Norfolk Real Estate Statistics

Norfolk real estate average sold price in the last 30 days (March 27 - April 25) was $713,187, which is $76,312 (10.7%) higher than the average price of $636,875 in the previous 30 day period (February 26 - March 26), and $36,070 (5.1%) up from the same period 1 year ago ($677,117). Norfolk real estate prices over the last 30 days are also $70,334 (9.9%) higher than the average selling price of $642,853 over the past year.

Norfolk average sold price for homes was $720,092 in the last 30 days (March 27 - April 25), which is $69,198 (9.6%) up from the average home price of $650,894 in the previous 30 day period (February 26 - March 26), and $24,026 (3.3%) higher than the same period 1 year ago ($696,066). In the last 30 days Norfolk the average home price was $65,882 (9.1%) higher than the average selling price of $654,210 over the last 12 months.

Average sold price of Norfolk townhouse was $624,285 in the last 30 days (March 27 - April 25), up $53,285 (8.5%) from the average townhome price of $571,000 over the previous 30 days (February 26 - March 26), and $89,285 (14.3%) higher than during to the same period 1 year ago ($535,000). Over the last 30 days the average townhouse price in Norfolk was $131,295 (21.0%) higher compared to the average selling price of $492,990 over the last 12 months.

Average selling price for Norfolk real estate was $713,187 in the last 30 days (March 27 - April 25), which is collectively $18,055 (2.3%) lower than the average asking price of $781,926. This represents a decline of $6,618 (57.9%) compared to $11,437 (1.5%) Sold-Under-Asking price from the previous 30 day period (February 26 - March 26).

The maximum Sold Over/Under Asking ratio in Norfolk during the last 12 months was recorded in June, 2023 with an average of $288 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 137.5% with 66 properties sold and 49 new properties listed in the past 30 days (March 27 - April 25). This represents an increase from 49.0% recorded during the previous 30 day period (February 26 - March 26), and an increase from 47.2% 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 September at 26.5%. 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 66 properties that were successfully sold in Norfolk in the last 30 days (March 27 - April 25) was 46 days, which is 1 days less than 47 days average in the previous 30 day period (February 26 - March 26) and 27 days longer than during the same period a year ago (19 days).

There were 40 delisted properties in Norfolk, those that got either Expired, Suspended or Terminated over the last 30 days (March 27 - April 25) with an average of 118 days on the market. This is 10 days longer than the average of 108 days during the previous 30 day period (February 26 - March 26) and 56 days more compared to the same period last year average of 62 days on the market.

40 Norfolk properties that didn't sell stayed on the market 156.5% longer than 66 that sucessfully sold over the last 30 days - 46 days when sold vs 118 days when delisted respectively.

Average Days on the Market in Norfolk over the past 12 months for properties that have sold was 40.7 days, with 76.0 days for those properties that did not sell.

48 new properties were listed on the market in Norfolk in the last 30 days (March 27 - April 25). During the same time 66 properties were sold and 40 listings were removed from the market (Expired, Suspended or Terminated), which represents a decrease in total inventory by 58 properties (or 120.8%).

During the previous 30 day period (February 26 - March 26) there were 49 new properties listed, 24 sold and 74 properties that did not sell and were removed from the market.

Over the past year the busiest month for new listings was June with 54 new properties listed, the slowest - December with 16 new listings and a yearly average of 36 new listings per month.

There were a total of 42 homes listed during the last 30 days (March 27 - April 25), which is 87.5% of all properties listed in Norfolk. This is a 2.3% decline compared with a previous 30 day period (February 26 - March 26) and 31.2% up from the same period a year ago. Over the past year an average of 31 homes are were listed per month.

2 condo units were listed in the last 30 days (March 27 - April 25) in Norfolk, which represents 4.2% of all new listings. This is up 100.0% from the prior 30 day period (February 26 - March 26) and 100.0% 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 (March 27 - April 25) in Norfolk, which is 8.3% of all new real estate inventory. This is a 20.0% less than during the previous 30 day period (February 26 - March 26) and 33.3% increase compared to the same period a year ago. During the last year the average number of townhomes listed stood at 4 a month.

There were a total of 58 homes sold during the last 30 days (March 27 - April 25), which is 87.9% of all properties sold in Norfolk. This is a 205.3% increase compared with a previous 30 day period (February 26 - March 26) and 286.7% up from the same period a year ago. Over the past year an average of 35 homes are were sold per month.

7 townhomes were sold over the last 30 days (March 27 - April 25) in Norfolk, which is 10.6% of all sold real estate. This is a 133.3% more than during the previous 30 day period (February 26 - March 26) and 250.0% increase compared to the same period a year ago. During the last year the average number of townhomes sold stood at 2 a month.