Market Overview
Home Prices in Norfolk, VA
The median home value in Norfolk, VA is $315,536 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 0.9% compared to a year ago and up 0.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Norfolk are priced23% below average. Norfolk is part of the Virginia Beach-Norfolk-Newport News, VA-NC metro area.
Over the past five years, Norfolk home values have risen by approximately20.6%, reflecting strong long-term appreciation in this market.
Price History
Norfolk Home Price Trend
City Comparison
Norfolk vs. National Median
At $315,536, homes in Norfolk cost 23% below the national median of $410,000. This makes Norfolk a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Norfolk?
20% Down Payment
$63,107
on $315,536
Monthly P&I
$1,646/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,090/mo
incl. taxes & insurance
Income Needed
$83,600
gross annual (30% rule)
10% Down Option
$31,554
+ PMI applies
Loan Amount (20% dn)
$252,429
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Norfolk, VA?
The median home value in Norfolk is $315,536 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 0.9% year-over-year.
How much have home prices changed in Norfolk?
Over the past year, home values in Norfolk have increased by 0.9%. Over five years, prices have risen approximately 20.6%.
How much do I need to earn to buy a home in Norfolk?
To comfortably afford the median home price of $315,536 with a 20% down payment ($63,107) at today's rates (6.8%), you'd need a gross annual income of approximately $83,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Norfolk compare to the national average home price?
The national median home value is approximately $410,000. At $315,536, homes in Norfolk are 23% below the national average.
What metro area is Norfolk part of?
Norfolk is part of the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan area. Home prices and market conditions can vary across the broader metro region.