Is Norfolk, VA 23503 a buyer’s or seller’s market?

The Norfolk housing market right now

In the three months ending August 31, 2026, 28% of homes in Norfolk, VA 23503 sold above their list price, the typical home went under contract in 25 days and there were 2.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 130 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 23%, homes sold faster (29 days then) and the median sale price held steady to $337,354. Overall, Norfolk is more competitive than a year ago, so tougher for buyers.

Within Norfolk city, homes here sell faster than in 73% of the county’s ZIP codes, and sell less often over asking than in 73%. On our competition score, Norfolk ranks #155 of 358 VA ZIP codes with enough sales (score 64 out of 100).

Nearby, buyers who want less competition could look at Norfolk 23510 (13% sold over asking) or Norfolk 23507 (15% sold over asking), while Norfolk 23513 (44% sold over asking) and Norfolk 23508 (38% sold over asking) are even more competitive.