Chesapeake Central, Norfolk, VA—23503
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chesapeake Central, Norfolk, VA
As of Oct '25, the median home price in Chesapeake Central, Norfolk, VA is $308,000, with a year-over-year change of 1.2%. This indicates that home prices in Chesapeake Central, Norfolk, VA are increasing. 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 | $308,000 | 1.2% |
| Single Family | $313,000 | 1.3% |
| Condos | $253,000 | 3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $191,000 | 2.7% |
2 Bed | $241,000 | 0.8% |
3 Bed | $304,000 | 1.0% |
4 Bed | $377,000 | 2.2% |
| 5 Bed | $412,000 | 2.2% |
% of Housing Stock
Rental Trends — Chesapeake Central, Norfolk, VA
As of July '25, Rentcast reports the average rent in Chesapeake Central, Norfolk, VA is $1,630, with a year-over-year rent change of 6.5%. Per bedroom, the median rent as of July '25 in Chesapeake Central, Norfolk, VA is studios: $1,080, 1-bedrooms: $1,130, 2-bedrooms: $1,480, 3-bedrooms: $2,150, 4-bedrooms: $2,750. The most common rental property sizes in Chesapeake Central, Norfolk, VA are 2-bedroom and 1-bedroom, accounting for 46.2% and 28.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,630 |
| Studio Rent | $1,080 | $1,080 |
| 1 Bed Rent | $1,100 | $1,130 |
| 2 Bed Rent | $1,400 | $1,480 |
| 3 Bed Rent | $2,100 | $2,150 |
| 4 Bed Rent | $2,700 | $2,750 |
% of Rental Stock
Property Listings — Chesapeake Central, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Chesapeake Central, Norfolk, VA is 35. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $360,000 | 1.0% |
Listing Count | 85 | 2.0% |
| Listings as % of Homes | 0.3% | 2.0% |
Days on Market | 35 | -17.0% |
Demographics — Chesapeake Central, Norfolk, VA
As of the latest ACS Survey released in 2023, Chesapeake Central, Norfolk, VA has a population of 30,600, which has decreased by -4.7% over the past 5 years. Chesapeake Central, Norfolk, VA is a moderately popular place for families, as children make up 20.7% of the population. The area has a moderately educated workforce, with 30.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,600 | -4.7% |
% Under 18 | 20.7% | 7.3% |
% Seniors | 13.5% | 28.6% |
% WFH | 6.5% | 170.8% |
% w/ College Degree | 30.9% | 27.2% |
As of the latest ACS Survey released in 2023, Chesapeake Central, Norfolk, VA is a predominantly white area, with 55.6% of the population identifying as white. The white population has shrunk by 10.9% in the last 5 years. The second most common race or ethnicity in Chesapeake Central, Norfolk, VA is black, making up 20.1% of the population. Foreign-born residents account for 8.7% of the population in Chesapeake Central, Norfolk, VA, and this percentage has increased by 24.3% 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 | 55.6% | -10.9% |
% Black | 20.1% | -10.3% |
% Hispanic | 13.5% | 32.4% |
% Asian | 3.1% | 29.2% |
% Foreign Born | 8.7% | 24.3% |
Mortgage and Risk — Chesapeake Central, Norfolk, VA
According to HUD data as of 2023, there were 536 mortgage originations in Chesapeake Central, Norfolk, VA, of which 51.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 51.0% above 90% LTV (very high). This implies large mortgage risk in Chesapeake Central, Norfolk, VA. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 536 |
% Conventional Loans | 51.0% |
% Government Loans | 49.0% |
% Investor Loans | 5.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Chesapeake Central, Norfolk, VA
As of 2024, the percent of homes in Chesapeake Central, Norfolk, VA under the Section 8 program is 5.1%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Chesapeake Central, Norfolk, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 368 |
Total Units Section 8 | 368 |
% Rentals under Section 8 | 5.1% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $260 | $1,100 | $1,360 |
| 2 Bedroom | $160 | $1,400 | $1,560 |
| 3 Bedroom | $70 | $2,100 | $2,170 |
| 4 Bedroom | -$120 | $2,700 | $2,580 |
Affordability — Chesapeake Central, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $308,000 |
| Median Household Income | $62,400 |