Norfolk, NE—68701
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norfolk, NE
As of Oct '25, the median home price in Norfolk, NE is $252,000, with a year-over-year change of 5.1%. This indicates that home prices in Norfolk, NE are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $252,000 | 5.1% |
| Single Family | $252,000 | 5.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $121,000 | 10.0% |
2 Bed | $197,000 | 7.1% |
3 Bed | $259,000 | 5.3% |
4 Bed | $325,000 | 4.5% |
| 5 Bed | $421,000 | 3.7% |
% of Housing Stock
Rental Trends — Norfolk, NE
As of July '25, Rentcast reports the average rent in Norfolk, NE is $1,050, with a year-over-year rent change of 5.0%. Per bedroom, the median rent as of July '25 in Norfolk, NE is 1-bedrooms: $962, 2-bedrooms: $1,020, 3-bedrooms: $1,250, 4-bedrooms: $1,430. The most common rental property sizes in Norfolk, NE are 2-bedroom and 1-bedroom, accounting for 43.3% and 28.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $995 | $1,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $895 | $962 |
| 2 Bed Rent | $995 | $1,020 |
| 3 Bed Rent | $1,200 | $1,250 |
| 4 Bed Rent | $1,420 | $1,430 |
% of Rental Stock
Property Listings — Norfolk, NE
As of Oct '25, Realtor.com reports that the median days on market for a home in Norfolk, NE is 63. This is a increase of 31.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $319,000 | 15.0% |
Listing Count | 136 | 11.0% |
| Listings as % of Homes | 0.3% | 11.0% |
Days on Market | 63 | 31.0% |
Demographics — Norfolk, NE
As of the latest ACS Survey released in 2023, Norfolk, NE has a population of 31,200, which has increased by 2.1% over the past 5 years. Norfolk, NE is a moderately popular place for families, as children make up 24.6% 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 5.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,200 | 2.1% |
% Under 18 | 24.6% | 0.4% |
% Seniors | 16.9% | 15.8% |
% WFH | 5.3% | 51.4% |
% w/ College Degree | 24.3% | 4.3% |
As of the latest ACS Survey released in 2023, Norfolk, NE is a predominantly white area, with 80.2% of the population identifying as white. The white population has shrunk by 1.4% in the last 5 years. The second most common race or ethnicity in Norfolk, NE is hispanic, making up 13.6% of the population. Foreign-born residents account for 6.0% of the population in Norfolk, NE, and this percentage has decreased by 10.4% 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 | 80.2% | -1.4% |
% Black | 1.0% | -41.2% |
% Hispanic | 13.6% | 3.8% |
% Asian | 0.9% | -43.8% |
% Foreign Born | 6.0% | -10.4% |
Mortgage and Risk — Norfolk, NE
According to HUD data as of 2023, there were 381 mortgage originations in Norfolk, NE, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Norfolk, NE. Investor activity is low, as 15.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 381 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 15.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Norfolk, NE
Norfolk, NE lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 688 |
Total Units Section 8 | 642 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 81.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$165 | $895 | $730 |
| 2 Bedroom | -$35 | $995 | $960 |
| 3 Bedroom | $0 | $1,200 | $1,200 |
| 4 Bedroom | $30 | $1,420 | $1,450 |
Affordability — Norfolk, NE
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $252,000 |
| Median Household Income | $64,900 |