Norfolk Real Estate Market Update is a weekly report of real estate market statistics. This information is for buyers and sellers that are currently in the real estate market or are thinking about getting in to the market. Since Norfolk contains multiple zip codes this analysis may or may not be specific to your subdivision and should only be used as a tool to determine trend lines and a look at Norfolk as a whole.
This week in Norfolk the median list price at $235,000 with the average asking price per square foot at $141.00. An average day on market is 215 days. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market. Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing. We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week.
Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.

Buyers and sellers should consult a Realtor for specific market updates in reference to your subdivision. A CMA (Current Market Analysis) should be done prior to putting a listing on the market or making and receiving offers. When visiting the website Norfolk Real Estate Market Update be sure to check for your zip code, if it is not listed please contact me directly for a specific CMA.

 

Norfolk Real Estate Market Update

Norfolk Real Estate Market Update

All data was pulled from REIN and Altos Research for Norfolk Real Estate Market Update.

Blog Chart

 

0 Comments on Norfolk Real Estate Market Update
What does the graphic say?
Leave a response…

(optional)
Spam Prevention: