Norfolk, MA—02056
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norfolk, MA
As of Oct '25, the median home price in Norfolk, MA is $797,000, with a year-over-year change of 1.5%. This indicates that home prices in Norfolk, MA are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $797,000 | 1.5% |
| Single Family | $818,000 | 1.5% |
| Condos | $716,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $676,000 | 2.3% |
3 Bed | $681,000 | 1.8% |
4 Bed | $918,000 | 1.3% |
| 5 Bed | $1,212,000 | 1.5% |
% of Housing Stock
Rental Trends — Norfolk, MA
As of July '25, Rentcast reports the average rent in Norfolk, MA is $4,050, with a year-over-year rent change of 54.6%. Per bedroom, the median rent as of July '25 in Norfolk, MA is 1-bedrooms: $2,200, 2-bedrooms: $4,500, 4-bedrooms: $5,130. The most common rental property sizes in Norfolk, MA are 1-bedroom and 3-bedroom, accounting for 40.2% and 37.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,200 | $4,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,150 | $2,200 |
| 2 Bed Rent | $4,500 | $4,500 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $6,000 | $5,130 |
% of Rental Stock
Property Listings — Norfolk, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Norfolk, MA is 29. This is a decrease of -7.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $943,000 | 3.0% |
Listing Count | 32 | -14.0% |
| Listings as % of Homes | 0.7% | -14.0% |
Days on Market | 29 | -7.0% |
Demographics — Norfolk, MA
As of the latest ACS Survey released in 2023, Norfolk, MA has a population of 11,600, which has increased by 2.1% over the past 5 years. Norfolk, MA is a moderately popular place for families, as children make up 24.9% of the population. The area has a highly educated workforce, with 58.5% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 31.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,600 | 2.1% |
% Under 18 | 24.9% | 11.2% |
% Seniors | 13.3% | 1.5% |
% WFH | 31.0% | 256.3% |
% w/ College Degree | 58.5% | 9.6% |
As of the latest ACS Survey released in 2023, Norfolk, MA is a predominantly white area, with 82.8% of the population identifying as white. The white population has shrunk by 1.7% in the last 5 years. The second most common race or ethnicity in Norfolk, MA is black, making up 6.6% of the population. Foreign-born residents account for 6.8% of the population in Norfolk, MA, and this percentage has decreased by 4.2% 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 | 82.8% | -1.7% |
% Black | 6.6% | 3.1% |
% Hispanic | 4.4% | -38.9% |
% Asian | 2.2% | 29.4% |
% Foreign Born | 6.8% | -4.2% |
Mortgage and Risk — Norfolk, MA
According to HUD data as of 2023, there were 240 mortgage originations in Norfolk, MA, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 10.0% above 90% LTV (elevated). This implies medium mortgage risk in Norfolk, MA. Investor activity is low, as 0.0% 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 | 240 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Norfolk, MA
Norfolk, MA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 3.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $2,150 | $2,140 |
| 2 Bedroom | -$1,950 | $4,500 | $2,550 |
| 3 Bedroom | N/A | N/A | $3,080 |
| 4 Bedroom | -$2,610 | $6,000 | $3,390 |
Affordability — Norfolk, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $797,000 |
| Median Household Income | $197,000 |