23508 — Norfolk city, Virginia Market Snapshot
Housing market data for zip code 23508 in Norfolk city, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
53 sales in 2026 (year to date)
Median Sale Price
$360,000
Days to Sell
29
Homes Sold
53
Inventory
52
Sale-to-List
99.1%
New Listings
83
Price/SqFt
$213
Pending Sales
62
Conforming Loan Available
Most homebuyers in 23508 can comfortably use conventional financing. The median home price of $360,000 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 23508 are moving quickly at 29 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 23508 (99.1% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23508 can comfortably use conventional financing. The median home price of $360,000 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 23508 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 23508
To purchase the median home at $360,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $2,908.
Monthly Payment
$2,908
Income Required
$124,638
Principal & Interest
$2,218/mo
Down Payment (5%)
$18,000
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 23508.
Estimated Monthly Payment
$2,378
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