Norfolk, VA Housing Market: Home Prices & Rent
Norfolk home values since 2000
Last few years
Rent in Norfolk
Owning vs renting, monthly
Buying the typical Norfolk home with 20% down at this week's 7.32% 30-year rate costs about $2,096/month (principal, interest plus ~1.5% a year for tax and insurance) vs $1,749/month typical rent.
Rate: Freddie Mac, week of Oct 22, 2026. Estimate for comparison only.
Norfolk vs the Virginia Beach metro, Virginia and the U.S.
| Typical home | 12-month change | Typical rent | |
|---|---|---|---|
| Norfolk, VA | $311k | +1.5% | $1,749/mo |
| Virginia Beach metro | $371k | +2.9% | $1,886/mo |
| Virginia | $412k | +2.1% | - |
| United States | $366k | +1.2% | $1,932/mo |
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Common questions
Are home prices falling in Norfolk, VA?
No - the typical Norfolk home value is up 1.5% over the past 12 months, at $311k (September 2026).
Is the Norfolk housing market crashing?
Home values are close to their 2020s high and up 1.5% over the past year - a rising market, not a sudden collapse. Whether that continues isn't knowable from the data - this page updates every month when new figures come out.
How much is rent in Norfolk, VA?
Typical rent in Norfolk is $1,749 a month (September 2026), +7.0% over 12 months.
Is Norfolk more expensive than the rest of the Virginia Beach area?
The typical Norfolk home ($311k) is 16% below the Virginia Beach metro typical of $371k (September 2026).
More of the Virginia Beach area
Virginia Beach metro housing market
Sources: Data Provided by Zillow Group (Zillow Home Value Index and Zillow Observed Rent Index for the city of Norfolk, September 2026; days to contract for the metro area). 30-year mortgage rate: Freddie Mac PMMS. How we calculate.