23507 — Norfolk city, Virginia Market Snapshot
Housing market data for zip code 23507 in Norfolk city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
29 sales in 2026 (year to date)
Median Sale Price
$294,800
Days to Sell
27
Homes Sold
29
Inventory
38
Sale-to-List
98.5%
New Listings
53
Price/SqFt
$236
Pending Sales
40
Conforming Loan Available
Most homebuyers in 23507 can comfortably use conventional financing. The median home price of $294,800 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
Homes in 23507 are moving quickly at 27 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes are selling very close to asking price in 23507 (98.5% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23507 can comfortably use conventional financing. The median home price of $294,800 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 23507 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 23507
To purchase the median home at $294,800 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $2,409.
Monthly Payment
$2,409
Income Required
$103,228
Principal & Interest
$1,816/mo
Down Payment (5%)
$14,740
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 23507.
Estimated Monthly Payment
$1,974
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