What $400K Buys in 3 Norfolk Neighborhoods Near the Base

By Megan Luker  |  June 29, 2026

I toured Norfolk homes with a military buyer last week, all priced around $400,000 — and what we found is the best lesson in location I can give you before your PCS move.

We actually looked at more than three homes that day, but I'm breaking down three of them, because together they show the things every buyer has to think about when it comes to location. One was priced above almost everything else in its neighborhood. One had a big yard and no flood insurance, but it sits on one of the busiest roads in Norfolk. And one came in $50,000 under the going rate for the neighborhood everyone wants — for a reason most agents won't say out loud. Same budget, three very different lessons.

Forest Park: Are you paying for the home, or the zip code?

We started in Forest Park, up in north Norfolk, close to Naval Station Norfolk and a short drive to Joint Expeditionary Base Little Creek–Fort Story. This one was a 1952 Cape Cod that the seller took all the way down to the studs and rebuilt — so the plumbing, wiring, roof, windows, siding, and HVAC are all brand new.

Inside, you get three bedrooms, two and a half baths, and about 2,257 square feet — with a bedroom on the main floor and a primary suite with a soaking tub. There's no HOA and the backyard is fully fenced.

Here's the first thing to think about: the neighborhood median. The typical home in this part of north Norfolk sells for around $350,000, so at $435,000, this renovated home is priced well above the median. At roughly $193 a square foot, it was still the most home for the money of the three. But the question I asked my buyer was simple — are we paying for the home, or for the zip code? With a renovation this complete, you can make a strong case for it, but you have to know you're buying at the very top of this neighborhood. See the Forest Park walkthrough at 0:47.

Belvedere: the lot is great — now check the street

Next we drove to Belvedere, a quiet pocket of north Norfolk that's central to both Naval Station Norfolk and Little Creek. The median here runs right around $400,000, and this home was listed at $410,000 — priced right in line with the neighborhood.

It's a 1943 Cape Cod with three bedrooms, two baths, and about 1,843 square feet — hardwood floors, a gas fireplace, and a freshly remodeled bath. The lot is more than a quarter acre, fully fenced, with a deck, a shed, and an attached garage that makes a perfect workshop.

But here's the second thing to think about, and it's the truth other agents skip: the exact street. This home sits right on Granby Street, one of the busiest roads in Norfolk and the main funnel into downtown. The long driveway is a real plus — plenty of off-street parking and room for the kids. The trade-off is that every time you leave, you're backing straight out into steady Granby Street traffic. For some families that's no big deal; for others, especially with young kids, that's a daily headache. That's exactly the kind of thing you have to feel in person, not just see in the photos. See the Belvedere trade-off at 2:59.

One more big win here: this property does not require flood insurance, and in a waterfront city like Norfolk, that can save you hundreds of dollars a month. We verified it on this exact home.

Larchmont: when a deal looks too good, find out why

Finally, we ended the day in Larchmont — the neighborhood buyers ask me for by name. Here's the third thing to think about: when a home in a great neighborhood looks like a deal, find out why.

The median in Larchmont is around $490,000, and this home was listed at $437,000 — about $50,000 below it. And there's a reason for the discount: the home sits on the very edge of Larchmont, right on Hampton Boulevard. Hampton Boulevard is a major thoroughfare and one of the main routes for the shipping-container trucks running to and from the port and the naval base. So you're getting the Larchmont name and a fully renovated home at a real discount — but the trade-off is the noise and the truck traffic right outside your door.

The home itself is move-in ready, with a new kitchen, updated baths, a new roof, and new HVAC, and it gives you four bedrooms in about 1,600 square feet. For the right buyer, getting into Larchmont $50,000 under the median is a genuine opportunity. But you have to decide for yourself whether that busy boulevard is something you can live with every day. Watch the Larchmont tour at 4:38.

The bottom line: three rules for location

Price alone simply does not tell you the value of a home. The neighborhood, the condition, and the exact street all do — and none of that ever shows up in a list price. That's exactly why we toured every one of these in person. Here's how I sum up location at 5:57. Three rules to carry into your own search:

1. Always know the neighborhood's median. It tells you whether a home is priced above or below the area — and pushes you to ask why. In Forest Park, a full renovation pushed the price above the median; in Larchmont, a busy truck route pulled it $50,000 below.
2. The exact street matters as much as the neighborhood. A busy road changes your daily life and your resale down the line.
3. When a home in a great area looks like a deal, find the reason first. The discount almost always has a location behind it.

If you're weighing when to make your move on top of where, read the companion piece on the best time to buy a home in Norfolk during a PCS — the timing window can save you as much as the right street.

If you want your next PCS move to be truly seamless, download my free Military Relocation Guide — or book a Zoom call with me and we'll talk through your move one-on-one, whether you're relocating in the next 30 to 90 days or just starting to plan.

Welcome home. This is real-life Virginia Beach.