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 $174,000. The 643 properties have been on the market for an average of 195 days. Inventory is tightening and days-onmarket is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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 BetterCallDoug.com 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.
Doug Wolfe, Associate Broker, Keller Williams Town Center, Dougwolfe@kw.com , www.BetterCallDoug.com
Norfolk Real Estate Market Update, Norfolk Real Estate, Norfolk Virginia Home Search, Norfolk Home Search
Comments(0)