Norfolk, VA 23541 Real Estate Market Analysis | dynamic.RE
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Market Snapshot
Housing Market
County Demographics
County Economy
Norfolk, VA — 23541
Median Listing Price
--
Population
--
Households
94,965
Median Days on Market
--
Active Listings
--
New Listings
--
Housing Market
Units & Occupancy
2024 Occupancy
104K
units
Occupied
94,965
91.7%
Vacant
8,559
8.3%
2024 Tenure
95K
occupied
Owner
44,000
46.3%
Renter
50,965
53.7%
Renter Share
53.7%
-1.2% YoY
Total Housing Units
103,524
+1.0% YoY
FY2026 Fair Market Rent — Norfolk city
HUD government estimate (40th percentile) — not actual market asking rent.
Studio
$1,492
/month
1 BR
$1,512
/month
2 BR
$1,713
/month
3 BR
$2,376
/month
4 BR
$2,797
/month
FMR Trends — Norfolk city
Source: HUD Fair Market Rents
County Demographics
Median Age
32.7
2024
Population
Norfolk city Population
231,105
-0.1% YoY
Households
Total Households
94,965
+0.5% YoY
Household Types
--
Not reported for this area (ACS).
Avg Household Size
2.25
-0.9% YoY
Age
2024 Age Mix
234K
residents
Under 18
47,536
20.3%
Adults 18–64
155,620
66.6%
65 & Over
30,440
13.0%
Age Composition Over Time
2017–2024
Population growth (first year = 100)
Share of population (change in pp)
Under 18
Adults 18–64
65 & Over
Population Under 18
47,536
-1.2% YoY
Population 65 & Over
30,440
+3.0% YoY
Median Age
32.70
+0.9% YoY
Mobility & Veterans
2024 Residential Mobility
of residents
Same house
80.5%
Moved (within US)
18.6%
Other
0.9%
Veterans
14.2%
-0.7% YoY
County Economy
Income
Median Household Income
$66K
+3.3% YoY
Per-Capita Income
$39K
+5.4% YoY
Mean Household Income
$92K
+4.1% YoY
Poverty
Below Poverty Level
16.5%
-4.6% YoY
Transportation to Work
2024 Commute Mode
of workers
Drove alone
70.6%
Public transit
2.6%
Worked from home
10.2%
Other
16.6%
Worked From Home
10.2%
+18.6% YoY
Mean Commute
23.00
+0.4% YoY
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