Berkley, Norfolk, VA—23508
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Berkley, Norfolk, VA
As of Oct '25, the median home price in Berkley, Norfolk, VA is $375,000, with a year-over-year change of 1.3%. This indicates that home prices in Berkley, Norfolk, VA are increasing. 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 | $375,000 | 1.3% |
| Single Family | $382,000 | 1.3% |
| Condos | $191,000 | -0.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $218,000 | 0.0% |
3 Bed | $349,000 | 0.9% |
4 Bed | $435,000 | 1.4% |
| 5 Bed | $529,000 | 1.7% |
% of Housing Stock
Rental Trends — Berkley, Norfolk, VA
As of July '25, Rentcast reports the average rent in Berkley, Norfolk, VA is $2,020, with a year-over-year rent change of 6.3%. Per bedroom, the median rent as of July '25 in Berkley, Norfolk, VA is studios: $1,240, 1-bedrooms: $1,120, 2-bedrooms: $1,470, 3-bedrooms: $2,130, 4-bedrooms: $2,580. The most common rental property sizes in Berkley, Norfolk, VA are 2-bedroom and 3-bedroom, accounting for 37.2% and 25.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,020 |
| Studio Rent | $1,240 | $1,240 |
| 1 Bed Rent | $1,020 | $1,120 |
| 2 Bed Rent | $1,420 | $1,470 |
| 3 Bed Rent | $2,000 | $2,130 |
| 4 Bed Rent | $2,500 | $2,580 |
% of Rental Stock
Property Listings — Berkley, Norfolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Berkley, Norfolk, VA is 35. This is a decrease of -19.0% 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 43.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $435,000 | 3.0% |
Listing Count | 47 | 5.0% |
| Listings as % of Homes | 0.5% | 5.0% |
Days on Market | 35 | -19.0% |
Demographics — Berkley, Norfolk, VA
As of the latest ACS Survey released in 2023, Berkley, Norfolk, VA has a population of 20,100, which has decreased by -10.3% over the past 5 years. Berkley, Norfolk, VA is a moderately popular place for families, as children make up 16.9% of the population. The area has a highly educated workforce, with 55.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,100 | -10.3% |
% Under 18 | 16.9% | 19.0% |
% Seniors | 9.9% | 57.1% |
% WFH | 11.6% | 205.3% |
% w/ College Degree | 55.6% | 12.6% |
As of the latest ACS Survey released in 2023, Berkley, Norfolk, VA is a predominantly white area, with 49.3% of the population identifying as white. The white population has shrunk by 6.5% in the last 5 years. The second most common race or ethnicity in Berkley, Norfolk, VA is black, making up 33.6% of the population. Foreign-born residents account for 6.3% of the population in Berkley, Norfolk, VA, and this percentage has decreased by 10.0% 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 | 49.3% | -6.5% |
% Black | 33.6% | -5.6% |
% Hispanic | 7.2% | 41.2% |
% Asian | 4.0% | 8.1% |
% Foreign Born | 6.3% | -10.0% |
Mortgage and Risk — Berkley, Norfolk, VA
According to HUD data as of 2023, there were 317 mortgage originations in Berkley, Norfolk, VA, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Berkley, Norfolk, VA. Investor activity is low, as 3.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 317 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Berkley, Norfolk, VA
As of 2024, the percent of homes in Berkley, Norfolk, VA under the Section 8 program is 7.0%. 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. In Berkley, Norfolk, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 304 |
Total Units Section 8 | 228 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 82.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $450 | $1,020 | $1,470 |
| 2 Bedroom | $260 | $1,420 | $1,680 |
| 3 Bedroom | $340 | $2,000 | $2,340 |
| 4 Bedroom | $280 | $2,500 | $2,780 |
Affordability — Berkley, Norfolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $375,000 |
| Median Household Income | $74,500 |