The story of this market
The typical home in ZIP 23504 sells for about $259,500, or $165 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $957 a month.
ZIP 23504 — Norfolk
The housing market in 23504 remains stable with modest year-over-year price growth, driven by demand for affordable urban housing. While inventory is limited, the market is balanced by steady rental demand and proximity to major employment centers. Specific figures for active inventory and price cuts were not available at the ZIP level and are omitted.
This ZIP is primarily suited for budget-conscious buyers and investors looking for entry-level housing opportunities near the urban core, as well as renters seeking proximity to employment hubs.
Median prices moved up 2.1% year over year.
Homes spend a median of 45 days on market with 3.4 months of supply — a fast-moving market.
15% 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 12.3% · poverty 36.7% — elevated distress and economic pressure.
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 9.5%/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 6.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 23504, Norfolk City, VA
Crime rates in the 23504 area remain higher than the national average, with property and violent crime being primary concerns for local law enforcement.
Public schools serving this ZIP are part of Norfolk Public Schools, which generally face challenges in achieving high state performance ratings compared to suburban districts.
The area is subject to regional flood risks common to the Tidewater area, necessitating flood insurance for many properties in low-lying zones.
Economic momentum is tied to the broader Norfolk maritime and military industrial base, with ongoing urban revitalization efforts in surrounding neighborhoods.
Property taxes are assessed by the City of Norfolk at a uniform rate applied to the fair market value of real estate, with no special district taxes typically attached to residential parcels.
Residents have direct access to major corridors like I-264, providing a relatively short commute to downtown Norfolk and the regional military installations.
The area features local community parks and is within a short drive of the amenities and waterfront attractions of downtown Norfolk and the Elizabeth River.
The rental market is characterized by high demand for affordable housing, with a significant portion of the housing stock occupied by renters and steady pressure on vacancy rates.
The economy is heavily influenced by the U.S. Navy, maritime logistics, and the healthcare sector, which serve as the primary employment drivers for the region.
The area is served by Hampton Roads Transit bus routes, with connectivity to the broader regional transit network.
Development is focused on infill housing and the continued revitalization of historic neighborhoods bordering the downtown core.
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 standard city municipal services and Norfolk Public Schools district taxation.
Property insurance premiums are influenced by the area's coastal location and susceptibility to storm-related wind and flood damage.
Virginia operates as a non-judicial foreclosure state, allowing for relatively expedited processes under the deed of trust.
Virginia is a caveat emptor 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-level tables.
- Apex Entertainment Virginia Beach4.57.2 mi
- Dave & Buster's4.111 mi
- Hunt Club Farm4.614.6 mi
- Sky Zone Trampoline Park4.24.9 mi
- Hampton Virginia Aquaplex4.114.4 mi
- Virginia Aquarium & Marine Science Center4.415.7 mi
- Hampton Coliseum4.414.1 mi
- Virginia Beach Convention Center4.515.4 mi
- Veterans United Home Loans Amphitheater at Virginia Beach4.410.7 mi
- Topgolf Virginia Beach4.45.1 mi
- Virginia Zoo4.51.7 mi
- Norfolk Botanical Garden4.84.9 mi
- Mount Trashmore Park4.78 mi
- Apex Entertainment Virginia Beach4.57.2 mi
- AMC Lynnhaven 18410.9 mi
- Virginia Aquarium & Marine Science Center4.415.7 mi
- Chrysler Museum of Art4.81.5 mi
- Virginia Living Museum4.719.1 mi
- Nauticus4.71.7 mi
- Cape Henry Lighthouse4.415.1 mi
- Norfolk Botanical Garden4.84.9 mi
- Mount Trashmore Park4.78 mi
- Buckroe Beach and Park4.613 mi
- Oak Grove Park4.76.8 mi
- Chesapeake City Park4.77.4 mi
- VIG Portsmouth3.45.3 mi
- Cavalier Golf & Yacht Club4.714.4 mi
- Hampton Yacht Club4.612.3 mi
- Tidewater Yacht Marina4.72 mi
- Salt Ponds Marina Resort4.313.9 mi
- Topgolf Virginia Beach4.45.1 mi
- Virginia Beach National Golf Club4.512.4 mi
- Sewells Point Golf Course4.34.9 mi
- Greenbrier Country Club4.56.6 mi
- Riverfront Golf Club4.410.1 mi
- Lynnhaven Mall4.411.1 mi
- Norfolk Premium Outlets4.44.1 mi
- Greenbrier Mall4.15.6 mi
- Navy Exchange Main4.56.7 mi
- Grand Mart4.45.1 mi
- Norfolk International Airport4.34.6 mi
- Naval Air Station Oceana4.313.6 mi
- Newport News/Williamsburg International Airport4.423.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides green space and recreational facilities for the local community.
Major educational anchor located in close proximity to the ZIP.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).