Norfolk Real Estate Statistics

Norfolk real estate average sold price in the last 30 days (January 21 - February 19) was $691,572, which is $90,418 (13.1%) lower than the average price of $781,990 in the previous 30 day period (December 22 - January 20), and $280,441 (40.6%) up from the same period 1 year ago ($411,131). Norfolk real estate prices over the last 30 days are also $12,862 (1.9%) higher than the average selling price of $678,710 over the past year.

Norfolk average sold price for homes was $705,650 in the last 30 days (January 21 - February 19), which is $93,954 (13.3%) down from the average home price of $799,604 in the previous 30 day period (December 22 - January 20), and $296,633 (42.0%) higher than the same period 1 year ago ($409,017). In the last 30 days Norfolk the average home price was $22,487 (3.2%) higher than the average selling price of $683,163 over the last 12 months.

Average sold price of Norfolk townhouse was $675,000 in the last 30 days (January 21 - February 19), down $50,000 (7.4%) from the average townhome price of $725,000 over the previous 30 days (December 22 - January 20), and $153,400 (22.7%) higher than during to the same period 1 year ago ($521,600). Over the last 30 days the average townhouse price in Norfolk was $132,616 (19.6%) higher compared to the average selling price of $542,384 over the last 12 months.

Average selling price for Norfolk real estate was $691,572 in the last 30 days (January 21 - February 19), which is collectively $18,924 (2.3%) lower than the average asking price of $828,394. This represents an increase of $12,566 (39.9%) compared to $31,490 (5.1%) Sold-Under-Asking price from the previous 30 day period (December 22 - January 20).

The maximum Sold Over/Under Asking ratio in Norfolk during the last 12 months was recorded in August, 2024 with an average of $9,406 under the asking price, while the minimum occurring in June, 2024 with $60,699 below the asking price.

Sales to New Listings Ratio (SNLR) represents the number of sales in relation to new inventory listed over a period of time. SNLR for all property types in Norfolk was 56.8% with 25 properties sold and 19 new properties listed in the past 30 days (January 21 - February 19). This represents a decrease from 78.9% recorded during the previous 30 day period (December 22 - January 20), and a decrease from 1,121.1% compared to the same period one year ago.

Over the the last year the highest SNLR in Norfolk was 127.3% recorded in April and the lowest was in September at 39.6%. SNLR of under 40% generally represents the Buyers' Market, while 60% and above - the Sellers' Market, with 40% to 60% range signaling a balanced market.

The Average Days on the Market (DOM) for 25 properties that were successfully sold in Norfolk in the last 30 days (January 21 - February 19) was 66 days, which is 10 days less than 76 days average in the previous 30 day period (December 22 - January 20) and 11 days longer than during the same period a year ago (55 days).

There were 31 delisted properties in Norfolk, those that got either Expired, Suspended or Terminated over the last 30 days (January 21 - February 19) with an average of 94 days on the market. This is 12 days shorter than the average of 106 days during the previous 30 day period (December 22 - January 20) and 11 days more compared to the same period last year average of 83 days on the market.

31 Norfolk properties that didn't sell stayed on the market 42.4% longer than 25 that sucessfully sold over the last 30 days - 66 days when sold vs 94 days when delisted respectively.

Average Days on the Market in Norfolk over the past 12 months for properties that have sold was 55.0 days, with 96.3 days for those properties that did not sell.

44 new properties were listed on the market in Norfolk in the last 30 days (January 21 - February 19). During the same time 25 properties were sold and 31 listings were removed from the market (Expired, Suspended or Terminated), which represents a decrease in total inventory by 12 properties (or 27.3%).

During the previous 30 day period (December 22 - January 20) there were 19 new properties listed, 15 sold and 42 properties that did not sell and were removed from the market.

Over the past year the busiest month for new listings was April with 55 new properties listed, the slowest - December with 18 new listings and a yearly average of 42 new listings per month.

There were a total of 35 homes listed during the last 30 days (January 21 - February 19), which is 79.5% of all properties listed in Norfolk. This is a 118.8% increase compared with a previous 30 day period (December 22 - January 20) and 105.9% up from the same period a year ago. Over the past year an average of 38 homes are were listed per month.

There were a total of 22 homes sold during the last 30 days (January 21 - February 19), which is 88.0% of all properties sold in Norfolk. This is a 69.2% increase compared with a previous 30 day period (December 22 - January 20) and 89.5% down from the same period a year ago. Over the past year an average of 28 homes are were sold per month.

1 townhomes were sold over the last 30 days (January 21 - February 19) in Norfolk, which is 4.0% of all sold real estate. This is a 0.0% less than during the previous 30 day period (December 22 - January 20) and 75.0% decrease compared to the same period a year ago. During the last year the average number of townhomes sold stood at 2 a month.