The story of this market
The typical home in ZIP 23518 sells for about $400,000, or $254 per square foot.
Prices are up +11.11% from a year ago, so sellers still have some momentum. Homes take about 37 days to sell. HUD's fair market rent for a two-bedroom is $1,425 a month.
ZIP 23518 — Norfolk
The 23518 housing market is currently balanced, with steady demand from military and commuter segments. While pricing remains resilient with year-over-year growth, the market is sensitive to list pricing, as properties are selling at or near list price. Figures for months of supply and closed sales were not published at the ZIP level and are omitted.
This ZIP fits military families, commuters, and professionals seeking a mix of coastal lifestyle and proximity to major regional employment anchors.
Median prices moved up 11.1% year over year.
Homes spend a median of 37 days on market with 0.0 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.1% · poverty 7.7% — a stable, low-distress profile.
versus the prior ACS vintage
ZCTA 23518, Norfolk City, Virginia
The area is generally characterized by stable residential patterns. The presence of military installations often influences local security postures.
The ZIP is served by Norfolk Public Schools, including Crossroads PreK-8 and Azalea Gardens Middle. Schools in the district are generally characterized by their diversity and commitment to student development.
The area is a coastal zone with varying exposure to wind and flood risks. Insurance postures are highly dependent on specific elevation and proximity to the Chesapeake Bay.
Significant momentum is driven by the proximity to Naval Station Norfolk and ongoing interest in waterfront neighborhood development. New construction projects provide modern inventory to the area.
Property taxes are levied by the City of Norfolk. Rates and assessments are subject to the city’s annual budget cycles and state-mandated assessment protocols.
The area is centrally located for commuters to Naval Station Norfolk and major regional employment hubs via I-64 and the local arterial network.
The area offers access to Chesapeake Bay waterfronts, local parks, and proximity to major shopping and dining districts along the Shore Drive corridor.
Market depth is significant with rising rents and steady vacancy pressure in sought-after waterfront areas.
The economy is dominated by the military and Department of Defense presence at Naval Station Norfolk, alongside healthcare and maritime port-related industries.
The area is served by major highway corridors including I-64, facilitating regional connectivity for commuters.
Ongoing development includes townhome and cottage-style residential projects in established neighborhoods like East Beach.
Parcels are subject to city-level taxing and planning districts; no specific MUD or PID data is published for this ZIP.
Property insurance premiums are influenced by the coastal topography and federal flood zone designations.
Data retrieved from data.census.gov ZCTA 23518 profile.
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 Beach4.56.8 mi
- Dave & Buster's4.110.3 mi
- Hunt Club Farm4.614.5 mi
- Sky Zone Trampoline Park4.29.2 mi
- Hampton Virginia Aquaplex4.112.8 mi
- Virginia Aquarium & Marine Science Center4.414.2 mi
- Hampton Coliseum4.412.4 mi
- Virginia Beach Convention Center4.513.2 mi
- Veterans United Home Loans Amphitheater at Virginia Beach4.411.9 mi
- Topgolf Virginia Beach4.45.8 mi
- Virginia Zoo4.54.9 mi
- First Landing State Park4.710.3 mi
- Norfolk Botanical Garden4.81.4 mi
- Mount Trashmore Park4.77.8 mi
- Apex Entertainment Virginia Beach4.56.8 mi
- Virginia Aquarium & Marine Science Center4.414.2 mi
- Chrysler Museum of Art4.86.5 mi
- Virginia Living Museum4.718.2 mi
- Nauticus4.77 mi
- Cape Henry Lighthouse4.411 mi
- First Landing State Park4.710.3 mi
- Norfolk Botanical Garden4.81.4 mi
- Mount Trashmore Park4.77.8 mi
- Buckroe Beach and Park4.69.5 mi
- Oak Grove Park4.711.8 mi
- VIG Portsmouth3.49 mi
- Cavalier Golf & Yacht Club4.711.7 mi
- Hampton Yacht Club4.610.2 mi
- Tidewater Yacht Marina4.77.4 mi
- Salt Ponds Marina Resort4.310.2 mi
- Topgolf Virginia Beach4.45.8 mi
- Sewells Point Golf Course4.34.4 mi
- Greenbrier Country Club4.510.7 mi
- Bide-A-Wee Golf Course4.410.9 mi
- Stumpy Lake Golf Course3.810.5 mi
- Lynnhaven Mall4.410.4 mi
- Norfolk Premium Outlets4.42.8 mi
- Greenbrier Mall4.19.9 mi
- Navy Exchange Main4.55.9 mi
- Grand Mart4.44.4 mi
- Norfolk International Airport4.31.9 mi
- Naval Air Station Oceana4.312.6 mi
- Newport News/Williamsburg International Airport4.421.8 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides coastal access and recreational opportunities.
A notable waterfront community with distinct architectural character.
Major regional aviation hub located in close proximity.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).