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The real estate market in Norfolk, Virginia is very profitable simply because of the fact that the city is the cultural and commercial center of the other 7 cities lying across the Hampton roads in Virginia. Being situated beside the bay, with the century-old Norfolk naval base, the city has a strong economic standing in the market of Virginia. This subsequently has resulted in the relocation of a huge amount of population within the city and encouraged the prospects of the real estate market therein. Besides, owning the world's largest naval base, Norfolk is also an important military hub of the US, and as such a large number of government officials choose this city as their home.
According to the latest survey on housing units in the city region, there are a total of 94,416 real estate housing units in Norfolk, Virginia. Among these total housing units, about 86,210 are owner occupied while the rest are still in the process of occupation. The price range of all these Norfolk housing units varies from the lowest price of $50000 to the highest value of $1,000,000; although only 33 of the entire real estate property in the city are valued as high as $1,000,000. The rate of employment in Norfolk is quite good with a median income of $31,815 which allows the average Norfolk citizen to buy real estate in the city. The Norfolk city government is entitled with the responsibility of annually assessing the sales price of real estate within the city and also collects the respective real estate taxes
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