Is Norfolk, VA 23518 a buyer’s or seller’s market?
Norfolk is a seller’s market. With about 1.6 months of supply and 29% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 74% of U.S. ZIP codes, and #114 of 358 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Norfolk housing market right now
In the three months ending August 31, 2026, 29% of homes in Norfolk, VA 23518 sold above their list price, the typical home went under contract in 28 days and there were 1.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 168 home sales.
Compared with the same period a year earlier, the share selling over asking was about the same (29% then), homes sold about as fast and the median sale price rose 7% to $386,333. Overall, Norfolk is about as competitive as it was a year ago.
Within Norfolk city, homes here sell faster than in 55% of the county’s ZIP codes, and sell less often over asking than in 55%. On our competition score, Norfolk ranks #114 of 358 VA ZIP codes with enough sales (score 70 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.
Run the numbers for 23518
Nearby markets
Norfolk 23502Seller’s market $209 /sq ftNorfolk 23503Seller’s market $223 /sq ftNorfolk 23504Seller’s market $182 /sq ftNorfolk 23505Seller’s market $221 /sq ft Browse all markets →Towns like Norfolk nearby
Find towns like Norfolk in other states →Where Norfolk is
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Questions about Norfolk real estate
Is Norfolk a buyer’s or seller’s market?
A seller’s market: there were 1.6 months of supply in Norfolk, VA 23518 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Norfolk?
The typical home went under contract in 28 days in the latest three months.
Do homes in Norfolk sell over asking?
29% of homes sold above their original list price, and the typical sale closed at 99.5% of the list price.
What are property taxes in Norfolk?
About 1.00% of a home’s value a year in Norfolk city, or roughly $4,000 on a $400,000 home.
What is the median home price in Norfolk?
The median sale price was $386,333 in the three months ending August 31, 2026, about $238 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology