Is Norfolk, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norfolk is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Norfolk has remained a Seller's Market.

Key Takeaway

Norfolk is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

-$79,000(-17.8%)

Key Takeaway

Homes in Norfolk have sold for 17.8% less than they did a month ago.

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

# BEDSApr 2024May 2024CHANGE
1 --
N/A
2 --
N/A
3 -$365K
N/A
4 $445K$366K
-17.8%
5+ --
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
+5.3%
Norfolk
-17.8%

Housing Supply in Norfolk, VA

How many homes are available in Norfolk, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,1701,341+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

# BEDSApr 2024May 2024CHANGE
1 3038
+26.7%
2 189218
+15.3%
3 481554
+15.2%
4 374424
+13.4%
5+ 96107
+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 2024May 2024CHANGE
260258-0.8%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norfolk, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

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 2024May 2024CHANGE
30 Days27 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Norfolk are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Norfolk, VA

Nearby Markets to Norfolk, VA

What housing markets are near Norfolk, VA?