The story of this market
The typical home in ZIP 23506 sells for about $321,871, or $185 per square foot.
Prices are up +1.5% from a year ago, so sellers still have some momentum. Homes take about 24 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,450 a month.
ZIP 23506 — Norfolk
The housing market in 23506 remains stable with modest price appreciation consistent with the broader Norfolk city trends. Demand is supported by the area's affordability and proximity to major military and logistics employers, though inventory remains tight. Market conditions are currently balanced between buyers and sellers, with limited new construction activity.
This ZIP is well-suited for military personnel, first-time homebuyers, and investors seeking affordable entry points into the Norfolk market, given its central location and proximity to major employment hubs.
Median prices moved up 1.5% year over year.
Homes spend a median of 24 days on market with 2.1 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 6.5% · poverty 18.4% — 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 7.7%/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
net outflow — more people moved out than in
ZCTA 23506, Norfolk City, Virginia
Crime rates in the 23506 area are higher than the national average, with property crime being the most frequently reported incident type in the surrounding Norfolk region.
Schools serving this ZIP are part of Norfolk City Public Schools, which generally face challenges with academic performance metrics compared to suburban districts in the Tidewater region.
The area is located in a low-lying coastal region susceptible to storm surge and localized flooding, necessitating flood insurance for many properties.
Economic momentum is tied to the nearby Military Circle area, which is currently undergoing long-term redevelopment planning to transition from a traditional mall site into a mixed-use district.
Property taxes are assessed by the City of Norfolk at a uniform rate applied to the fair market value of real estate, with no additional MUD or PID districts typically found in this urban core.
Residents have direct access to I-64 and I-264, providing a standard 15-20 minute commute to downtown Norfolk and the major naval installations.
The area features proximity to local community parks and is within a short drive of the larger recreational facilities and shopping centers located along the Military Circle corridor.
The rental market is characterized by high demand due to the proximity of military bases, with steady rent growth and low vacancy rates for well-maintained units.
The economy is heavily anchored by the U.S. Navy and related defense contractors, with significant employment in logistics and healthcare sectors.
The area is served by HRT bus routes and provides easy access to the regional highway network, though it remains highly car-dependent.
The primary planning focus is the revitalization of the Military Circle area, which is expected to influence property values and land use in the surrounding ZIP code.
The Norfolk City Assessor's office conducts annual assessments based on market data and property inspections.
Parcels are subject to standard city municipal taxes and Norfolk City Public Schools district levies.
Property insurance premiums are influenced by the area's flood zone designation and proximity to the coast, with rates trending upward.
Data retrieved from data.census.gov ZCTA-level tables.
- Apex Entertainment Virginia Beach4.58.5 mi
- Dave & Buster's4.112.3 mi
- Hunt Club Farm4.615.7 mi
- Sky Zone Trampoline Park4.25.4 mi
- Hampton Virginia Aquaplex4.114.1 mi
- Virginia Aquarium & Marine Science Center4.417.1 mi
- Hampton Coliseum4.413.7 mi
- Virginia Beach Convention Center4.516.7 mi
- Veterans United Home Loans Amphitheater at Virginia Beach4.411.7 mi
- Topgolf Virginia Beach4.46.4 mi
- Virginia Zoo4.52 mi
- Norfolk Botanical Garden4.86.1 mi
- Mount Trashmore Park4.79.3 mi
- Apex Entertainment Virginia Beach4.58.5 mi
- AMC Lynnhaven 18412.2 mi
- Virginia Aquarium & Marine Science Center4.417.1 mi
- Chrysler Museum of Art4.80.5 mi
- Virginia Living Museum4.718.5 mi
- Nauticus4.70.3 mi
- Cape Henry Lighthouse4.416.4 mi
- Norfolk Botanical Garden4.86.1 mi
- Mount Trashmore Park4.79.3 mi
- Oak Grove Park4.76.7 mi
- Chesapeake City Park4.77.6 mi
- Ocean View Beach Park4.57.5 mi
- VIG Portsmouth3.44.1 mi
- Cavalier Golf & Yacht Club4.715.8 mi
- Hampton Yacht Club4.612.1 mi
- Tidewater Yacht Marina4.70.7 mi
- Salt Ponds Marina Resort4.314.1 mi
- Topgolf Virginia Beach4.46.4 mi
- Sleepy Hole Golf Course4.612.6 mi
- Riverfront Golf Club4.48.8 mi
- Sewells Point Golf Course4.35 mi
- Greenbrier Country Club4.57.1 mi
- Lynnhaven Mall4.412.3 mi
- Norfolk Premium Outlets4.45.5 mi
- Greenbrier Mall4.16 mi
- Navy Exchange Main4.56.6 mi
- Grand Mart4.46.4 mi
- Norfolk International Airport4.35.8 mi
- Naval Air Station Oceana4.314.9 mi
- Newport News/Williamsburg International Airport4.422.6 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 commercial hub currently undergoing redevelopment.
Local community green space serving the immediate neighborhood.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.