Ghent, Norfolk, VA—23507
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ghent, Norfolk, VA
As of Oct '25, the median home price in Ghent, Norfolk, VA is $487,000, with a year-over-year change of 1.5%. This indicates that home prices in Ghent, Norfolk, VA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $487,000 | 1.5% |
| Single Family | $572,000 | 1.2% |
| Condos | $246,000 | -1.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $183,000 | 0.5% |
2 Bed | $262,000 | -0.8% |
3 Bed | $451,000 | 0.7% |
4 Bed | $614,000 | 1.2% |
| 5 Bed | $733,000 | 0.7% |
% of Housing Stock
Rental Trends — Ghent, Norfolk, VA
As of July '25, Rentcast reports the average rent in Ghent, Norfolk, VA is $1,750, with a year-over-year rent change of 8.7%. Per bedroom, the median rent as of July '25 in Ghent, Norfolk, VA is studios: $1,320, 1-bedrooms: $1,320, 2-bedrooms: $1,690, 3-bedrooms: $2,210, 4-bedrooms: $2,950. The most common rental property sizes in Ghent, Norfolk, VA are 1-bedroom and 2-bedroom, accounting for 35.5% and 30.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,750 |
| Studio Rent | $1,320 | $1,320 |
| 1 Bed Rent | $1,300 | $1,320 |
| 2 Bed Rent | $1,650 | $1,690 |
| 3 Bed Rent | $1,850 | $2,210 |
| 4 Bed Rent | $3,000 | $2,950 |
% of Rental Stock
Property Listings — Ghent, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Ghent, Norfolk, VA is 42. This is a decrease of -11.0% 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 | $266,000 | -43.0% |
Listing Count | 26 | 32.0% |
| Listings as % of Homes | 0.4% | 32.0% |
Days on Market | 42 | -11.0% |
Demographics — Ghent, Norfolk, VA
As of the latest ACS Survey released in 2023, Ghent, Norfolk, VA has a population of 6,520, which has decreased by -3.0% over the past 5 years. Ghent, Norfolk, VA is a less popular place for families, as children make up 14.9% of the population. The area has a highly educated workforce, with 75.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,520 | -3.0% |
% Under 18 | 14.9% | -5.1% |
% Seniors | 17.1% | 8.2% |
% WFH | 17.4% | 480.0% |
% w/ College Degree | 75.9% | 7.7% |
As of the latest ACS Survey released in 2023, Ghent, Norfolk, VA is a predominantly white area, with 77.7% of the population identifying as white. The white population has shrunk by 4.9% in the last 5 years. The second most common race or ethnicity in Ghent, Norfolk, VA is asian, making up 6.5% of the population. Foreign-born residents account for 7.7% of the population in Ghent, Norfolk, VA, and this percentage has increased by 24.2% 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 | 77.7% | -4.9% |
% Black | 5.1% | 6.2% |
% Hispanic | 5.9% | 28.3% |
% Asian | 6.5% | 30.0% |
% Foreign Born | 7.7% | 24.2% |
Mortgage and Risk — Ghent, Norfolk, VA
According to HUD data as of 2023, there were 115 mortgage originations in Ghent, Norfolk, VA, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Ghent, Norfolk, VA. Investor activity is low, as 2.0% of loans were by investors. 2.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 115 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 2.0% |
Loan Activity
Rentals and Section 8 — Ghent, Norfolk, VA
As of 2024, the percent of homes in Ghent, Norfolk, VA under the Section 8 program is 0.9%. 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 Ghent, Norfolk, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 18 |
Total Units Section 8 | 18 |
% Rentals under Section 8 | 0.9% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $1,300 | $1,520 |
| 2 Bedroom | $90 | $1,650 | $1,740 |
| 3 Bedroom | $570 | $1,850 | $2,420 |
| 4 Bedroom | -$120 | $3,000 | $2,880 |
Affordability — Ghent, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $487,000 |
| Median Household Income | $108,000 |