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Zip Code
23507
City
Norfolk, VA
Aterio Score™
501
out of 1,000 pts
Census 2010
25818
Census 2020
6528
Forecasted population 2025
6423
Forecasted population 2026
6412
Forecasted population 2027
6407
Forecasted population 2028
6405
Forecasted population 2029
6406
Forecasted population 2030
6409
The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.
Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.
Aterio's Adjusted Growth
Coming soon
Growth rate 2020 to 2025
-0.016101983
Growth rate 2025 to 2030
-0.002226451
Expected growth rate from 2020 to 2030
Coming soon
Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.
Average Property price latest Month
$480,295
Average Property price 6 months ago
$480,977
Average Property price 12 months ago
$476,188
Average number of days of a property in the market
Coming soon
Total number of home for sales abandoned
Coming soon
The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.
The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.
Price speed change rate
0.004297804
Price direction
0.998581764
The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets
In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.
Home Value Relative Strength Index
90.270057049
Home Value Volatility Score Last 24 Months
28.594328549
Average annual mortgage rate in the US for 30 years
0.0703
Estimated installment price
$3,205
Rent value latest month
$1,559
Rent RSI Score
55.874206867
Rent Volatility Score Last 24 Months
72.078963811
Rental mortgage rate
0.486377808 times
Rental price trend for the last 12 months, 6 months and last month. Available with a free account.
AVERAGE PROPERTY PRICE LATEST MONTH
$571,765
CHANGE IN LISTING PRICE YEAR OVER YEAR
0.2179
AVERAGE LISTING PRICE PER SQUARE FOOT
$215
DAYS ON MARKET
33
ACTIVE LISTINGS
28
Average Property price latest Month
$480,295
CHANGE IN LISTING PRICE YEAR OVER YEAR
Coming soon
AVERAGE LISTING PRICE PER SQUARE FOOT
Coming soon
DAYS ON MARKET
Coming soon
ACTIVE LISTINGS
Coming soon
Housing units available in 2020
3453
Housing units available in 2021
3528
Estimated Housing units needed 2030
3390
Deficit or excess inventory
-62
When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.
Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.
Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.
Homes in construction in the next 5 years
Coming soon
Total housing units (most recent data)
3588
Occupied housing units by owners
1613
Occupied housing units by renters
1723
Total Vacancy rate
0.070234114
Rental Vacancy rate
0.035
Number of business establishments in 2020
152
YOY GDP Growth
0.098900743
YOY GDP Growth for Retail
0.148262434
YOY GDP Growth for construction
0.105397685
YOY GDP Growth for Real Estate
0.055371464
Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.
Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.
People over 16 years old
5767
People in labor force
4079
civilian employed
3557
civilian unemployed
115
People marked as armed employed
407
% of Army employed Vs Civilian Employed
0.099779358
The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.
Average of household income in 2021
$119,299
Affordability index
3
Household debt as % of Income in 2020
0.895
Household debt as % of Income in 2021
0.895
Rate of the previous household debt to income in 2021 vs 2020
NA
Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.
3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.
Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.
% of HouseHolds making less than 50K
0.341
% of HouseHolds making between 50K and 75K
0.155
% of HouseHolds making between 75K and 100K
0.107
% of HouseHolds making between 100K and 200K
0.244
% of HouseHolds making more than 200K
0.154
These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.
Unemployment rate
0.028193185
Unemployment rate for county last 6 months
0.043666667
Unemployment rate for county latest month
0.044
% of Homes Owner-occupied
0.483513189
US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.
Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.
% of mortgage defaults in 2019
0.019633508
% of mortgage defaults in 2020
0.003926702
% of mortgage defaults in 2021
0.015052356
Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.
Violent Crimes ( % above or Below US average)
NA
Property Crimes ( % above or Below US average)
NA
Total number of violations
0
NaN%
0 US average
Total number of health violations
0
NaN%
0 US average
Total number of contaminations
0
NaN%
0 US average
State highest score is
789
National highest score is
870
