Why Live in Norfolk
The Chrysler Museum of Art stands as a cultural cornerstone in Norfolk, featuring an extensive collection and renowned glass studio. Maritime history comes alive at Nauticus, where visitors can explore the Battleship Wisconsin and interactive naval exhibits. The 175-acre Norfolk Botanical Garden provides peaceful walking paths through themed gardens, while the Elizabeth River Trail creates scenic routes for cycling and running along the waterfront. The NEON District showcases local artists through colorful murals and galleries, complementing the city's rich cultural scene at venues like the Virginia Opera and Symphony Orchestra.
The Norfolk housing market includes diverse options across distinct neighborhoods. Colonial Place features single family homes with a median price of $382,500, while Larchmont/Edgewater commands a median of $489,500 for similar properties. West Ghent represents a premium area with single family homes at a median of $550,000. Downtown Norfolk appeals to condo buyers, with one-bedroom units at a median of $235,900 and two-bedrooms at $335,000. The overall median sale price in Norfolk sits at $315,000.
Norfolk's cost of living registers 6.3% below the national average. A family with school-age children should target a $100,000 annual salary, while renters need approximately $55,000 to live comfortably. The property tax rate of 1.01% compares favorably to Newport News at 1.03%, though it exceeds Virginia Beach's 0.8%. Groceries cost 1.6% below the national average, and gas prices average $3.114 per gallon.
The education landscape includes Norfolk Academy and Christ the King Catholic School, both rated A+ by Niche. Norfolk State University and Old Dominion University provide higher education options. Public transportation includes The Tide light rail system, Hampton Roads Transit buses, and the Elizabeth River Ferry connecting Norfolk to Portsmouth.
Home Trends in Norfolk, VA
On average, homes in Norfolk, VA sell after 44 days on the market compared to the national average of 70 days. The median sale price for homes in Norfolk, VA over the last 12 months is $446,200, up 22% from the median home sale price over the previous 12 months.
Median Sale Price
$446,200
Median Single Family Sale Price
$499,900
Median Townhouse Sale Price
$484,900
Median 2 Bedroom Sale Price
$315,000
Median 1 Bedroom Sale Price
$299,900
Average Price Per Sq Ft
$256
Number of Homes for Sale
37
Last 12 months Home Sales
403
Median List Price
$449,900
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
22%