Norfolk Real Estate Statistics

Norfolk Real Estate Price Trend
Norfolk real estate average sold price in the last 30 days (December 22 - January 20) was $600,000, which is $55,334 (9.2 %) higher than the average price of $544,666 in the previous 30 day period (November 22 - December 21), and $77,573 (12.9 %) up from the same period 1 year ago ($522,427). Norfolk real estate prices over the last 30 days are also $179,546 (29.9 %) lower than the average selling price of $779,546 over the past year.
Norfolk average sold price for homes was $600,000 in the last 30 days (December 22 - January 20), which is $125,000 (20.8 %) up from the average home price of $475,000 in the previous 30 day period (November 22 - December 21), and $69,467 (11.6 %) higher than the same period 1 year ago ($530,533). In the last 30 days Norfolk the average home price was $185,424 (30.9 %) lower than the average selling price of $785,424 over the last 12 months.
Sold Price Above/Below Asking ($)
Average selling price for Norfolk real estate was $600,000 in the last 30 days (December 22 - January 20), which is collectively $99,000 (11.6 %) lower than the average asking price of $851,220. This represents a decline of $90,700 (1,092.8 %) compared to $8,300 (1.5 %) Sold-Under-Asking price from the previous 30 day period (November 22 - December 21).
The maximum Sold Over/Under Asking ratio in Norfolk during the last 12 months was recorded in April, 2021 with an average of $56,173 over the asking price, while the minimum occurring in November, 2021 with $118,175 below the asking price.
Sales to New Listings Ratio
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 10.0 % with 1 properties sold and 9 new properties listed in the past 30 days (December 22 - January 20). This represents a decrease from 33.3 % recorded during the previous 30 day period (November 22 - December 21), and a decrease from 183.3 % compared to the same period one year ago.
Over the the last year the highest SNLR in Norfolk was 280.0 % recorded in January and the lowest was in November at 22.2 %. 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.
Average Days on Market when Sold vs Delisted
The Average Days on the Market (DOM) for 1 properties that were successfully sold in Norfolk in the last 30 days (December 22 - January 20) was 110 days, which is 28 days more than 82 days average in the previous 30 day period (November 22 - December 21) and 68 days longer than during the same period a year ago (42 days).
There were 1 delisted properties in Norfolk, those that got either Expired, Suspended or Terminated over the last 30 days (December 22 - January 20) with an average of 156 days on the market. This is 13 days longer than the average of 143 days during the previous 30 day period (November 22 - December 21) and 19 days less compared to the same period last year average of 175 days on the market.
1 Norfolk properties that didn't sell stayed on the market 41.8 % longer than 1 that sucessfully sold over the last 30 days - 110 days when sold vs 156 days when delisted respectively.
Average Days on the Market in Norfolk over the past 12 months for properties that have sold was 33.5 days, with 64.2 days for those properties that did not sell.
New Real Estate Listings vs Sold/Delisted
10 new properties were listed on the market in Norfolk in the last 30 days (December 22 - January 20). During the same time 1 properties were sold and 1 listings were removed from the market (Expired, Suspended or Terminated), which represents an increase in total inventory by 8 properties (or 80.0 %).
During the previous 30 day period (November 22 - December 21) there were 9 new properties listed, 3 sold and 3 properties that did not sell and were removed from the market.
Over the past year the busiest month for new listings was September with 26 new properties listed, the slowest - January with 5 new listings and a yearly average of 14 new listings per month.
New Real Estate Listings by Property Type
There were a total of 10 homes listed during the last 30 days (December 22 - January 20), which is 100.0 % of all properties listed in Norfolk. This is a 25.0 % increase compared with a previous 30 day period (November 22 - December 21) and 66.7 % up from the same period a year ago. Over the past year an average of 13 homes are were listed per month.
Real Estate Sales by Property Type
There were a total of 1 homes sold during the last 30 days (December 22 - January 20), which is 100.0 % of all properties sold in Norfolk. This is a 0.0 % decline compared with a previous 30 day period (November 22 - December 21) and 88.9 % down from the same period a year ago. Over the past year an average of 13 homes are were sold per month.
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