Norfolk Airport Area, Norfolk, VA—23518
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norfolk Airport Area, Norfolk, VA
As of Oct '25, the median home price in Norfolk Airport Area, Norfolk, VA is $334,000, with a year-over-year change of 0.6%. This indicates that home prices in Norfolk Airport Area, Norfolk, VA are flat. 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 | $334,000 | 0.6% |
| Single Family | $333,000 | 0.3% |
| Condos | $362,000 | 2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $280,000 | 0.0% |
3 Bed | $316,000 | 0.0% |
4 Bed | $385,000 | 1.6% |
| 5 Bed | $519,000 | 1.6% |
% of Housing Stock
Rental Trends — Norfolk Airport Area, Norfolk, VA
As of July '25, Rentcast reports the average rent in Norfolk Airport Area, Norfolk, VA is $1,910, with a year-over-year rent change of -2.1%. Per bedroom, the median rent as of July '25 in Norfolk Airport Area, Norfolk, VA is studios: $1,100, 1-bedrooms: $1,260, 2-bedrooms: $1,600, 3-bedrooms: $2,290, 4-bedrooms: $2,740. The most common rental property sizes in Norfolk Airport Area, Norfolk, VA are 2-bedroom and 3-bedroom, accounting for 44.1% and 25.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,910 |
| Studio Rent | $1,050 | $1,100 |
| 1 Bed Rent | $1,200 | $1,260 |
| 2 Bed Rent | $1,500 | $1,600 |
| 3 Bed Rent | $2,200 | $2,290 |
| 4 Bed Rent | $2,800 | $2,740 |
% of Rental Stock
Property Listings — Norfolk Airport Area, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Norfolk Airport Area, Norfolk, VA is 42. This is a increase of 34.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $412,000 | -2.0% |
Listing Count | 96 | 20.0% |
| Listings as % of Homes | 0.5% | 20.0% |
Days on Market | 42 | 34.0% |
Demographics — Norfolk Airport Area, Norfolk, VA
As of the latest ACS Survey released in 2023, Norfolk Airport Area, Norfolk, VA has a population of 29,000, which has decreased by -2.6% over the past 5 years. Norfolk Airport Area, Norfolk, VA is a moderately popular place for families, as children make up 19.6% of the population. The area has a moderately educated workforce, with 31.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,000 | -2.6% |
% Under 18 | 19.6% | -5.3% |
% Seniors | 17.0% | 28.8% |
% WFH | 11.2% | 261.3% |
% w/ College Degree | 31.8% | 12.8% |
As of the latest ACS Survey released in 2023, Norfolk Airport Area, Norfolk, VA is a predominantly white area, with 59.5% of the population identifying as white. The white population has grown by 0.8% in the last 5 years. The second most common race or ethnicity in Norfolk Airport Area, Norfolk, VA is black, making up 21.3% of the population. Foreign-born residents account for 9.4% of the population in Norfolk Airport Area, Norfolk, VA, and this percentage has decreased by 4.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 59.5% | 0.8% |
% Black | 21.3% | -5.3% |
% Hispanic | 9.0% | 9.8% |
% Asian | 4.9% | -21.0% |
% Foreign Born | 9.4% | -4.1% |
Mortgage and Risk — Norfolk Airport Area, Norfolk, VA
According to HUD data as of 2023, there were 655 mortgage originations in Norfolk Airport Area, Norfolk, VA, of which 50.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Norfolk Airport Area, Norfolk, VA. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 655 |
% Conventional Loans | 50.0% |
% Government Loans | 50.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Norfolk Airport Area, Norfolk, VA
As of 2024, the percent of homes in Norfolk Airport Area, Norfolk, VA under the Section 8 program is 3.8%. 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 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Norfolk Airport Area, Norfolk, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 235 |
Total Units Section 8 | 235 |
% Rentals under Section 8 | 3.8% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $200 | $1,200 | $1,400 |
| 2 Bedroom | $100 | $1,500 | $1,600 |
| 3 Bedroom | $30 | $2,200 | $2,230 |
| 4 Bedroom | -$150 | $2,800 | $2,650 |
Affordability — Norfolk Airport Area, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $334,000 |
| Median Household Income | $73,900 |