The Long & Foster Market Minute

FOCUS ON: NORFOLK CITY HOUSING MARKET APRIL 2024

Units Sold
259
Active Inventory
407
Median Sale Price
$308,000
Days On Market
31
Down -5%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 259 sold this month in Norfolk City Real Estate versus 271 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 5% versus April 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 18 units or 5%. The total number of active inventory this April was 407 compared to 389 in April 2023. This month's total of 407 is lower than the previous month's total supply of available inventory of 465, a decrease of 12%.

Median Sale Price
Last April, the median sale price for Norfolk City Homes was $288,000. This April, the median sale price was $308,000, an increase of 7% or $20,000 compared to last year. The current median sold price is 2% higher than in March.

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


New Listings
357
Current Contracts
359
Sold Vs. List Price
99.8%
Months of Supply
1.6
Up 8%
Vs. Year Ago
Up 41%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Up 11%
Vs. Year Ago

Months of Supply
In April, there was 1.6 months of supply available in Norfolk City, compared to 1.4 in April 2023. That is an increase of 11% 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 357 homes newly listed for sale in Norfolk City compared to 331 in April 2023, an increase of 8%. There were 359 current contracts pending sale this April compared to 254 a year ago. The number of current contracts is 41% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Norfolk City was 99.8% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 31, higher than the average last year, which was 28, an increase of 11%.

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.