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| MAY 2025 | |||
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| Units Sold 317 |
Active Inventory 517 |
Median Sale Price $325,000 |
Days On Market 30 |
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| Up 4% Vs. Year Ago |
Down -12% Vs. Year Ago |
Up 3% Vs. Year Ago |
Up 11% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in May, with 317 sold this month in Norfolk City Real Estate versus 290 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 69 units or 12%. The total number of active inventory this May was 517 compared to 586 in May 2024. This month's total of 517 is lower than the previous month's total supply of available inventory of 556, a decrease of 7%. |
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Median Sale Price
Last May, the median sale price for Norfolk City Homes was $315,000. This May, the median sale price was $325,000, an increase of 3% or $10,000 compared to last year. The current median sold price is 5% higher than in April. 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 452 |
Current Contracts 392 |
Sold Vs. List Price 99.7% |
Months of Supply 1.6 |
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| Up 5% Vs. Year Ago |
Up 38% Vs. Year Ago |
Down -0.7% Vs. Year Ago |
Down -16% Vs. Year Ago |
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Months of Supply
In May, there was 1.6 months of supply available in Norfolk City, compared to 1.9 in May 2024. That is a decrease of 15% 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 452 homes newly listed for sale in Norfolk City compared to 431 in May 2024, an increase of 5%. There were 392 current contracts pending sale this May compared to 284 a year ago. The number of current contracts is 38% higher than last May. |
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Sale Price to List Price Ratio
In May, the average sale price in Norfolk City was 99.7% of the average list price, which is 0.7% lower than at this time last year. Days on Market
This month, the average number of days on market was 30, higher than the average last year, which was 27, an increase of 11%. | |||
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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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