Colonial Place, Norfolk, VA—23502
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Colonial Place, Norfolk, VA
As of Oct '25, the median home price in Colonial Place, Norfolk, VA is $305,000, with a year-over-year change of -0.4%. This indicates that home prices in Colonial Place, Norfolk, VA are flat. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $305,000 | -0.4% |
| Single Family | $305,000 | -0.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $222,000 | -0.9% |
3 Bed | $291,000 | -0.3% |
4 Bed | $347,000 | 0.6% |
| 5 Bed | $402,000 | 0.5% |
% of Housing Stock
Rental Trends — Colonial Place, Norfolk, VA
As of July '25, Rentcast reports the average rent in Colonial Place, Norfolk, VA is $1,670, with a year-over-year rent change of -5.6%. Per bedroom, the median rent as of July '25 in Colonial Place, Norfolk, VA is 1-bedrooms: $1,060, 2-bedrooms: $1,390, 3-bedrooms: $1,930, 4-bedrooms: $2,360. The most common rental property sizes in Colonial Place, Norfolk, VA are 2-bedroom and 3-bedroom, accounting for 38.0% and 32.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,670 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,060 |
| 2 Bed Rent | $1,430 | $1,390 |
| 3 Bed Rent | $1,900 | $1,930 |
| 4 Bed Rent | $2,400 | $2,360 |
% of Rental Stock
Property Listings — Colonial Place, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Colonial Place, Norfolk, VA is 39. This is a increase of 19.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 45.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $359,000 | 13.0% |
Listing Count | 40 | 0.0% |
| Listings as % of Homes | 0.2% | 0.0% |
Days on Market | 39 | 19.0% |
Demographics — Colonial Place, Norfolk, VA
As of the latest ACS Survey released in 2023, Colonial Place, Norfolk, VA has a population of 19,800, which has decreased by -8.3% over the past 5 years. Colonial Place, Norfolk, VA is a moderately popular place for families, as children make up 19.0% of the population. The area has a poorly educated workforce, with 24.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,800 | -8.3% |
% Under 18 | 19.0% | -3.6% |
% Seniors | 14.4% | 5.1% |
% WFH | 10.7% | 214.7% |
% w/ College Degree | 24.4% | 5.6% |
As of the latest ACS Survey released in 2023, Colonial Place, Norfolk, VA is a predominantly black area, with 46.8% of the population identifying as black. The black population has shrunk by 6.6% in the last 5 years. The second most common race or ethnicity in Colonial Place, Norfolk, VA is white, making up 31.3% of the population. Foreign-born residents account for 9.4% of the population in Colonial Place, Norfolk, VA, and this percentage has increased by 51.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 31.3% | -13.8% |
% Black | 46.8% | -6.6% |
% Hispanic | 12.3% | 89.2% |
% Asian | 4.5% | 95.7% |
% Foreign Born | 9.4% | 51.6% |
Mortgage and Risk — Colonial Place, Norfolk, VA
According to HUD data as of 2023, there were 354 mortgage originations in Colonial Place, Norfolk, VA, of which 38.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 55.0% above 90% LTV (very high). This implies large mortgage risk in Colonial Place, Norfolk, VA. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 354 |
% Conventional Loans | 38.0% |
% Government Loans | 62.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Colonial Place, Norfolk, VA
As of 2024, the percent of homes in Colonial Place, Norfolk, VA under the Section 8 program is 14.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Colonial Place, Norfolk, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 750 |
Total Units Section 8 | 666 |
% Rentals under Section 8 | 14.3% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $380 | $1,000 | $1,380 |
| 2 Bedroom | $150 | $1,430 | $1,580 |
| 3 Bedroom | $300 | $1,900 | $2,200 |
| 4 Bedroom | $220 | $2,400 | $2,620 |
Affordability — Colonial Place, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $305,000 |
| Median Household Income | $66,500 |