Is Norfolk, VA 23505 a buyer’s or seller’s market?

The Norfolk housing market right now

In the three months ending August 31, 2026, 33% of homes in Norfolk, VA 23505 sold above their list price, the typical home went under contract in 25 days and there were 2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 87 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 37%, homes sold faster (32 days then) and the median sale price fell 5% to $332,356. Overall, Norfolk is about as competitive as it was a year ago.

Within Norfolk city, homes here sell faster than in 73% of the county’s ZIP codes, and sell more often over asking than in 64%. On our competition score, Norfolk ranks #92 of 358 VA ZIP codes with enough sales (score 73 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.