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| JULY 2025 | |||
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| Units Sold 274 |
Active Inventory 581 |
Median Sale Price $335,000 |
Days On Market 27 |
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| Down -6% Vs. Year Ago |
Up 3% Vs. Year Ago |
Up 10% Vs. Year Ago |
No Change Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in July, with 274 sold this month in Norfolk City Real Estate versus 294 last month, a decrease of 7%. This month's total units sold was lower than at this time last year, a decrease of 6% versus July 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 19 units or 3%. The total number of active inventory this July was 581 compared to 562 in July 2024. This month's total of 581 is lower than the previous month's total supply of available inventory of 629, a decrease of 8%. |
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Median Sale Price
Last July, the median sale price for Norfolk City Homes was $305,000. This July, the median sale price was approximately the same at $335,000. The current median sold price is 10% higher than in July 2024. 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 400 |
Current Contracts 332 |
Sold Vs. List Price 99.8% |
Months of Supply 2.1 |
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| Up 12% Vs. Year Ago |
Up 13% Vs. Year Ago |
No Change Vs. Year Ago |
Up 10% Vs. Year Ago |
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Months of Supply
In July, there was 2.1 months of supply available in Norfolk City, compared to 1.9 in July 2024. 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. |
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New Listings & Current Contracts
This month there were 400 homes newly listed for sale in Norfolk City compared to 356 in July 2024, an increase of 12%. There were 332 current contracts pending sale this July compared to 293 a year ago. The number of current contracts is 13% higher than last July. |
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Sale Price to List Price Ratio
In July, 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 27, which is similar compared to a year ago. | |||
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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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