Is Norfolk, VA 23504 a buyer’s or seller’s market?

The Norfolk housing market right now

In the three months ending August 31, 2026, 30% of homes in Norfolk, VA 23504 sold above their list price, the typical home went under contract in 33 days and there were 3.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 66 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 33%, homes sold about as fast and the median sale price rose 7% to $304,868. Overall, Norfolk is less competitive than a year ago, which gives buyers more room.

Within Norfolk city, homes here sell more slowly than in 73% of the county’s ZIP codes, and sell more often over asking than in 55%. On our competition score, Norfolk ranks #199 of 358 VA ZIP codes with enough sales (score 59 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.