Norfolk’s housing market is experiencing notable shifts, with trends in home prices, rental rates, and development projects influencing the city’s real estate landscape.
Current Housing Market Trends
As of March 2026, the median sale price for homes in Norfolk reached $318,000, marking a 3.4% increase from the previous year. Homes are selling after an average of 38 days on the market, slightly longer than the 32-day average observed last year. The number of homes sold in March rose to 263, up from 257 in the same month last year.
Rental Market Insights
The rental market in Norfolk has also seen changes. The average rent as of March 31, 2026, was $1,736, reflecting a 6.2% increase over the past year. This rate remains below the national average rent of $1,910.
Ongoing Development Projects
Several significant development projects are underway, aiming to revitalize and enhance Norfolk’s urban landscape:
St. Paul’s Transformation Project
The City of Norfolk, in collaboration with the Norfolk Redevelopment and Housing Authority, is leading the redevelopment of the St. Paul’s neighborhood. This initiative includes the transformation of the Tidewater Gardens site into a resilient mixed-income, mixed-use community.
Broad Creek Renaissance
The Broad Creek Renaissance project has revitalized an 87-acre site into a vibrant, mixed-income community featuring over 600 homes, parks, and community centers. This development aims to foster a sense of community and provide diverse housing options.
Calvert Square & Young Terrace Redevelopment
Gilbane Development has been selected as the lead development partner for the redevelopment of Calvert Square and Young Terrace. This $1 billion project encompasses more than 1,000 housing units across 55 acres, focusing on creating a vibrant and inclusive neighborhood.
These developments, along with the current market trends, reflect Norfolk’s commitment to enhancing its housing landscape and providing diverse living options for its residents.