Market Snapshot
Report generated March 2026
| Indicator | Value |
|---|---|
| Population | 235,037 ↓ 1.2% since 2020 |
| Median Household Income | $64,017 14% below national median |
| Median Home Value | $271,900 |
| Unemployment Rate | 5.0% |
| Median Age | 32.4 years |
| Housing Vacancy Rate | 7.9% |
| Total Land Sales (Past 12 Months) | 63 transactions |
| Active Listings | 10 properties |
| Avg Days on Market | 513 days |
Rural Land Sales (1+ Acres) (May 2025 – Feb 2026)
| Metric | Value |
|---|---|
| Median Price/Acre | $344,401 |
| Recent Sales | 4 transactions |
| Avg Days on Market | 192 days |
| Avg Parcel Size | 1.20 acres |
| Active Listings | 1 properties |
Recent Rural Land Sales
| Date | Acres | Price | $/Acre | Location |
|---|---|---|---|---|
| Feb 2026 | 1.67 | $165,000 | $98,802 | Norfolk |
| May 2025 | 1.00 | $15,000 | $15,000 | Ridgeland |
Suburban/Urban Land Sales (Under 1 Acre) (Sep 2025 – Dec 2025)
| Metric | Value |
|---|---|
| Median Lot Price | $211,200 |
| Recent Sales | 59 transactions |
| Avg Days on Market | 535 days |
| Avg Parcel Size | 0.20 acres |
| Active Listings | 9 properties |
Recent Suburban/Urban Land Sales
| Date | Acres | Price | Location |
|---|---|---|---|
| Dec 2025 | 0.04 | $9,700 | Norfolk |
| Nov 2025 | 0.06 | $274,003 | Norfolk |
| Nov 2025 | 0.07 | $35,000 | Norfolk |
| Sep 2025 | 0.09 | $190,000 | Norfolk |
County Profile
| Demographic | Value |
|---|---|
| Total Population (2023) | 235,037 |
| Population (2020) | 238,005 |
| Population Growth | -1.25% |
| Median Household Income | $64,017 |
| Median Home Value | $271,900 |
| Total Housing Units | 102,542 |
| Vacant Housing Units | 8,085 |
| Housing Vacancy Rate | 7.9% |
| Median Age | 32.4 |
| Bachelor's Degree or Higher | 29,305 (12.5%) |
| Unemployment Rate | 5.0% |
Market Overview
Norfolk city, Virginia has a population of 235,037, which has declined 1.25% since 2020. The median household income is $64,017, below the national median of $74,580 by 14.2%. The housing vacancy rate of 7.9% suggests balanced market conditions. Norfolk city is part of Virginia's land market, attracting both local and out-of-state buyers. Recent rural land sales show a median price of $344,401 per acre, with properties averaging 1.20 acres. There are currently 10 active land listings in the county.
Related Resources
Nearby County Reports
Frequently Asked Questions
What is the current population of Norfolk city, Virginia?
As of the 2023 American Community Survey, Norfolk city has a population of 235,037. The county has declined 1.25% since the 2020 Census.
What is the median household income in Norfolk city?
The median household income in Norfolk city is $64,017, which is 14.2% below the national median of $74,580.
Is Norfolk city growing or shrinking?
Norfolk city is shrinking. The population has declined 1.25% since 2020.
What is the housing market like in Norfolk city?
The median home value in Norfolk city is $271,900. The housing vacancy rate is 7.9%, which suggests balanced market conditions. The unemployment rate is 5.0%, reflecting the local economic conditions. Recent rural land sales (1+ acres) show a median price of $344,401 per acre. Suburban/urban lots under 1 acre have a median lot price of $211,200.
Does Reelvest buy land in Norfolk city, Virginia?
Yes! Reelvest Properties buys vacant land throughout Virginia, including Norfolk city. We make cash offers within 24-48 hours, close in 14-30 days, and pay all closing costs. Get your free cash offer today.
Data Sources: Market data reflects recent vacant land transactions in the county. Demographic data from U.S. Census Bureau American Community Survey (2023), Bureau of Labor Statistics (2025). Updated monthly.