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| JANUARY 2025 | |||
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| Units Sold 154 |
Active Inventory 451 |
Median Sale Price $305,000 |
Days On Market 43 |
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| Down -23% Vs. Year Ago |
Down -7% Vs. Year Ago |
Up 2% Vs. Year Ago |
Up 13% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in January, with 154 sold this month in Norfolk City Real Estate versus 235 last month, a decrease of 34%. This month's total units sold was lower than at this time last year, a decrease of 23% versus January 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 34 units or 7%. The total number of active inventory this January was 451 compared to 485 in January 2024. This month's total of 451 is lower than the previous month's total supply of available inventory of 507, a decrease of 11%. |
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Median Sale Price
Last January, the median sale price for Norfolk City Homes was $300,000. This January, the median sale price was $305,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 3% lower than in December. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
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| New Listings 324 |
Current Contracts 274 |
Sold Vs. List Price 99.1% |
Months of Supply 2.9 |
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| No Change Vs. Year Ago |
Up 23% Vs. Year Ago |
No Change Vs. Year Ago |
Up 20% Vs. Year Ago |
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Months of Supply
In January, there was 2.9 months of supply available in Norfolk City, compared to 2.4 in January 2024. That is an increase of 20% 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. |
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New Listings & Current Contracts
This month there were 324 homes newly listed for sale in Norfolk City, which is similar to the amount in January 2024. There were 274 current contracts pending sale this January compared to 223 a year ago. The number of current contracts is 23% higher than last January. |
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Sale Price to List Price Ratio
In January, the average sale price in Norfolk City was 99.1% 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 43, higher than the average last year, which was 38, an increase of 13%. | |||
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| *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. | |||
 Information 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. |
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