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HOW IS THE NORFOLK REAL ESTATE MARKET TODAY?


Norfolk, Virginia, is a beautiful waterfront city famous for housing Naval Station Norfolk, a massive naval base near the Chesapeake Bay. Norfolk is a fantastic place for those looking to live near the ocean, as it has more than 125 navigable waterways, all located less than 20 miles from Virginia Beach. With gorgeous beaches, extensive outdoor trails, lush green parks, fun nightlife, luxury shopping, first-rate dining, and premier entertainment, Norfolk has it all! Not only is it a great place to live, but the job market is also secure, and there are plenty of opportunities for employment and success! Are you planning a move? Read on for more insight into the best neighborhoods in Norfolk, Virginia, and the local real estate market.

THE BEST NEIGHBORHOODS IN NORFOLK

1. GHENT


This neighborhood has a small-town feel in the middle of big-city living. The community is vibrant and friendly, with neighbors greeting neighbors in the streets. Ghent has above-average schools, and the community is centered around supporting local businesses. Restaurants, shopping, and nightlife are within walking distance. The Chrysler Museum of Art is a popular attraction, as is the Virginia Zoo and the Naro Expanded Cinema.

East Ghent is the number one ranked neighborhood in Norfolk. There are plenty of bars, restaurants, coffee shops, and parks, and the schools offer prime educational opportunities. Selden Market is a popular attraction known for its small businesses and is housed in a historic building on East Main Street. Here you can enjoy regular pop-ups and an eclectic array of shops with everything from clothing and home decor to food and self-care products. The Ghent Historic District has remarkable architecture, museums, unique shopping, upscale dining, entertainment, and sidewalk cafés. This community strongly supports the arts, deeply cares about the environment, and displays engaging activism. East Ghent is a diverse melting pot of unique individuals, young and old, who have created a dynamic community that is one of the best neighborhoods in Norfolk, Va.

North Ghent is a national historic district notable for its Greek Revival and Queen Anne architectural styles. Like East Ghent, you can enjoy the Ghent Historic District and explore the museums, restaurants, and entertainment. The Waterside District Market, otherwise known as The Market Norfolk, houses a variety of eateries, shops, community events, music, and entertainment.

West Ghent boasts excellent schools, shops, and restaurants within walking distance. The community holds regular community events, plenty of cafes and breweries, and a relaxing nightlife vibe, great for meeting up with friends. The Orapax Restaurant and Bar is a community favorite. In addition, you can visit the USS Wisconsin, an Iowa-class battleship.

2. DOWNTOWN


Downtown Norfolk is an oasis of convenient living. Restaurants, bars, shops, and more are all within walking distance. The downtown area comprises apartments and modern condominiums with spectacular city views. It has a vibrant nightlife with famous clubs such as the Culture Lounge and Restaurant and Scotty Quixx, a place to see and be seen. Rolling Stone Magazine rated The Norva as the Best Live Music In The Country in 2013. Town Point Park is a seven-acre city park that stays busy all year with festivals, community events, and entertainment. The local baseball team, the Tides, plays at Harbor Park and Nauticus, a historical Navy ship open for tours.

3. EDGEWATER-LARCHMONT


Edgewater-Larchmont is another neighborhood with a cozy small-town feel in the middle of the big city. Its community is friendly and welcoming, with plenty of restaurants, shopping, and entertainment. Ocean View Beach Park draws many visitors with acres of sandy beaches and well-manicured lawns for picnics and events. The boardwalk holds many festivals, and you can enjoy all genres of music and dancing at the bandshell. Some local restaurant favorites include the upscale DeNovo European Restaurant And Pub that sits on the shores of Edgewater, Rebecca’s, a Cuban restaurant and event eatery, and gastropub Pier 115.

4. LOCHHAVEN

The sister neighborhood to Edgewater-Larchmont, Lochhaven, sits directly across the water on the Lafayette River. One of the biggest draws of Lochhaven is The Hermitage Museum And Gardens, a hugely popular destination for classes and culture. Visitors and residents enjoy walking here. The gardens and grounds are lovely, have fantastic city and river views, and hold countless events and festivals for the whole community.

5. THE NORTH SHORE

The North Shore is conveniently located near the Naval Station Norfolk and is popular with young professionals. Several small restaurants and stores are nearby and close to The Hermitage Museums and Gardens. Sewell’s Point Golf Course is a popular golfing destination and suits golfers of all levels.

THE NORFOLK HOUSING MARKET

Currently, there are 711 houses on the market and 89 new homes for sale in Norfolk. On average, houses listed in Norfolk typically sit on the market for 43 days, compared to 28 days last year. Norfolk homes are selling for a median house price of $299,900, while the median home price in Virginia shot up in 2022 and is now set to stabilize. With higher interest rates, fewer buyers are in the market, leading to homes lasting longer before going under contract. Whether you need to move closer to the naval base or are searching for a dream home on the water, now is the time to enter the Norfolk real estate market.

When you’re ready to enter the Norfolk housing market, consider reaching out to real estate professional Brandon Carney at Empire Homes Elite. His expertise and experience in selling and buying Norfolk real estate will be invaluable as you search for a new home. Contact him today to get started!