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$295,000
Median Price
+5.1%
YoY Change
634
Active Listings
24
Avg DOM
Norfolk is experiencing a renaissance, with a median home price of $295,000 and 5.1% year-over-year appreciation. The world's largest naval base drives constant housing demand, while neighborhoods like Ghent and Colonial Place attract buyers seeking walkable urban living at a fraction of Richmond or NoVA prices. The waterfront revitalization and NEON arts district are generating new interest from young professionals and investors. At 2.3 months of inventory, the market is balanced with slight seller advantage.
$295,000
Median Sale Price
97.8%
List-to-Sale Ratio
2.3 mo
Months of Inventory
$175
Price / Sq Ft
Tracking median price, inventory, and days on market over the past six months in Norfolk.
How each Norfolk neighborhood is performing in the current market.
| Neighborhood | Median Price | YoY Change | Avg DOM | Inventory |
|---|---|---|---|---|
| Ghent | $385,000 | +6.5% | 12 days | 28 |
| Colonial Place | $345,000 | +5.8% | 15 days | 22 |
| Ocean View | $310,000 | +7.2% | 18 days | 45 |
| West Ghent | $365,000 | +5.5% | 14 days | 19 |
| Larchmont-Edgewater | $420,000 | +4.2% | 16 days | 15 |
| Park Place | $248,000 | +8.1% | 20 days | 38 |
| Riverview | $265,000 | +6% | 22 days | 32 |
| East Beach | $340,000 | +4.8% | 19 days | 24 |
Based on current inventory, days on market, and list-to-sale ratios.
Months of Inventory
2.3
List-to-Sale Ratio
97.8%
Avg Days on Market
24 days
Norfolk should see 4-6% appreciation through 2026. The waterfront revitalization, growing arts scene in Ghent, and steady military demand create a stable foundation. Affordable entry points and strong rental yields continue to attract investors. Watch for new development along the Elizabeth River waterfront to add inventory at higher price points.
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Download the complete Norfolk market report with additional charts, neighborhood comparisons, and investment analysis. Updated March 2026.
Norfolk is one of the best investor markets in Hampton Roads. Low entry prices, strong rental demand from military personnel and ODU students, and 5.1% appreciation make for attractive cap rates. Neighborhoods like Park Place and Ocean View offer the highest rental yields.
Park Place (8.1% appreciation), Ocean View (7.2%), and Ghent (6.5%) are leading growth. The NEON arts district is generating buzz, and waterfront development along the Elizabeth River is creating new opportunities. East Beach offers new construction with bay access.
Naval Station Norfolk is the single largest driver of housing demand. Thousands of military families cycle through every year, creating constant demand for both rentals and purchases. Properties within a 15-minute drive of the base rarely sit vacant and hold value well.
Whether you are buying, selling, or investing in Norfolk, Settle's data-driven approach gives you the edge in today's market.