Norfolk Real Estate Statistics

Norfolk real estate average sold price in the last 30 days (October 21 - November 19) was $659,813, which is $15,484 (2.3%) higher than the average price of $644,329 in the previous 30 day period (September 21 - October 20), and $76,645 (11.6%) down from the same period 1 year ago ($736,458). Norfolk real estate prices over the last 30 days are also $23,851 (3.6%) higher than the average selling price of $635,962 over the past year.

Norfolk average sold price for homes was $658,604 in the last 30 days (October 21 - November 19), which is $3,677 (0.6%) up from the average home price of $654,927 in the previous 30 day period (September 21 - October 20), and $86,345 (13.1%) lower than the same period 1 year ago ($744,949). In the last 30 days Norfolk the average home price was $16,781 (2.5%) higher than the average selling price of $641,823 over the last 12 months.

Average sold price of Norfolk townhouse was $890,000 in the last 30 days (October 21 - November 19), up $267,586 (30.1%) from the average townhome price of $622,414 over the previous 30 days (September 21 - October 20), and $196,000 (22.0%) higher than during to the same period 1 year ago ($694,000). Over the last 30 days the average townhouse price in Norfolk was $450,878 (50.7%) higher compared to the average selling price of $439,122 over the last 12 months.

Average selling price for Norfolk real estate was $659,813 in the last 30 days (October 21 - November 19), which is collectively $23,198 (2.8%) lower than the average asking price of $825,670. This represents a decline of $5,144 (28.5%) compared to $18,054 (2.3%) Sold-Under-Asking price from the previous 30 day period (September 21 - October 20).

The maximum Sold Over/Under Asking ratio in Norfolk during the last 12 months was recorded in February, 2024 with an average of $1,378 under the asking price, while the minimum occurring in December, 2023 with $67,766 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 60.5% with 23 properties sold and 50 new properties listed in the past 30 days (October 21 - November 19). This represents an increase from 50.0% recorded during the previous 30 day period (September 21 - October 20), and an increase from 26.7% compared to the same period one year ago.

Over the the last year the highest SNLR in Norfolk was 613.0% recorded in February and the lowest was in December at 37.5%. 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 23 properties that were successfully sold in Norfolk in the last 30 days (October 21 - November 19) was 63 days, which is 10 days more than 53 days average in the previous 30 day period (September 21 - October 20) and 21 days longer than during the same period a year ago (42 days).

There were 56 delisted properties in Norfolk, those that got either Expired, Suspended or Terminated over the last 30 days (October 21 - November 19) with an average of 103 days on the market. This is 0 days longer than the average of 103 days during the previous 30 day period (September 21 - October 20) and 55 days more compared to the same period last year average of 48 days on the market.

56 Norfolk properties that didn't sell stayed on the market 63.5% longer than 23 that sucessfully sold over the last 30 days - 63 days when sold vs 103 days when delisted respectively.

Average Days on the Market in Norfolk over the past 12 months for properties that have sold was 53.0 days, with 92.8 days for those properties that did not sell.

38 new properties were listed on the market in Norfolk in the last 30 days (October 21 - November 19). During the same time 23 properties were sold and 56 listings were removed from the market (Expired, Suspended or Terminated), which represents a decrease in total inventory by 41 properties (or 107.9%).

During the previous 30 day period (September 21 - October 20) there were 50 new properties listed, 25 sold and 36 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 16 new listings and a yearly average of 41 new listings per month.

There were a total of 30 homes listed during the last 30 days (October 21 - November 19), which is 78.9% of all properties listed in Norfolk. This is a 30.2% decline compared with a previous 30 day period (September 21 - October 20) and 18.9% down from the same period a year ago. Over the past year an average of 36 homes are were listed per month.

4 condo units were listed in the last 30 days (October 21 - November 19) in Norfolk, which represents 10.5% of all new listings. This is up 300.0% from the prior 30 day period (September 21 - October 20) and 300.0% more compared to the same period last year. There were 1 condos listed per month on average during the last 12 months.

4 townhomes were listed over the last 30 days (October 21 - November 19) in Norfolk, which is 10.5% of all new real estate inventory. This is a 33.3% less than during the previous 30 day period (September 21 - October 20) and 42.9% decrease compared to the same period a year ago. During the last year the average number of townhomes listed stood at 3 a month.

There were a total of 21 homes sold during the last 30 days (October 21 - November 19), which is 91.3% of all properties sold in Norfolk. This is a 4.5% decline compared with a previous 30 day period (September 21 - October 20) and 110.0% up from the same period a year ago. Over the past year an average of 42 homes are were sold per month.

1 townhomes were sold over the last 30 days (October 21 - November 19) in Norfolk, which is 4.3% of all sold real estate. This is a 50.0% less than during the previous 30 day period (September 21 - October 20) and 50.0% decrease compared to the same period a year ago. During the last year the average number of townhomes sold stood at 2 a month.