The story of this market
The typical home in ZIP 23502 sells for about $330,000, or $205 per square foot.
Prices are down 1.5% from a year ago, which gives buyers more room to negotiate. Homes take about 39 days to sell. HUD's fair market rent for a two-bedroom is $1,398 a month.
ZIP 23502 — Norfolk
The 23502 housing market remains competitive with steady demand, though price growth has moderated compared to previous years. Inventory levels are sufficient to support current sales volume, and the market is driven by its affordability relative to the broader region. Note that specific ZIP-level figures for active inventory and price cuts are derived from city-wide aggregates as ZIP-specific data is not independently published.
This ZIP code is well-suited for first-time homebuyers, military families, and commuters seeking proximity to major regional employers. It offers a balance of affordability and accessibility to the urban core of Norfolk.
Median prices moved down 1.5% year over year.
Homes spend a median of 39 days on market with 3.2 months of supply — a fast-moving market.
18% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.8% · poverty 16.6% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 23502, Norfolk City, VA
Crime rates in the 23502 area are generally consistent with broader Norfolk urban trends, with property crime being the primary concern. Residents are encouraged to utilize local police department crime mapping tools for neighborhood-specific safety updates.
Schools serving the 23502 area are part of Norfolk Public Schools, which maintains a diverse range of academic and magnet programs. Performance ratings vary significantly by individual school site.
The area is subject to regional flood risks associated with the Chesapeake Bay and local tidal waterways, necessitating flood insurance for many properties. Wind and storm surge are primary climate considerations for the coastal Virginia region.
Economic momentum is driven by the proximity to major military installations, the Port of Virginia, and the Norfolk International Airport. Development is focused on infill projects and the revitalization of existing commercial corridors.
Property taxes are assessed by the City of Norfolk based on fair market value, with rates set annually by the City Council. There are no special district taxes like MUDs or PIDs commonly found in other states, though specific business improvement districts may apply to commercial zones.
The ZIP code offers convenient access to I-64 and I-264, providing direct routes to downtown Norfolk, the Norfolk Naval Base, and the broader Hampton Roads employment centers. Public transit via HRT bus routes serves the area, though personal vehicle ownership remains the primary mode of commuting.
The area features proximity to the Norfolk Botanical Garden and various local parks along the Broad Creek waterway. Shopping and dining are concentrated along the East Princess Anne Road corridor and nearby retail centers.
The rental market is characterized by steady demand from military personnel and students, with moderate vacancy pressure. Short-term rental activity is regulated by city ordinances requiring permits in specific residential zones.
The economy is anchored by the U.S. Navy, the Port of Virginia, and the healthcare sector. These industries provide a stable employment base for the region.
The area is served by a network of major highways including I-64 and I-264, facilitating regional travel. Hampton Roads Transit (HRT) provides bus service throughout the city.
Development is focused on the revitalization of the Military Circle area and infill housing projects. City planning emphasizes increasing density near transit corridors.
The Norfolk City Assessor's office conducts annual assessments of all real property to determine fair market value for tax purposes.
Parcels are subject to Norfolk City municipal taxes and Norfolk Public Schools district levies. No special utility or MUD districts are applicable.
Property insurance premiums are influenced by the area's proximity to the coast and flood zone designations. Homeowners are generally required to carry separate flood insurance policies.
Virginia is a non-judicial foreclosure state, allowing for a relatively streamlined process under the deed of trust framework.
Virginia is a 'caveat emptor' (buyer beware) state, though sellers are required to provide a residential property disclosure statement regarding the condition of the property.
Data retrieved from data.census.gov ZCTA 23502 profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Apex Entertainment Virginia Beach4.54.1 mi
- Dave & Buster's4.18 mi
- Hunt Club Farm4.611.8 mi
- Sky Zone Trampoline Park4.24.9 mi
- Hampton Virginia Aquaplex4.115.9 mi
- Virginia Aquarium & Marine Science Center4.412.6 mi
- Hampton Coliseum4.415.6 mi
- Virginia Beach Convention Center4.512.2 mi
- Veterans United Home Loans Amphitheater at Virginia Beach4.48.4 mi
- Topgolf Virginia Beach4.42.1 mi
- Virginia Aquarium & Marine Science Center4.412.6 mi
- Virginia Zoo4.54.1 mi
- First Landing State Park4.710.8 mi
- Norfolk Botanical Garden4.83.1 mi
- Mount Trashmore Park4.75 mi
- Virginia Aquarium & Marine Science Center4.412.6 mi
- Chrysler Museum of Art4.84.7 mi
- Nauticus4.74.9 mi
- Cape Henry Lighthouse4.412 mi
- USS Wisconsin BB-644.84.9 mi
- First Landing State Park4.710.8 mi
- Norfolk Botanical Garden4.83.1 mi
- Mount Trashmore Park4.75 mi
- Virginia Beach Oceanfront Boardwalk4.712.7 mi
- Oak Grove Park4.77.6 mi
- VIG Portsmouth3.48.4 mi
- Cavalier Golf & Yacht Club4.711.2 mi
- Hampton Yacht Club4.613.5 mi
- Tidewater Yacht Marina4.75.1 mi
- Salt Ponds Marina Resort4.314.2 mi
- Topgolf Virginia Beach4.42.1 mi
- Virginia Beach National Golf Club4.510 mi
- Sewells Point Golf Course4.36.3 mi
- Greenbrier Country Club4.56.3 mi
- Bide-A-Wee Golf Course4.48.2 mi
- Lynnhaven Mall4.48.1 mi
- Norfolk Premium Outlets4.41.7 mi
- Greenbrier Mall4.15.5 mi
- Navy Exchange Main4.58.2 mi
- Grand Mart4.41.8 mi
- Norfolk International Airport4.32.5 mi
- Naval Air Station Oceana4.310.6 mi
- Newport News/Williamsburg International Airport4.424.9 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major regional attraction featuring extensive gardens and walking trails.
Provides recreational opportunities and scenic views for local residents.
A primary commercial hub undergoing long-term redevelopment planning.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).