Norfolk city Real Estate and Livability Trends
Norfolk city, Virginia's real estate market is seeing some telltale signs of an evolving, yet complex landscape. Home values have surged from $193,400 in 2015 to $254,200 in 2022, staying below the state average but reflecting strong market demand. Tax changes are notable, with state and local income taxes per return more than doubling and property taxes rising substantially, indicating potential... Read more
Norfolk city Market Trends
Norfolk city, Virginia has seen a notable increase in median home values, climbing from $193,400 in 2015 to $254,200 in 2022, yet remaining more affordable than the state average of $339,800. While residential energy tax credits have fluctuated, peaking notably in 2018 and 2021, it hints at shifts toward energy-efficient investments. Real estate taxes in Norfolk have surged from approximately... Read more
Median Value of Occupied Housing Units in Norfolk city, Virginia Over the Last 8 Years
The median home value in Norfolk city, Virginia has shown steady growth over the past eight years, starting at $193,400 in 2015 and reaching $254,200 in 2022. Although this growth is substantial, it's worth noting that Norfolk's housing prices remain more affordable compared to the state average of $339,800 in 2022. Additionally, Norfolk's home value progression outpaces the national median, which was $179,400 in 2022, making it an intriguing option for those considering investing or relocating within Virginia.
Residential Energy Tax Credit Per Tax Return in Norfolk city, VA Over the Last 9 Years
Over the last nine years, Norfolk, Virginia has seen significant fluctuations in residential energy tax credits per tax return, with a notable spike in 2018 to $2,107.41 and another peak in 2021 at $2,063.82. These trends might suggest increased energy-efficient investments or changes in tax incentive structures. Prospective property investors and homeowners should be aware of these dynamics, as they could reflect broader initiatives towards sustainability and potentially lower long-term energy costs.
Average Real Estate Taxes Per Tax Return in Norfolk city, VA Over the Last 10 Years
The average real estate taxes per tax return in Norfolk city, Virginia have exhibited an upward trend over the last decade. Notably, from 2012 to 2021, there was a substantial increase from approximately $3,053.88 to $4,936.71. This surge in real estate taxes suggests a growing local economy and potentially higher property values, which is critical information for anyone considering investing in property within the area. The most dramatic increases occurred between 2017 and 2019, with tax values jumping from around $3,524.93 to $4,708.32. This could imply significant developmental changes or policy adjustments influencing real estate tax rates, something worth investigating for prospective buyers, appraisers, and investors.
Percentage of Farm Returns in Norfolk city, VA Over the Last 10 Years
Norfolk, Virginia has seen variability in the percentage of farm tax returns over the last decade, highlighting a niche but potentially stable market for small-scale agriculture. Farm tax returns, measured as a fraction of overall tax returns, have hovered around 0.05%, showing a slight yet consistent downturn from 2012's peak of approximately 0.08%. This suggests somewhat limited but consistent agricultural activity, likely driven by informal urban agriculture or small family-run operations. For investors, the steady figures hint at a strong, if minor, agricultural sector within an urban context. For those considering moving or building property in Norfolk, this trend indicates potential for participation in or benefit from urban farming initiatives, which could add a unique value proposition to the local real estate market.
Number of Mortgages by Occupancy Type in Norfolk city, VA Over the Last 5 Years in Norfolk city
Recent trends in Norfolk city, Virginia, indicate significant shifts in mortgage activity by occupancy type over the past five years. Mortgage counts for principal residences have remained relatively high, peaking in 2021 and suggesting a steady demand for primary homes within the area. In contrast, the number of mortgages for investment properties saw a sharp rise in 2021 before declining in 2022, which might reflect changing investor sentiment or market conditions. Meanwhile, second residence mortgages have consistently held a smaller share, hinting at a limited market segment for vacation or secondary homes. These changes are crucial for potential investors, builders, and real estate agents as they highlight market dynamics, buyer behavior, and financial risks or advantages tied to each property type. Such insights can also inform appraisers and insurance agents about emerging trends and risks.
Economic Outlook
In Norfolk city, Virginia, average taxable income per tax return has generally risen from $44,760.94 in 2013 to $62,717.18 in 2021, hinting at a strengthening local economy. Concurrently, average state and local income taxes per tax return have more than doubled, from $4,918.73 in 2012 to $10,216.04 in 2021, potentially highlighting rising incomes and tax rate adjustments. The percentage of individuals living under the poverty line has dropped from 20.2% in 2013 to 16.0% in 2022, suggesting... Read more
Average Taxable Income per Tax Return in Norfolk city, VA over the last 9 years
Over the past nine years, Norfolk city, Virginia has seen a fluctuating but generally upward trend in average taxable income per tax return. Starting from $44,760.94 in 2013, there has been notable growth, peaking at $62,717.18 in 2021. This trend may signal a strengthening local economy, potentially making Norfolk an attractive area for real estate investors, developers, and those looking to relocate. Insurance agents and appraisers might also notice the impact of rising incomes on property values and market demand.
Average State and Local Income Taxes Per Tax Return in Norfolk city, VA Over the Last 10 Years
In Norfolk, Virginia, the average state and local income taxes per tax return have shown a steady upward trend over the past decade, rising from $4,918.73 in 2012 to $10,216.04 in 2021. This significant increase potentially reflects rising incomes and possibly higher tax rates or changes in tax policy. For investors and those looking to move to Norfolk, this upward trend in tax liabilities might warrant a closer look at overall cost of living and potential return on investment. Real estate agents, builders, appraisers, and insurance agents should consider these trends as they directly impact property affordability and market dynamics in the area.
Average Total Tax Liability Per Tax Return in Norfolk city, VA Over the Last 10 Years
Over the past decade, Norfolk city in Virginia has seen a general upward trend in average total tax liability per tax return, rising from around $7,272.71 in 2012 to $9,625.27 in 2021. Despite some fluctuations, the consistent increase hints at a growing economic activity or income levels, making it a crucial indicator for potential investors, property developers, and real estate agents assessing market conditions. Such trends can also affect insurance premiums and property appraisals, offering a snapshot of local financial health.
Cost of Living in Norfolk city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,659 | $1,508 | $1,664 | $1,666 | $1,526 |
| 1 adult 4 children | $1,659 | $1,232 | $1,270 | $1,666 | $1,650 |
| 2 adults 3 children | $1,659 | $1,232 | $1,445 | $1,666 | $1,270 |
| 1 adult 3 children | $1,659 | $1,006 | $1,051 | $1,666 | $1,417 |
| 2 adults 2 children | $1,187 | $1,008 | $1,225 | $1,461 | $982 |
| 1 adult 2 children | $1,187 | $753 | $832 | $1,461 | $997 |
| 2 adults 1 child | $1,187 | $797 | $1,006 | $794 | $882 |
| 1 adult 1 child | $1,187 | $515 | $613 | $794 | $783 |
| 2 adults | $1,016 | $640 | $787 | $0 | $694 |
| 1 adult | $997 | $349 | $394 | $0 | $616 |
Safety trends & Data
Property crime trends in Norfolk city, Virginia, have displayed notable patterns over the last five years. The number of larceny-theft incidents has decreased significantly, dropping from 606.00 in 2019 to 356.00 in 2022. Conversely, burglary arrests have climbed steadily, reaching 66.00 in 2022, while motor vehicle theft saw a considerable spike in 2021 and continued to rise in 2022. Vandalism has surged, almost quintupling from 27.00 in 2018 to 168.00 in 2022. These fluctuating crime rates... Read more
Property Crime Trends in Norfolk city, VA Over the Last 5 Years
Property crime trends in Norfolk city, Virginia, have shown some interesting patterns over the last five years. Larceny-theft has consistently been the highest-reported crime, though its numbers have decreased from 2019’s peak of 606.0 to 356.0 in 2022. Burglary arrests have seen a gradual increase, reaching 66.0 in 2022. Motor vehicle theft spiked significantly in 2021 and continued to rise in 2022. Vandalism has shown a troubling upward trend, nearly quintupling from 27.0 in 2018 to 168.0 in 2022. These changing dynamics could impact property investments, insurance rates, and community safety strategies.
Demographics
Norfolk city, Virginia, exhibits a slightly higher male population than female, with significant representation across various age groups, particularly those between 25 to 34 years. Educational attainment tends to see high school graduates and some college as predominant, potentially indicating a workforce with intermediate skill levels. Racially, the city has substantial White and Black or African American communities, with smaller percentages of Asian, American Indian, and other races. These... Read more
Race Distribution in Norfolk city, Virginia (2022)
Educational Attainment in Norfolk city, Virginia (2022)
Age Distribution in Norfolk city, Virginia
Citizen Population in Norfolk city, Virginia (2022)
Political Trends & Data
Norfolk City in Virginia demonstrated a marked preference for the Democratic candidate in the 2020 U.S. Presidential Election, with an estimated 71.6% of votes cast in their favor. The Republican candidate reportedly secured around 26.1%, which could indicate a significant ideological tilt towards Democratic policies within this region. Additionally, third-party candidates appeared to have minimal influence, as the Libertarian candidate perhaps captured about 1.8% of the vote. This trend might... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In the 2020 U.S. Presidential Election, Norfolk City in Virginia saw notable support for the Democratic candidate, with an estimated 71.6% of the vote. The Republican candidate trailed significantly, securing around 26.1%. Third-party candidates garnered minimal support, with the Libertarian candidate possibly earning about 1.8%. This voting pattern may suggest a strong Democratic leaning in this region.
26.05% of voters voted for the Republican party in the 2020 Presidential Election
71.61% of voters voted for the Democrat party in the 2020 Presidential Election
1.79% of voters voted for the Livertarian party in the 2020 Presidential Election
0.55% of voters voted for the Other party in the 2020 Presidential Election
School Data
Norfolk City, Virginia, has seen its student-to-teacher ratio drop from nearly seventeen students per teacher in 2014 to below the national average of fourteen by 2015, maintaining that lower ratio since. Families might find this appealing as it suggests more personalized attention for students, making it a key selling point for real estate agents. Investors could view this trend as a sign of a committed educational environment, potentially enhancing property... Read more
Student-to-teacher ratio in Norfolk City, Virginia over the last 10 years
Norfolk City, Virginia, has seen fluctuations in its student-to-teacher ratio over the past decade. Beginning with a high of nearly seventeen students per teacher in 2014, the ratio fell below the national average of fourteen by 2015 and has generally remained close to or below this benchmark since. This trend may be of particular interest to families considering relocating, as lower ratios could suggest more personalized attention for students. Real estate agents might highlight this appealing feature to potential buyers with school-aged children, and investors could see it as an indicator of a committed and potentially improving educational environment. It may also inform decisions for appraisers and insurance agents assessing the area's educational resources.
