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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Norfolk, NE Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norfolk, NE Housing Market Trends

With 25,928 people, 10,660 houses or apartments, and a median cost of homes of $268,632, Norfolk real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Norfolk, accounting for 62.06% of the city's housing units. Other types of housing that are prevalent in Norfolk include large apartment complexes or high rise apartments ( 22.54%), duplexes, homes converted to apartments or other small apartment buildings ( 6.20%), and a few row houses and other attached homes ( 5.81%).

People in Norfolk primarily live in small (one, two or no bedroom) single-family detached homes. Norfolk has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Norfolk built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Norfolk built between 1940-1969 ( 23.84%). A lesser amount of the housing stock also hails from before 1939 ( 16.53%). There's also some housing in Norfolk built between 2000 and later ( 13.46%).

Norfolk Home Appreciation Rates

Real estate appreciation rates in Norfolk's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.14% during the period.

NeighborhoodScout's data show that during the latest twelve months, Norfolk's appreciation rate, at 5.28%, has been at or slightly above the national average. In the latest quarter, Norfolk's appreciation rate has been 0.71%, which annualizes to a rate of 2.88%.

Relative to Nebraska, our data show that Norfolk's latest annual appreciation rate is higher than 60% of the other cities and towns in Nebraska.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norfolk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norfolk - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Norfolk real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$268,632

Norfolk, NE Home Prices
> $1,270,000
$952,001 - $1,270,000
$635,001 - $952,000
$508,001 - $635,000
$381,001 - $508,000
$254,001 - $381,000
$127,001 - $254,000
$63,001 - $127,000
$0 - $63,000
0.4%
0.4%
0.6%
0.6%
2.1%
2.1%
4.7%
4.7%
9.1%
9.1%
27.3%
27.3%
40.8%
40.8%
9.3%
9.3%
5.6%
5.6%
0% 100.0%
% of Homes
High

for Nebraska

Average

for nation

Number of Homes And Apartments:

10,660

Norfolk Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,134 / per month

Homeownership Rate

Owners
Renters
60.3%
60.3%
39.7%
39.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.8%
7.8%
92.2%
92.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.5%
13.5%
46.2%
46.2%
23.8%
23.8%
16.5%
16.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.1%
62.1%
5.8%
5.8%
6.2%
6.2%
22.5%
22.5%
3.4%
3.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.6%
2.6%
14.3%
14.3%
33.6%
33.6%
31.4%
31.4%
12.8%
12.8%
5.4%
5.4%
0% 100.0%
% of Homes