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 $149,800 with the average asking price per square foot at $110.00. An average day on market is 163 days. The market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch the Market Action Index to predict how long this trend will last. In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer's market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
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
All data was pulled from REIN and Altos Research for Norfolk Real Estate Market Update.
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