How much is a home worth in ZIP code 23518?

The typical home in 23518 is worth $341,727, based on the Zillow Home Value Index.

Are home values rising in 23518?

Home values in 23518 are up 0.4% over the past year, and up 4.3% a year over five years.

What is the typical rent in 23518?

A typical home in 23518 rents for about $1,874 a month, a gross rental yield of 6.6%.

What is the property tax rate in 23518?

The effective property tax rate in 23518 is 1.0% — roughly $3,325 a year on a typical home.

ZIP code 23518 has a population of 29,746 and a median household income of $77,594.

HousingHandbookReference data

…

U.S. ZIP Code · VA23518

Norfolk city · Virginia Beach-Chesapeake-Norfolk, VA-NC

Typical home value

$341,727^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.4%
5-year / yr: +4.3%
10-year / yr: +4.6%

Relative price

vs U.S.: +20.3%
vs metro: -3.0%
vs state: +4.1%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 23518 is worth $341,727 — 3.0% below the Virginia Beach-Chesapeake-Norfolk, VA-NC median. Over the past year, values have risen 0.4%. Homes here rent for a typical $1,874 a month — a 6.6% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,874^[2]
Gross yield: 6.6%^[2]
Cap rate: 3.9%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.0%^[3]
Typical annual tax: $3,325^[3]

#Climate risk

FEMA National Risk Index ratings for Norfolk city. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Relatively High
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Moderate
Hurricane: Relatively Moderate
Tornado: Relatively Moderate
Earthquake: Relatively Low
Winter weather: Relatively Moderate

#Who lives here

Population: 29,746^[3]
Median household income: $77,594^[3]

#Migration

Household moves in and out of Norfolk city over a year, from IRS tax-return data.

Net migration: -563^[5]
Moved in: 11,882
Moved out: 12,445

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 5
Elementary: 4
Middle: 1
High: 0

Azalea Gardens Middle
Middle · Grades 6–8 · Norfolk City Public Schools
808 students
Crossroads PreK-8 School
Elementary · Grades PK–8 · Norfolk City Public Schools
750 students
Little Creek Elementary
Elementary · Grades PK–5 · Norfolk City Public Schools
592 students
Larrymore Elementary
Elementary · Grades PK–5 · Norfolk City Public Schools
576 students
Tarrallton Elementary
Elementary · Grades PK–5 · Norfolk City Public Schools
300 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield6.6%

Net yield (after ~40% expenses)3.9%

Annual rent$22,489

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,728

Loan principal$273,382

Down payment$68,345

Total interest paid$348,683

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.22

Monthly cost to own$2,289

Monthly rent$1,874

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 15th percentile^[1]
Rental yield: 56th percentile^[2]
Property tax: 89th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 23518?: The typical home in 23518 is worth $341,727, based on the Zillow Home Value Index.
Are home values rising in 23518?: Home values in 23518 are up 0.4% over the past year, and up 4.3% a year over five years.
What is the typical rent in 23518?: A typical home in 23518 rents for about $1,874 a month, a gross rental yield of 6.6%.
What is the property tax rate in 23518?: The effective property tax rate in 23518 is 1.0% — roughly $3,325 a year on a typical home.
Who lives in 23518?: ZIP code 23518 has a population of 29,746 and a median household income of $77,594.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

23898 vs 23518 →
VA
Typical home
$341,454
Gross yield
—
23434 vs 23518 →
Suffolk, VA
Typical home
$341,057
Gross yield
6.1%
27917
Coinjock CDP, NC
Typical home
$340,557
Gross yield
—
23437
Suffolk, VA
Typical home
$342,972
Gross yield
—
27965
Grandy CDP, NC
Typical home
$338,802
Gross yield
—
23050
VA
Typical home
$344,929
Gross yield
—

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#Jump to section

U.S. ZIP Code · VA23518

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