterfront location offers residents a mix of outdoor activities and urban lifestyle, making it a desirable investment destination.

Current Market Conditions in Norfolk, VA

Norfolk's real estate market has seen a steady increase in home values over the past few years, making it a potential hotspot for real estate investors. The demand for housing is driven by the city's economic growth, particularly related to its military presence and expanding job sectors.

With the continual development of infrastructure and community enhancements, more buyers are looking to Norfolk for affordable housing options compared to nearby cities. This trend creates opportunities for investors to capitalize on rental properties and home flipping.

Home Value Estimator For Norfolk, VA

There are currently 60,306 real estate properties in Norfolk, VA, with a median automated valuation model (AVM) price of $304,078.00. 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 $387,980.00, with the most expensive house in Norfolk, VA, topping out at $83,124,856.00 and the cheapest home in Norfolk, VA, clocking in at $10,827.00. 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 $1,500.00. 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.

Norfolk, VA Foreclosures

Market Trend for Norfolk, VA

Total Listings Available: 493

Market Values:

Home Prices from $10,827 to $83,124,856

Average Sales Price: $387,980

Rental Values:

Rental from $690 to $4,860

Average Rent Value: $1,500 / month

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