The Long & Foster Market Minute

Focus On: Norfolk City Housing Market February 2020

Units Sold
245
Active Inventory
599
Median Sale Price
$215,000
Days On Market
57
Up 16%
Vs. Year Ago
Down -41%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 245 sold this month in Norfolk City Real Estate versus 212 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 16% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 416 units or 41%. The total number of active inventory this February was 599 compared to 1,015 in February 2019. This month's total of 599 is lower than the previous month's total supply of available inventory of 712, a decrease of 16%.

Median Sale Price
Last February, the median sale price for Norfolk City Homes was $209,950. This February, the median sale price was $215,000, an increase of 2% or $5,050 compared to last year. The current median sold price is 3% higher than in January.

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


New Listings
373
Current Contracts
400
Sold Vs. List Price
98.0%
Months of Supply
2.4
Down -8%
Vs. Year Ago
Up 58%
Vs. Year Ago
No Change
Vs. Year Ago
Down -49%
Vs. Year Ago

Months of Supply
In February, there was 2.4 months of supply available in Norfolk City, compared to 4.8 in February 2019. That is a decrease of 49% 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 373 homes newly listed for sale in Norfolk City compared to 404 in February 2019, a decrease of 8%. There were 400 current contracts pending sale this February compared to 253 a year ago. The number of current contracts is 58% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Norfolk City was 98.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 57, lower than the average last year, which was 60, a decrease of 5%.

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.