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The Norfolk Real Estate Market and AreaToday there are nearly 1800 homes for sale in Norfolk where buyers have a wide variety of properties to choose from. Property types you'll find here include lofts, condos, huge mansions, townhomes, luxury homes, many detached single family homes, and waterfront homes. Because Norfolk contains the largest naval base in the world, many of the residences close to the bay are housed by the military and there is a lot of real estate in Norfolk to choose from. This area is one of my favorites to take buyers who are interested in purchasing a reasonably priced detached home. Unlike Chesapeake and Virginia Beach, Norfolk doesn't have very many "new" neighborhoods. Most of the properties in the area are older but many have been re-furbished. New homes, however, can be found sparatically in areas where old homes had been torn down. I love the diversity of the city. You can choose to live just steps away from the bay or in the hustle and bustle of the big city. As far as prices go, you can find downtown lofts in the mid $250's, plenty of detached properties for under $200k, and the prices can go way up from there for those high end clients. Last year the median home value for Norfolk was $200,100. Some of the more sought out neighborhoods in the area include listings in Ghent, Willoughby Spit, Larchmont, and Ocean View. The AreaAs of 2007, Norfolk's population was listed at over 235,000. The city is bordered by the Chesapeake Bay, which facilitates the largest bridge-tunnel in the world, and the Elizabeth River. Norfolk is 1 of the 7 cities of the Hampton Roads metropolitan area and is flanked by Portsmouth, Virginia Beach, and Chesapeake. If you're in into culture and shopping, downtown Norfolk is not lacking. MacArthur Mall is a fairly new 3-story complex with many high end stores and shops with a movie theater on the top floor. The downtown area is quickly becoming recognized as the hub for excitment and "things do do". Most of the homes for sale in the downtown Norfolk area are either attached condos or townhomes, however, in nearby Ghent there are plenty of choices for single family living. Within just a few square blocks, you have Waterside, Nauticus, the Harrison Opera House, The Norva, the Wisconsin, Norfolk Scope, and dozens of great restaurants and bars. Click the link below to find a complete list of places to go and things to do in Norfolk. Because of this new-found excitement, more and more buyers have been drawn to the Norfolk real estate market and it's population grows on an annual basis. Some of the notable schools in the area include Granby High School, Old Dominion University, and Norfolk State University. Things to do in Norfolk - School Information - Restaurants
Norfolk Real Estate Market Report 4th Quarter Totals:
-- New Developments in Expanding the Midtown Tunnel. Further examination is being done to see what challenges would come in order to build a second, parallel tunnel to help alleviate congestion. Read More.
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