23504 — Norfolk city, Virginia Market Snapshot
Housing market data for zip code 23504 in Norfolk city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
46 sales in 2026 (year to date)
Median Sale Price
$284,700
Days to Sell
35
Homes Sold
46
Inventory
63
Sale-to-List
99.6%
New Listings
88
Price/SqFt
$180
Pending Sales
63
Conforming Loan Available
Most homebuyers in 23504 can comfortably use conventional financing. The median home price of $284,700 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
23504's market is balanced with homes taking an average of 35 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
Homes are selling very close to asking price in 23504 (99.6% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23504 can comfortably use conventional financing. The median home price of $284,700 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 23504 are set at the county level.
2026 Loan Limits — Norfolk city
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $757,850 |
| 2 Units | $1,066,250 | $970,200 |
| 3 Units | $1,288,800 | $1,172,750 |
| 4 Units | $1,601,750 | $1,457,450 |
Affordability Snapshot — Zip 23504
To purchase the median home at $284,700 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $2,331.
Monthly Payment
$2,331
Income Required
$99,912
Principal & Interest
$1,754/mo
Down Payment (5%)
$14,235
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 23504.
Estimated Monthly Payment
$1,912
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