23503 — Norfolk city, Virginia Market Snapshot
Housing market data for zip code 23503 in Norfolk city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
95 sales in 2026 (year to date)
Median Sale Price
$342,000
Days to Sell
22
Homes Sold
95
Inventory
63
Sale-to-List
100.3%
New Listings
121
Price/SqFt
$221
Pending Sales
119
Conforming Loan Available
Most homebuyers in 23503 can comfortably use conventional financing. The median home price of $342,000 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 23503 are moving quickly at 22 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 23503 (100.3% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23503 can comfortably use conventional financing. The median home price of $342,000 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 23503 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 23503
To purchase the median home at $342,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $2,770.
Monthly Payment
$2,770
Income Required
$118,727
Principal & Interest
$2,107/mo
Down Payment (5%)
$17,100
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 23503.
Estimated Monthly Payment
$2,267
Connect with a LoanGraphs Loan Officer
Get expert guidance for zip code 23503. Tell us what you're looking for.