Are you looking to invest in Norfolk, Virginia real estate? If you are, it can be a great move!
You see, Norfolk has tremendous opportunities for growth, and has become an emerging market for residential real estate over the past couple of years. High rental demand and affordable rates of living are the main factors driving up real estate demand in the area.
In addition, Norfolk is a popular destination for tourists. This is mainly due to its amazing scenic beauty and proximity to Virginia Beach. The local economy is also doing well. Sectors such as real estate, finance, and healthcare are growing, and are providing more employment opportunities.
To sum up, real estate demand in Norfolk is on an upward trend. And experts see this growth continuing even into the future. As Norfolk real estate demand continues to grow, now is the best time to consider investing there. Let the team at RentEasy help you figure out the best areas to invest in Norfolk, Virginia!
Best Neighborhoods in Norfolk, VA
When it comes to real estate investing, location is everything. Even within Norfolk, there are certain locations that carry far more potential than others. Following thorough research, the following are the top locations you should consider investing in.
This is arguably one of Norfolk’s most popular locations. Elizabeth River and Lafayette River border it, and it’s only 5 miles away from the downtown area. It’s especially popular with families.
According to Zillow, homes in the area have been appreciating year over year. The same trend is expected to continue even into the near future.
The neighborhood features tons of restaurants for foodies and great schools.
2. Downtown Norfolk
The downtown area is quite affordable and one of the best nighborhoods considering its location in Norfolk, VA. And besides being affordable, the real estate market witnessed decent appreciation rate last year. The same is also forecasted this year.
The affordability of the median listing price and stable appreciation rates make the downtown area a desirable location for real estate investments.
The downtown neighborhood is home to the Town Point Park and Harbor Park. Town Point Park is the Norfolk’s premier waterfront entertainment venue and serves as a destination for signature concerts, festivals, educational and cultural events.
Downtown Norfolk appeals to young professionals looking to live in an area that has easy access to shopping, dining, and entertainment amenities.
Top sights in Downtown include Moses Myers House, MacArthur Memorial, D’Art Center, and the Elizabeth River Trail.
This place had to feature in this list thanks to its diverse dining options and historic neighborhood. From specialty retailers to antique shops, you’ll find many local independent shops.
Ghent is perhaps the most culturally active and centrally located neighborhood in Norfolk. Its eclectic charm appeals to a diverse range of ages and backgrounds making it one of the best neighborhoods in Norfolk.
Homes in the area have been experiencing a decline in appreciation rates. But while this can make you think twice about investing in the area, the lower home values can also mean securing a sizeable bargain on your home.
The neighborhood features a wide array of dining and shopping options. Also, Ghent is a popular destination for lovers of art. There are always performances and events at the Virginia Symphony and the Chrysler Museum of Art.
Some of the top sights in Ghent include Ghent Dog Park, Harrison Opera House, Chrysler Museum, and the Jeff Robertson Park.
4. South Bayview
This is also a desirable real estate investment destination in Norfolk, VA. It’s especially known for having a low crime rate. Also, its restaurants are some of the most renowned in the area.
Homes in the area are not only affordable, but are also increasing in value. A combination of the two factors make the area’s real estate desirable to budding investors.
The area is particularly a favorite for young professionals and families looking for a safe and affordable area to settle down.
5. Colonial Place
Colonial Place is bordered by 38th street on the south and surrounded by the Lafayette River on the three sides. It’s a diverse area that features mostly single family homes and a few multi-family buildings.
If you’re looking to invest in a walkable, has a low crime rate and a safe and affordable place, Colonial Place is the best option for you. What’s more, home prices are projected to continue rising now and even into the future.
The Bottom Line
Norfolk is a city that has been on the map of budding real estate investors thanks to a plethora of reasons. Some of those reasons include a budding economy, popularity as a tourist attraction, plenty of entertainment options, and proximity to a naval base.
So, if you’re looking to invest there, now is the time to do so! And if you have any questions about investment opportunities in Norfolk, don’t hesitate to get in touch with us. The talented team at RentEasy help you buy a home that fits your needs and one that promises a good return on investment.