RANK #690 / 1001 NAT · #20 / 37 VA · POP 233,596
1YR FORECAST: -0.2%
5YR OUTLOOK: +26%
Norfolk, Virginia, a city with a deep connection to the water, is perhaps best known as home to Naval Station Norfolk, the world's largest naval base. Located at the junction of the Elizabeth River and the Chesapeake Bay, it forms part of the Hampton Roads metropolitan area. Commuting within the region often involves bridges and tunnels, which can lead to traffic congestion during peak hours. The city offers diverse neighborhoods, from historic districts like Ghent with its walkable streets and early 20th-century homes, to beachside communities in Ocean View. Outdoor recreation is abundant, with 144 miles of shoreline, including Chesapeake Bay beachfront, and amenities like the Norfolk Botanical Garden and the Elizabeth River Trail.
Life in Norfolk offers a blend of urban energy and coastal living. The presence of the military, along with institutions like Old Dominion University and Eastern Virginia Medical School, contributes to a steady demand for housing. While public school performance can vary, private school options are available. The local economy is driven by its maritime heritage, military presence, and advancements in healthcare. Recent economic developments include investments in commercial and residential properties, as well as growth in the energy and logistics sectors.
Norfolk city's data profile doesn't fit any single market profile cleanly — its housing, labor, and demographic signals pull in different directions (home prices +0.8% YoY, population -0.6%, wages +3.8%). About 414 U.S. counties show this kind of mixed-signal pattern.
See all 414 Idiosyncratic Markets counties →Below national median (11.3x)
Below national median
Moderate climate & terrain
Below national median (15x)
Housing is fairly valued at 6.2x relative to local economic output. The typical U.S. county is 4–6x.
Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.
Bars show trailing 12-month growth. The dashed Forecast bars are the model's next-12-month projection; the whisker marks the ±1% range (cooling–accelerating).
Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →
| PROJECT | AMOUNT | STATUS |
|---|---|---|
|
Coastal Virginia Offshore Wind (CVOW) Commercial Project
Dominion Energy
|
$9,800M | Under Construction |
|
MacArthur Center Redevelopment
City of Norfolk
|
$500M | Planned |
|
Portsmouth Marine Terminal Repurposing (Offshore Wind Logistics Hub)
The Port of Virginia
|
$220M | Under Construction |
|
Norfolk Naval Shipyard Combined Heat & Power Plant and Battery Storage
U.S. Navy & Ameresco Federal Solutions
|
$173M | Completed |
|
Community Solar Portfolio (Landfill Solar Farm & Naval Station Norfolk Solar Farm)
City of Norfolk, U.S. Navy
|
$57M | Planned/Completed |
|
Tidewater Gardens Redevelopment
City of Norfolk and Norfolk Redevelopment and Housing Authority
|
$30M | Under Construction |
Source: public records, news, corporate announcements. Amounts are estimates where noted.
Bars show percentile rank among all 1001 counties.
At 30/100, Norfolk city faces headwinds that place it in the lower third of the 1001 counties we track. Median income of $66,109 combined with job growth of +0.1% suggests the local economy is struggling to keep pace with national trends.
Norfolk city leans toward the expensive side. A median home value of $289,900 against an income-to-home-value ratio of 0.23 means housing eats a bigger share of local earnings than the national norm. Renters face $1,321/month on average.
Norfolk city is losing population (-0.6% YoY) while the job market is essentially flat (+0.1% employment change). Home values are +0.8% over the past 12 months. A slow-bleed pattern — not a collapse, but residents are leaving faster than employers are hiring.
In significant numbers — 5.72% of Norfolk city's current population relocated from another state, well above the national norm. That level of in-migration usually signals a county where jobs, affordability, or quality of life are pulling people in from elsewhere.