The story of this market
The typical home in ZIP 23508 sells for about $357,550, or $230 per square foot.
Prices are up +7.78% from a year ago, so sellers still have some momentum. Homes take about 35 days to sell. HUD's fair market rent for a two-bedroom is $1,464 a month.
ZIP 23508 — Norfolk
The 23508 housing market is currently characterized by a supply-demand balance, with a median listing price of $433,000. The market remains competitive with homes selling in a median of 35 days. Rental demand remains robust, with typical rents near $1,996/month.
Fits professionals, military families, and academics seeking proximity to hubs, while also attracting investors due to stable rental demand.
Median prices moved up 7.8% year over year.
Homes spend a median of 35 days on market with 0.0 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 101% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.0% · poverty 15.7% — a stable, low-distress profile.
ZCTA 23508, Norfolk City VA
The area reports crime rates that are generally higher than the national average, with property crime being more prevalent than violent crime.
Schools serving the area include Larchmont Elementary and W.H. Taylor Elementary, which are generally characterized as well-regarded within the local district.
The area faces moderate natural-hazard risk, primarily involving coastal flooding and storm-related events.
The proximity to major military facilities, including the Norfolk Naval Base, remains a primary economic driver and anchor for local development and housing demand.
Property taxation is governed by the City of Norfolk; rates and exemptions are determined by city-wide assessment cycles and local ordinances.
The area is a hub for commuters to Norfolk’s employment centers and is moderately walkable.
Nearby amenities include the Elizabeth River Trail, numerous local parks, and shopping/dining districts.
Market shows high pressure and rising rents, with significant interest from both long-term residents and military-affiliated renters.
Dominated by military, education, and port-related logistics industries.
The area is served by regional road networks and is moderately walkable with access to Norfolk employment centers.
Focus remains on infill development and maintaining historic character.
Parcels are subject to City of Norfolk taxation and local school district jurisdiction.
Coastal location necessitates flood insurance considerations for many properties.
Data sourced from local market reports and census estimates.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Apex Entertainment Virginia Beach4.510.3 mi
- Dave & Buster's4.114.2 mi
- Hunt Club Farm4.618 mi
- Sky Zone Trampoline Park4.28.4 mi
- Hampton Virginia Aquaplex4.111 mi
- Virginia Aquarium & Marine Science Center4.418.8 mi
- Hampton Coliseum4.410.7 mi
- Virginia Beach Convention Center4.518.2 mi
- Veterans United Home Loans Amphitheater at Virginia Beach4.414.2 mi
- Topgolf Virginia Beach4.48.3 mi
- Virginia Zoo4.52.1 mi
- Norfolk Botanical Garden4.86.2 mi
- Mount Trashmore Park4.711.2 mi
- Apex Entertainment Virginia Beach4.510.3 mi
- Buckroe Beach and Park4.610.4 mi
- Virginia Aquarium & Marine Science Center4.418.8 mi
- Virginia Living Museum4.715.5 mi
- Chrysler Museum of Art4.82.6 mi
- Nauticus4.73.1 mi
- Cape Henry Lighthouse4.416.9 mi
- Norfolk Botanical Garden4.86.2 mi
- Mount Trashmore Park4.711.2 mi
- Buckroe Beach and Park4.610.4 mi
- Oak Grove Park4.79.8 mi
- Chesapeake City Park4.710.7 mi
- VIG Portsmouth3.42.9 mi
- Cavalier Golf & Yacht Club4.717 mi
- Hampton Yacht Club4.69.1 mi
- Tidewater Yacht Marina4.73.5 mi
- Salt Ponds Marina Resort4.311.3 mi
- Topgolf Virginia Beach4.48.3 mi
- Sleepy Hole Golf Course4.611.8 mi
- Riverfront Golf Club4.47.4 mi
- Sewells Point Golf Course4.32.5 mi
- Greenbrier Country Club4.510.1 mi
- Norfolk Premium Outlets4.46.2 mi
- Greenbrier Mall4.19 mi
- Navy Exchange Main4.53.6 mi
- Grand Mart4.47.8 mi
- Harris Teeter4.32.1 mi
- Norfolk International Airport4.36.2 mi
- Naval Air Station Oceana4.316.8 mi
- Newport News/Williamsburg International Airport4.419.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major recreational trail providing waterfront access and connectivity.
Notable for historic character and local shopping/dining.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).