Similar to its nearby areas, it is similar compared to the rest of the country. However compared to the city of Virginia Beach, it is a little less expensive.
Home prices
The median home in Norfolk costs $206,700. It is approximately $4,080 (1%) lower in comparison to other places in this area.It is approximately $10,800 (4%) lower in comparison to the US as a whole, and it is approximately $74,100 (26%) lower compared to the city of Virginia Beach.
Rents
In Norfolk the median monthly rent is $1,059. Compared to its surrounding areas this is roughly $231 (17%) lower.Compared to the rest of the nation it is is very similar, and it is about $308 (22%) lower in comparison to the city of Virginia Beach.
Nearby places
Portsmouth
Portsmouth is Norfolk's neighbor to the southwest. Housing prices there are a little less expensive. The median home in Portsmouth is valued at $170,900, which comes out to $35,800 (20%) lower than Norfolk. Rents there are pretty similar. In Portsmouth the median rent is $1,048 a month, which works out to $11 (1%) lower than Norfolk.
Hampton
Hampton is Norfolk's neighbor to the northwest. The housing prices there are a little less expensive. The median home in Hampton costs $186,700, which comes out to $20,000 (10%) lower than Norfolk. Its rents are a little more expensive. In Hampton the median monthly rent is $1,118, which comes out to $59 (5%) higher than Norfolk.
Chesapeake
Chesapeake is Norfolk's neighbor to the south. The real estate prices there are a bit more expensive. Chesapeake's median home price is $273,700, which works out to $67,000 (24%) higher than Norfolk. The rent there is a little more expensive. In Chesapeake the median rent is $1,279 a month, which works out to $220 (17%) higher than Norfolk.
Carrollton
Carrollton is approximately 13 miles west from Norfolk. Its housing prices are a bit more expensive. The median home in Carrollton costs $290,200, which is $83,500 (28%) higher than Norfolk. The rent there is a little more expensive. The median monthly rent in Carrollton is $1,306, which works out to $247 (18%) higher than Norfolk.
Bethel Manor
Bethel Manor is about 16 miles northwest of Norfolk. Its housing prices are significantly less expensive. The value of the median home in Bethel Manor is $132,400, which works out to $74,300 (56%) lower than Norfolk. Its rents are substantially more expensive. In Bethel Manor the median monthly rent is $1,699, which comes out to $640 (37%) higher than Norfolk.
