Deep Creek, Norfolk, VA—23504
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Deep Creek, Norfolk, VA
As of Oct '25, the median home price in Deep Creek, Norfolk, VA is $263,000, with a year-over-year change of 1.0%. This indicates that home prices in Deep Creek, Norfolk, VA are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $263,000 | 1.0% |
| Single Family | $263,000 | 0.8% |
| Condos | $261,000 | 1.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $188,000 | -0.5% |
3 Bed | $258,000 | 1.2% |
4 Bed | $324,000 | 2.5% |
| 5 Bed | $344,000 | 2.4% |
% of Housing Stock
Rental Trends — Deep Creek, Norfolk, VA
As of July '25, Rentcast reports the average rent in Deep Creek, Norfolk, VA is $1,640, with a year-over-year rent change of 3.8%. Per bedroom, the median rent as of July '25 in Deep Creek, Norfolk, VA is studios: $900, 1-bedrooms: $1,270, 2-bedrooms: $1,320, 3-bedrooms: $1,840, 4-bedrooms: $2,470. The most common rental property sizes in Deep Creek, Norfolk, VA are 2-bedroom and 3-bedroom, accounting for 39.2% and 28.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,640 |
| Studio Rent | $900 | $900 |
| 1 Bed Rent | $1,200 | $1,270 |
| 2 Bed Rent | $1,350 | $1,320 |
| 3 Bed Rent | $1,900 | $1,840 |
| 4 Bed Rent | $2,500 | $2,470 |
% of Rental Stock
Property Listings — Deep Creek, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Deep Creek, Norfolk, VA is 48. This is a increase of 10.0% 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 43.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $294,000 | 4.0% |
Listing Count | 61 | 32.0% |
| Listings as % of Homes | 0.3% | 32.0% |
Days on Market | 48 | 10.0% |
Demographics — Deep Creek, Norfolk, VA
As of the latest ACS Survey released in 2023, Deep Creek, Norfolk, VA has a population of 24,100, which has increased by 4.3% over the past 5 years. Deep Creek, Norfolk, VA is a popular place for families, as children make up 27.0% of the population. The area has a poorly educated workforce, with 24.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,100 | 4.3% |
% Under 18 | 27.0% | 5.5% |
% Seniors | 10.1% | -3.8% |
% WFH | 8.5% | 254.2% |
% w/ College Degree | 24.3% | 52.8% |
As of the latest ACS Survey released in 2023, Deep Creek, Norfolk, VA is a predominantly black area, with 78.9% of the population identifying as black. The black population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Deep Creek, Norfolk, VA is white, making up 12.3% of the population. Foreign-born residents account for 3.2% of the population in Deep Creek, Norfolk, VA, and this percentage has increased by 23.1% 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 | 12.3% | 28.1% |
% Black | 78.9% | -5.7% |
% Hispanic | 3.3% | 22.2% |
% Asian | 0.8% | 0.0% |
% Foreign Born | 3.2% | 23.1% |
Mortgage and Risk — Deep Creek, Norfolk, VA
According to HUD data as of 2023, there were 275 mortgage originations in Deep Creek, Norfolk, VA, of which 29.0% of loans were conventional mortgages. The average loan-to-value was 81.0%, with 64.0% above 90% LTV (very high). This implies large mortgage risk in Deep Creek, Norfolk, VA. Investor activity is low, as 4.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 275 |
% Conventional Loans | 29.0% |
% Government Loans | 71.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Deep Creek, Norfolk, VA
As of 2024, the percent of homes in Deep Creek, Norfolk, VA under the Section 8 program is 33.9%. This is considered high, suggesting that the neighborhood is heavily 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 Deep Creek, Norfolk, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,626 |
Total Units Section 8 | 1,861 |
% Rentals under Section 8 | 33.9% |
% Occupied Section 8 | 84.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,200 | $1,220 |
| 2 Bedroom | $50 | $1,350 | $1,400 |
| 3 Bedroom | $50 | $1,900 | $1,950 |
| 4 Bedroom | -$180 | $2,500 | $2,320 |
Affordability — Deep Creek, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $263,000 |
| Median Household Income | $43,200 |