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| AUGUST 2024 | |||
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| Units Sold 285 |
Active Inventory 492 |
Median Sale Price $310,000 |
Days On Market 29 |
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| Up 3% Vs. Year Ago |
Up 1% Vs. Year Ago |
Up 3% Vs. Year Ago |
Up 26% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in August, with 285 sold this month in Norfolk City Real Estate versus 292 last month, a decrease of 2%. This month's total units sold was higher than at this time last year, an increase of 3% versus August 2023. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 1%. The total number of active inventory this August was 492 compared to 487 in August 2023. This month's total of 492 is lower than the previous month's total supply of available inventory of 521, a decrease of 6%. |
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Median Sale Price
Last August, the median sale price for Norfolk City Homes was $300,250. This August, the median sale price was $310,000, an increase of 3% or $9,750 compared to last year. The current median sold price is 2% higher than in July. 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 377 |
Current Contracts 316 |
Sold Vs. List Price 99.6% |
Months of Supply 1.7 |
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| Up 7% Vs. Year Ago |
Up 24% Vs. Year Ago |
Down -0.8% Vs. Year Ago |
No Change Vs. Year Ago |
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Months of Supply
In August, there was 1.7 months of supply available in Norfolk City. The amount of supply is similar compared to 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 377 homes newly listed for sale in Norfolk City compared to 352 in August 2023, an increase of 7%. There were 316 current contracts pending sale this August compared to 254 a year ago. The number of current contracts is 24% higher than last August. |
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Sale Price to List Price Ratio
In August, the average sale price in Norfolk City was 99.6% of the average list price, which is 0.8% lower than at this time last year. Days on Market
This month, the average number of days on market was 29, higher than the average last year, which was 23, an increase of 26%. | |||
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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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