Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 25,928 people, 10,660 houses or apartments, and a median cost of homes of $287,786, Norfolk real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Norfolk, accounting for 62.06% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 22.54%), duplexes, homes converted to apartments or other small apartment buildings ( 6.20%), and a few row houses and other attached homes ( 5.81%).
People in Norfolk primarily live in small (one, two or no bedroom) single-family detached homes. Norfolk has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Norfolk built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Norfolk built between 1940-1969 ( 23.84%). A lesser amount of the housing stock also hails from before 1939 ( 16.53%). There's also some housing in Norfolk built between 2000 and later ( 13.46%).
Real estate appreciation rates in Norfolk's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.45% during the period.
NeighborhoodScout's data show that during the latest twelve months, Norfolk's appreciation rate, at 7.75%, has been at or slightly above the national average. In the latest quarter, Norfolk's appreciation rate has been 5.45%, which annualizes to a rate of 23.64%.
Importantly, NeighborhoodScout’s exclusive research found that Norfolk's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Nebraska, our data show that Norfolk's latest annual appreciation rate is higher than 80% of the other cities and towns in Nebraska.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norfolk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norfolk - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Norfolk real estate investment or home purchase decisions.
$287,786
for Nebraska
for nation
10,660
$1,228 / per month