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Norview's Housing Market: Rising Home Values and Ownership Near Norfolk Airport
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Norview, a neighborhood in Norfolk, Virginia, has experienced dynamic shifts in homeownership rates and property values over the past decade. This area, known for its diverse community and proximity to Norfolk International Airport, has seen fluctuating trends in both ownership percentages and average home prices, while average rent prices have shown a general upward trajectory.
The relationship between homeownership rates and average home prices in Norview reveals an interesting pattern. In 2013, the homeownership rate stood at 67%, with average home prices at $158,689. By 2015, ownership increased to 71% as average home prices rose to $166,411, suggesting a positive correlation. However, this trend didn't persist consistently. In 2018, despite a drop in ownership to 65%, average home prices continued to climb to $173,084. The year 2021 saw a peak in homeownership at 74%, coinciding with a significant jump in average home prices to $226,386, indicating a strong housing market during this period.
Federal interest rates have played a crucial role in homeownership trends in Norview. The period from 2013 to 2016 saw consistently low interest rates below 0.5%, which likely contributed to the increase in homeownership from 67% to 68% during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed some fluctuations in homeownership rates, with a slight decrease to 67% by 2019. The dramatic drop in interest rates to 0.08% in 2021 coincided with the peak homeownership rate of 74%, illustrating how lower rates can stimulate home buying activity.
Renter percentages and average rent prices in Norview have shown some volatility. In 2013, with 33% of residents renting, the average rent was $926. By 2016, despite a slight decrease in the renter population to 32%, average rent dropped significantly to $530. This trend reversed sharply by 2018, with renter percentage increasing to 35% and average rent jumping to $1,176. The most recent data from 2022 shows a renter percentage of 33% with an average rent of $1,118, indicating a stabilization in the rental market. These fluctuations could be attributed to changes in local economic conditions and housing supply.
Looking at the most recent data, average home prices in Norview continued their upward trend, reaching $258,837 in 2023 and further increasing to $271,938 in 2024. This represents a substantial growth of 9.69% from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Norview to continue their upward trajectory, potentially reaching around $300,000 by 2029. This projection is based on the consistent growth observed in recent years, especially the strong performance from 2020 to 2024. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,300 by 2029, assuming the market maintains its current stability and growth patterns.
In summary, Norview has demonstrated resilience in its housing market, with generally increasing homeownership rates and property values over the past decade. The neighborhood has weathered fluctuations in both the ownership and rental markets, showing adaptability to changing economic conditions. The recent sharp increases in both home prices and interest rates will likely shape the market's direction in the coming years, potentially affecting affordability and homeownership trends.
