West Norfolk, Norfolk, VA—23510
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — West Norfolk, Norfolk, VA
As of Oct '25, the median home price in West Norfolk, Norfolk, VA is $328,000, with a year-over-year change of 1.0%. This indicates that home prices in West Norfolk, Norfolk, VA are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $328,000 | 1.0% |
| Single Family | $369,000 | 1.1% |
| Condos | $316,000 | 1.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $248,000 | 0.0% |
2 Bed | $342,000 | 1.8% |
3 Bed | $608,000 | 3.9% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — West Norfolk, Norfolk, VA
As of July '25, Rentcast reports the average rent in West Norfolk, Norfolk, VA is $1,780, with a year-over-year rent change of -6.8%. Per bedroom, the median rent as of July '25 in West Norfolk, Norfolk, VA is studios: $1,350, 1-bedrooms: $1,590, 2-bedrooms: $2,230, 3-bedrooms: $3,200, 4-bedrooms: $2,750. The most common rental property sizes in West Norfolk, Norfolk, VA are 2-bedroom and 1-bedroom, accounting for 38.7% and 34.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,780 |
| Studio Rent | $1,300 | $1,350 |
| 1 Bed Rent | $1,590 | $1,590 |
| 2 Bed Rent | $2,100 | $2,230 |
| 3 Bed Rent | $3,200 | $3,200 |
| 4 Bed Rent | $2,000 | $2,750 |
% of Rental Stock
Property Listings — West Norfolk, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in West Norfolk, Norfolk, VA is 65. This is a decrease of -8.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $317,000 | -9.0% |
Listing Count | 44 | 62.0% |
| Listings as % of Homes | 0.4% | 62.0% |
Days on Market | 65 | -8.0% |
Demographics — West Norfolk, Norfolk, VA
As of the latest ACS Survey released in 2023, West Norfolk, Norfolk, VA has a population of 9,240, which has increased by 9.6% over the past 5 years. West Norfolk, Norfolk, VA is a less popular place for families, as children make up 13.4% of the population. The area has a highly educated workforce, with 52.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,240 | 9.6% |
% Under 18 | 13.4% | -16.2% |
% Seniors | 13.4% | 13.6% |
% WFH | 12.0% | 118.2% |
% w/ College Degree | 52.2% | 9.9% |
As of the latest ACS Survey released in 2023, West Norfolk, Norfolk, VA is a predominantly white area, with 44.7% of the population identifying as white. The white population has grown by 5.7% in the last 5 years. The second most common race or ethnicity in West Norfolk, Norfolk, VA is black, making up 39.1% of the population. Foreign-born residents account for 10.8% of the population in West Norfolk, Norfolk, VA, and this percentage has increased by 83.1% 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 | 44.7% | 5.7% |
% Black | 39.1% | -11.5% |
% Hispanic | 7.0% | -17.6% |
% Asian | 4.6% | 27.8% |
% Foreign Born | 10.8% | 83.1% |
Mortgage and Risk — West Norfolk, Norfolk, VA
According to HUD data as of 2023, there were 74 mortgage originations in West Norfolk, Norfolk, VA, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in West Norfolk, Norfolk, VA. Investor activity is low, as 3.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 74 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — West Norfolk, Norfolk, VA
As of 2024, the percent of homes in West Norfolk, Norfolk, VA under the Section 8 program is 1.8%. 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 4-bedroom units appear to be good home sizes to consider for Section 8 housing in West Norfolk, Norfolk, VA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 954 |
Total Units Section 8 | 210 |
% Rentals under Section 8 | 1.8% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $160 | $1,590 | $1,750 |
| 2 Bedroom | -$100 | $2,100 | $2,000 |
| 3 Bedroom | -$420 | $3,200 | $2,780 |
| 4 Bedroom | $1,310 | $2,000 | $3,310 |
Affordability — West Norfolk, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $328,000 |
| Median Household Income | $75,600 |