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| JUNE 2025 | |||
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| Units Sold 290 |
Active Inventory 550 |
Median Sale Price $335,000 |
Days On Market 30 |
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| Up 20% Vs. Year Ago |
Down -5% Vs. Year Ago |
Up 7% Vs. Year Ago |
Up 7% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in June, with 290 sold this month in Norfolk City Real Estate versus 318 last month, a decrease of 9%. This month's total units sold was higher than at this time last year, an increase of 20% versus June 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 31 units or 5%. The total number of active inventory this June was 550 compared to 581 in June 2024. This month's total of 550 is lower than the previous month's total supply of available inventory of 600, a decrease of 8%. |
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Median Sale Price
Last June, the median sale price for Norfolk City Homes was $313,500. This June, the median sale price was $335,000, an increase of 7% or $21,500 compared to last year. The current median sold price is 3% higher than in May. 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 392 |
Current Contracts 342 |
Sold Vs. List Price 99.8% |
Months of Supply 1.9 |
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| Up 7% Vs. Year Ago |
Up 30% Vs. Year Ago |
No Change Vs. Year Ago |
Down -21% Vs. Year Ago |
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Months of Supply
In June, there was 1.9 months of supply available in Norfolk City, compared to 2.4 in June 2024. That is a decrease of 21% 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 392 homes newly listed for sale in Norfolk City compared to 365 in June 2024, an increase of 7%. There were 342 current contracts pending sale this June compared to 264 a year ago. The number of current contracts is 30% higher than last June. |
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Sale Price to List Price Ratio
In June, the average sale price in Norfolk City was 99.8% 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 30, higher than the average last year, which was 28, an increase of 7%. | |||
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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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