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| APRIL 2025 | |||
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| Units Sold 289 |
Active Inventory 487 |
Median Sale Price $310,000 |
Days On Market 31 |
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| Up 10% Vs. Year Ago |
Down -7% Vs. Year Ago |
Up 1% Vs. Year Ago |
No Change Vs. Year Ago |
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Units Sold
There was an increase in total units sold in April, with 289 sold this month in Norfolk City Real Estate versus 250 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 10% versus April 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 36 units or 7%. The total number of active inventory this April was 487 compared to 523 in April 2024. This month's total of 487 is lower than the previous month's total supply of available inventory of 560, a decrease of 13%. |
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Median Sale Price
Last April, the median sale price for Norfolk City Homes was $306,000. This April, the median sale price was approximately the same at $310,000. The current median sold price is 1% higher than in April 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 401 |
Current Contracts 374 |
Sold Vs. List Price 99.9% |
Months of Supply 1.7 |
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| Up 12% Vs. Year Ago |
Up 31% Vs. Year Ago |
No Change Vs. Year Ago |
Down -16% Vs. Year Ago |
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Months of Supply
In April, there was 1.7 months of supply available in Norfolk City, compared to 2.0 in April 2024. That is a decrease of 16% 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 401 homes newly listed for sale in Norfolk City compared to 358 in April 2024, an increase of 12%. There were 374 current contracts pending sale this April compared to 285 a year ago. The number of current contracts is 31% higher than last April. |
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Sale Price to List Price Ratio
In April, the average sale price in Norfolk City was 99.9% 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 31, 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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