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Norfolk Real Estate Market Update

By Doug Wolfe

Real Estate Broker/Owner with Redefy Real Estate

July 11, 2011 07:42 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 $179,890. The 1317 properties have been on the market for an average of 185 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.

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.