Most expensive homes for sale in Norfolk

Buying a home is an investment—and an increasingly expensive one. The median value of a home in the United States reached $295,300 in June 2020, according to the National Association of REALTORS.

To learn more about home values in Norfolk, Stacker analyzed data from realtor.com to compile a list of the most expensive homes for sale in the metro. Properties listed as single family home, condo, and townhouse were considered.

Home buyers have a lot to consider when house-hunting or looking to invest in rental properties, from the state of the housing market itself to taxes and potential resale value. The housing market grew robust and pricey in the last decade following the 2008 recession, but the market could be slowed by rising interest rates. Such a downturn can be good news for potential home-buyers, as you're more likely to be able to wager a deal on an otherwise overpriced house. Then there is the house itself to consider, including what kind of upkeep it requires (and those associated costs). Depreciation affects all homes at an average rate of 3.636% each year, which can be a help come tax season if you use your home for business or rentals—but may cost you later in capital gains taxes when you when you sell. Meanwhile, land value tends to increase over time depending on several factors including where the house is located and what amenities and homes are nearby. More desirable neighborhoods allow sellers to charge more; the mantra "location, location, location" has never been more relevant.

Keep reading to find out the most expensive homes for sale in Norfolk.