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Zip Code
23518
City
Norfolk, VA
Aterio Score™
626
out of 1,000 pts
Census 2010
28095
Census 2020
29098
Forecasted population 2025
28743
Forecasted population 2026
28687
Forecasted population 2027
28650
Forecasted population 2028
28632
Forecasted population 2029
28624
Forecasted population 2030
28622
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
-0.01219126
Growth rate 2025 to 2030
-0.004216303
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
$343,148
Average Property price 6 months ago
$341,058
Average Property price 12 months ago
$340,208
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
0.004918974
Price direction
1.006129327
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
88.166586741
Home Value Volatility Score Last 24 Months
14.123168465
Average annual mortgage rate in the US for 30 years
0.0703
Estimated installment price
$2,290
Rent value latest month
$1,947
Rent RSI Score
91.333103704
Rent Volatility Score Last 24 Months
74.665652234
Rental mortgage rate
0.850389379 times
Rental price trend for the last 12 months, 6 months and last month. Available with a free account.
AVERAGE PROPERTY PRICE LATEST MONTH
$539,993
CHANGE IN LISTING PRICE YEAR OVER YEAR
0.1457
AVERAGE LISTING PRICE PER SQUARE FOOT
$254
DAYS ON MARKET
37
ACTIVE LISTINGS
88
Average Property price latest Month
$343,148
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
13282
Housing units available in 2021
13559
Estimated Housing units needed 2030
13065
Deficit or excess inventory
-216
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)
14162
Occupied housing units by owners
7639
Occupied housing units by renters
5299
Total Vacancy rate
0.086428471
Rental Vacancy rate
0.076
Number of business establishments in 2020
545
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
24360
People in labor force
16808
civilian employed
13952
civilian unemployed
453
People marked as armed employed
2403
% of Army employed Vs Civilian Employed
0.142967634
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
$87,387
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
0.405
% of HouseHolds making between 50K and 75K
0.214
% of HouseHolds making between 75K and 100K
0.131
% of HouseHolds making between 100K and 200K
0.195
% of HouseHolds making more than 200K
0.054
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
0.026951452
Unemployment rate for county last 6 months
0.043666667
Unemployment rate for county latest month
0.044
% of Homes Owner-occupied
0.590431288
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
