Is Norfolk, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Norfolk has remained a Seller's Market.
Housing Prices in Norfolk, VA
How much do homes in Norfolk, VA cost?
Median Sold Price
$366,000
$216/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Summary: The median home sold price in Norfolk was $366,000 in May 2024, down 17.8% from last month, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | - | - | N/A |
3 Bedrooms | - | $365K | N/A |
4 Bedrooms | $445K | $366K | -17.8% |
5+ Bedrooms | - | - | N/A |
Summary: Norfolk housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 17.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Hampton | $284.9K | $300K | +5.3% |
Norfolk | $445K | $366K | -17.8% |
Housing Supply in Norfolk, VA
How many homes are available in Norfolk, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,170 | 1,341 | +14.6% |
Summary: The Norfolk real estate market had 1,341 homes for sale in May 2024, a 14.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 30 | 38 | +26.7% |
2 Bedrooms | 189 | 218 | +15.3% |
3 Bedrooms | 481 | 554 | +15.2% |
4 Bedrooms | 374 | 424 | +13.4% |
5+ Bedrooms | 96 | 107 | +11.5% |
Summary: The Norfolk housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 26.7%, 2 bedroom homes increased by 15.3%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 11.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
260 | 258 | -0.8% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 258 homes were sold or pending in Norfolk in May 2024, down by 0.8% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Norfolk, VA
How long does it take to sell a home in Norfolk, VA?
Average Sale Time
Apr 2024 | May 2024 | CHANGE |
---|---|---|
30 Days | 27 Days | -12.2% |
Summary: Homes in Norfolk had an average of 27 days on market in May 2024, down by 12.2% compared to last month.
Breakdown of Home Sale Times
184 Homes Were Sold
Under 30 Days
59 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Summary: During May 2024, 258 homes were sold in Norfolk; 71% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.