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Norfolk Real Estate Market Update

By Doug Wolfe

Real Estate Broker/Owner with Redefy Real Estate

September 07, 2011 06:52 AM

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.
The median list price in NORFOLK, VA this week is $174,900. The 1246 properties have been on the market for an average of 198 days. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

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.