Is Norfolk, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Norfolk was a Seller's Market.
Housing Prices in Norfolk, MA
How much do homes in Norfolk, MA cost?
Median Sold Price
$750,000
$332/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Norfolk was $750,000 in May 2024, up 5.6% from last year, and the median price per square foot was $332.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $345K | $420K | +21.7% |
2 Bedrooms | $625K | $698.3K | +11.7% |
3 Bedrooms | $599.9K | $652K | +8.7% |
4 Bedrooms | $820K | $830K | +1.2% |
5+ Bedrooms | $949K | $1.2M | +36.9% |
Summary: Norfolk housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.7%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 36.9%.
Housing Supply in Norfolk, MA
How many homes are available in Norfolk, MA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
33 | 49 | +48.5% |
Summary: The Norfolk real estate market had 49 homes for sale in May 2024, a 48.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 4 | +33.3% |
3 Bedrooms | 6 | 11 | +83.3% |
4 Bedrooms | 20 | 30 | +50.0% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Norfolk housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 83.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
6 | 5 | -16.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Norfolk in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Norfolk, MA
How long does it take to sell a home in Norfolk, MA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
44 Days | 8 Days | -80.8% |
Summary: Homes in Norfolk had an average of 8 days on market in May 2024, down by 80.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 5 homes were sold in Norfolk; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.