Norfolk Homes and Real Estate
Norfolk, Virginia is nearly surrounded by the Chesapeake Bay and is located at the southeastern corner of the state where the Elizabeth and James rivers meet. Spanning approximately ninety-seven square miles, Norfolk is part of Hampton Roads, which encompasses six other cities – Virginia Beach, Chesapeake, Newport News, Hampton, Portsmouth and Suffolk. This metropolitan area is the thirty-fourth largest in the United States, with a total population approximating 1,576,370. Norfolk is recognized as the central business district of these cities, with a local population approximating 234,220. It is also home to the world’s largest naval base.
Buying a Home in Norfolk
From luxury condominiums, townhouses and lofts to more traditional family style homes, buyers have a number of options. Military.com rated Norfolk number two on the list of “The 5 best cities for military families.” They note that “the mean home price in 2007 was about $200,000 and is holding relatively steady, making it less risky than other areas.” Since this area is seeing the best buyers market in some time with good interest rates and many sellers assisting with closing costs, now is the perfect time to buy a home in Norfolk.
First Time Homebuyers
If you're considering buying your first home, contact us for a free, no-obligation homebuyer consultation. We'll walk you through the steps you need to take to get into your new home, including getting pre-qualified and searching for homes that fit your needs. Our agents have a great deal of experience working with first time homebuyers and can help make the process easy and fun. They will connect you with our mortgage team who will help you get prequalified, and will help you explore the various options available in Norfolk, including traditional homes, townhouses, and even new construction homes.
Homes in Norfolk
Whether located Uptown, Downtown, Eastside or Westside – Norfolk residents have a vast array of urban, suburban and rural living options. There are over 120 neighborhoods in the city, each with a distinctly different vibe. Many of these are historic, some of which were formerly cities and towns of their own. Popular Norfolk neighborhoods include: Algonquin Park, Ballentine, Berkley, Calbert Square, Chesterfield Heights, Colonial Place, Diggs Park, Downtown Norfolk, East Ocean View, Fairmount Park, Ghent district, Huntersville, Ingleside, Lambers Point, Lindenwood, Lochhaven, Meadowbrook, North Ghent, Norview, Ocean View, Park Place, Poplar Halls, Riverview, Sewell’s Gardens, Shoop Park, Tidewater Park, Titustown, Villa Heights, West Freemason, and Willoughby Spit. Read more about Ghent or East Beach.
There are new Downtown townhouses, waterfront condos and loft spaces above restaurants and shopping centers that are perfect for the urban lifestyle. Westside homes are more spacious and have a strong family appeal. The Midtown and Central Norfolk areas offer easy access to all the hot spots. Southside Norfolk has a sizeable selection of homes and is reasonably priced. And Ocean View, along the Chesapeake Bay, is both aesthetically pleasing and has a ton of new development in the area.
Because Norfolk is the commercial center of Hampton Roads and there is such a strong military presence in the area, the city’s real estate market has maintained a certain amount of cushion over the years. Recent reports suggest there have been over 16,000 listings in 2009 in the Hampton Roads area – many of which came from Norfolk. Because the city’s real estate property is so well rounded – ranging from single-family homes with deep-water access to low-maintenance condos with beach access and amazing views, the market should continue on the same steady path.
New Homes and New Construction in Norfolk
As a whole, Norfolk is undergoing a lot of new development. This includes office buildings, retail shops, entertainment spots and hotels downtown. There are also new residential construction along the bay and rivers and renewal projects in a number of neighborhoods. If one is looking to customize their home, they have the option to build on vacant land or in an existing new construction neighborhood in Norfolk. Choosing this option allows a buyer to customize a floor plan, so one can meet their personal or family’s needs – all while designing their dream home at an affordable price.
When building a personalized home, there is often a high level of flexibility in the building process to ensure these dream homes meet their owners' expectations. Using an agent in this process will help in many ways. An agent can assist by directing buyers to newly built homes that specifically match their criteria. They can also recommend builders based on their reputation and experience in delivering a high-quality and reasonably priced product. A buyer with an agent will likely have more favor when negotiating. Additionally, agents can help buyers choose between hundreds of design and upgrade options and can recommend those which will add value to a home when it comes time to sell.
Selling in Norfolk
When it comes time to sell a home in Norfolk, residents can rest assured that there will always be interested buyers. Besides having family and city appeal, the area’s economy is typically stimulated by tourism, agribusiness and military sectors locally.
Living in Norfolk
Residents are able to enjoy cultural diversity, a strong history and hundreds of entertainment options while living in Norfolk. The city has a number of parks and open spaces, as well as community pools and three beaches in the Ocean View area on its north shore. Towne Point Park, downtown, hosts many annual events from early spring through late fall. Norfolk also has a minor league baseball team, The Norfolk Tides, and a hockey team, The Norfolk Admirals. The city is known for having a pleasant climate most of the year, hospitable people, diverse foods, good education, clean neighborhoods and a contemporary lifestyle.
Norfolk City Profile
|Population Density||2408 Persons per sq mi|