The Long & Foster Market Minute

Focus On: Norfolk City Housing Market March 2021

Units Sold
372
Active Inventory
286
Median Sale Price
$255,000
Days On Market
28
Up 13%
Vs. Year Ago
Down -64%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -46%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 372 sold this month in Norfolk City Real Estate versus 299 last month, an increase of 24%. This month's total units sold was higher than at this time last year, an increase of 13% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 518 units or 64%. The total number of active inventory this March was 286 compared to 804 in March 2020. This month's total of 286 is lower than the previous month's total supply of available inventory of 441, a decrease of 35%.

Median Sale Price
Last March, the median sale price for Norfolk City Homes was $220,700. This March, the median sale price was $255,000, an increase of 16% or $34,300 compared to last year. The current median sold price is 4% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
432
Current Contracts
528
Sold Vs. List Price
100.5%
Months of Supply
0.8
Up 1%
Vs. Year Ago
Up 63%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -68%
Vs. Year Ago

Months of Supply
In March, there was 0.8 months of supply available in Norfolk City, compared to 2.4 in March 2020. That is a decrease of 68% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 432 homes newly listed for sale in Norfolk City compared to 427 in March 2020, an increase of 1%. There were 528 current contracts pending sale this March compared to 324 a year ago. The number of current contracts is 63% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Norfolk City was 100.5% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 28, lower than the average last year, which was 52, a decrease of 46%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.