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Real Estate Prices & Overview

Colonial Place / Riverview median real estate price is $438,608, which is more expensive than 50.1% of the neighborhoods in Virginia and 58.3% of the neighborhoods in the U.S.

The average rental price in Colonial Place / Riverview is currently $2,745, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.7% of the neighborhoods in Virginia.

Colonial Place / Riverview is an urban neighborhood (based on population density) located in Norfolk, Virginia.

Colonial Place / Riverview real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Colonial Place / Riverview neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

In Colonial Place / Riverview, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Colonial Place / Riverview is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Norfolk, the Colonial Place / Riverview neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Colonial Place / Riverview neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

People

In a nation where 1 out of every 4 children lives in poverty, the Colonial Place / Riverview neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, the Colonial Place / Riverview neighborhood stands out within Virginia for its college student friendly environment. NeighborhoodScout's analysis reveals that this neighborhood is home to a number of college students, is relatively walkable, and above average in safety. In combination, this makes it stand out for a good place for college students to consider. Because a number of college students live here, this neighborhood may be close to a college campus and offer certain amenities nearby geared towards the student body. While it's not an environment for everyone, ambitious scholars can enjoy seasonal excitement between semesters and school breaks, and parents can rest easy knowing that the area has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 5.5% of college-friendly places to live in VA. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for urban sophisticates.

Occupations

The Colonial Place / Riverview neighborhood stands out nationally for having a greater proportion of its residents active in the military than 99.4% of other U.S. neighborhoods. If you come here, you will notice military people active in their jobs, going to and from work, and in plain clothes out and about the neighborhood.

Furthermore, the Colonial Place / Riverview neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 97.9% of the neighborhoods in America. In fact, 76.6% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Colonial Place / Riverview neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.6% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

Diversity

Did you know that the Colonial Place / Riverview neighborhood has more Ukrainian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.7% of this neighborhood's residents have Ukrainian ancestry.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Colonial Place / Riverview neighborhood in Norfolk are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 62.9% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Colonial Place / Riverview neighborhood, 76.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is the military, with 9.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.6%), and 8.9% in government jobs, whether they are in local, state, or federal positions.

Languages

The most common language spoken in the Colonial Place / Riverview neighborhood is English, spoken by 91.3% of households. Some people also speak Spanish (3.0%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Colonial Place / Riverview neighborhood in Norfolk, VA, residents most commonly identify their ethnicity or ancestry as German (18.5%). There are also a number of people of Irish ancestry (17.1%), and residents who report English roots (15.6%), and some of the residents are also of Italian ancestry (9.5%), along with some Polish ancestry residents (4.5%), among others.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Colonial Place / Riverview neighborhood spend between 15 and 30 minutes commuting one-way to work (43.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (68.9%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (9.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.

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