Norfolk Real Estate Market Update

Real Estate Broker/Owner with Redefy Real Estate


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 is $349,000 with the average asking price per square foot at $183.00. An average day on market is 366 days.  Inventory and days-on-market basically has unchanged and the Market Action Index has been trending down lately, while inventory and days on market are climbing.   The trends imply a weakening market.  Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed and we are likely to see downward pressure on pricing continue.   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.


Comments (2)

DeAndrea "Dee Dee" Jones
Found It, LLC - Manassas, VA

Good onfo, Keep the post coming thanks again for participating!

Oct 27, 2010 02:19 PM
Doug Wolfe
Redefy Real Estate - Virginia Beach, VA
Ready to save you Thousands!

Thank you Dee Dee!

Oct 28, 2010 03:18 AM