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NORFOLK, VA 23505

Real Estate Market Report
Buyer's Market
March 2026  ·  Source: Realtor.com

Neighborhoods in ZIP 23505

Algonquin · Belvedere · Bolling Brook · Cottage Row Park · Cromwell Farms · East Belvedere · Glenwood Park · Lochhaven · Meadowbrook · Monticello Village · Norfolk Crossing · North Meadow Brook · Oakdale Farms · Partra · Riverfront · Riverpoint · Suburban Acres · Talbot Park · Titustown · Wards Corner · Wards Corner Business Association

Market Analysis

Data as of March 2026. Source: Realtor.com.

The NORFOLK, VA real estate market (23505) currently shows 51 active listings. Homes are averaging 36 days on the market before going under contract.

Inventory has increased compared to last year, with 4 more homes available — giving buyers more choice.

Homes are taking longer to sell, averaging 36 days on market compared to 32 days last year.

The median listing price has risen 4.2% year-over-year, from $300,000 to $312,450.

Whether you are buying or selling in NORFOLK, VA, SELL123.com can help you save significantly on commission — typically 2% compared to traditional 5% broker fees. Call (240) SELL-123 for a free consultation.

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Market Context

Market Context

Population: 28,619  ·  Density: 1,681.9/mi²  ·  Median household income: $56,919

Typical home value: $314,807  ·  Homeownership: 34.5%

Market Overview

Active Listings
51
⇧ 8.5% vs 47 last year
Pending
0
0% pending ratio
Median Price
$312,450
⇧ 4.2% vs $300,000 last year
Average Price
$438,354
⇧ 31.9% vs $332,370 last year
Days on Market
36
⇧ 12.5% vs 32 days last year

Price Per Square Foot

Median $/sqft
$212
⇧ 2.9% vs $206/sqft last year
Median Home Size
1,586 sqft
Typical listing size
12-Month $/sqft Trend

Market Trends

Inventory & Days on Market

Year over Year
  • Listings: 51 this year vs 47 last year
  • Days on market: 36 now vs 32 last year

Median & Average Pricing

Year over Year
  • Median: $312,450 (+4.2% YoY)
  • Average: $438,354 (+31.9% YoY)

12-Month Price Trend

Median & Average
  • Median and average listing prices over the past 12 months

12-Month Inventory Trend

Active & Pending
  • Active and pending listing counts over the past 12 months

Historical Trend Charts

Median Price
Average Price
Days on Market
Total Listings
Pending Listings
Active Listings
New Listings
Price Per Sqft
Price Reduced %

Nearby Real Estate Markets

Median Price Legend:
< $250K
$250K–$500K
$500K–$1M
$1M–$2M
> $2M
25 Nearby Zip Code Markets within 9.8 miles — 641 listings ($199,561,562 combined market value)
Zip City / State Distance Listings Market Value Median $ Average $
23505Norfolk, VA 235050.0 mi46$19,165,762$318,825$416,647
23509Norfolk, VA 235092.7 mi29$9,998,098$284,975$344,762
23517Norfolk, VA 235173.1 mi7$2,218,146$277,975$316,878
23507Norfolk, VA 235073.5 mi19$8,106,445$252,750$426,655
23504Norfolk, VA 235044.2 mi50$15,302,500$280,000$306,050
23703Portsmouth, VA 237035.0 mi61$20,728,044$340,950$339,804
23502Norfolk, VA 235025.7 mi29$11,410,398$342,500$393,462
23704Portsmouth, VA 237046.2 mi68$17,330,412$259,700$254,859
23324Chesapeake, VA 233247.9 mi43$11,913,193$268,725$277,051
23663Hampton, VA 236638.3 mi36$9,591,372$267,400$266,427
23701Portsmouth, VA 237018.3 mi60$15,952,740$260,000$265,879
23607Newport News, VA 236078.9 mi80$20,192,400$228,675$252,405
23669Hampton, VA 236699.8 mi113$37,652,052$302,425$333,204

Frequently Asked Questions

How many homes are for sale in NORFOLK, VA 23505?

As of March 2026, there are 51 active listings in NORFOLK, VA (zip code 23505), compared to 47 the prior year.

What is the median home price in NORFOLK, VA 23505?

The median listing price in NORFOLK, VA 23505 is $312,450 as of March 2026, a 4.2% increase from $300,000 the prior year.

How long do homes stay on the market in NORFOLK, VA?

Homes in NORFOLK, VA 23505 spend an average of 36 days on the market before going under contract, compared to 32 days the prior year.

Is it a seller's or buyer's market in NORFOLK, VA 23505?

Based on current inventory and days-on-market data as of March 2026, NORFOLK, VA 23505 is currently a Buyer's Market. Inventory has increased compared to last year, with 4 more homes available — giving buyers more choice. Homes are taking longer to sell, averaging 36 days on market compared to 32 days last year.

How much can I save on real estate commission in NORFOLK, VA?

With SELL123.com's maximum 3% commission, sellers in NORFOLK, VA 23505 save an estimated $6,249 compared to a typical 5% commission on the median listing price of $312,450. Our fee structure: 1% listing + 2% selling broker — no additional buyer or seller fees. Call (240) SELL-123 or email info@SELL123.com for a free consultation.