Is Norfolk, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Norfolk has remained a Seller's Market.
Key Takeaway
Norfolk is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norfolk, MA
How much do homes in Norfolk, MA cost?
Median Sold Price
$764,913
$332/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Norfolk have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Norfolk was $764,913 in June 2024, up 9.3% from last year, and the median price per square foot was $332.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $382.5K | $420K | +9.8% |
| 2 Bedrooms | $627.5K | $685K | +9.2% |
| 3 Bedrooms | $615K | $660K | +7.3% |
| 4 Bedrooms | $820K | $850K | +3.7% |
| 5+ Bedrooms | $988K | $1.4M | +41.7% |
Summary: Norfolk housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 9.2%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 41.7%.
Housing Supply in Norfolk, MA
How many homes are available in Norfolk, MA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 49 | 61 | +24.5% |
Summary: The Norfolk real estate market had 61 homes for sale in June 2024, a 24.5% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 12 | 16 | +33.3% |
| 4 Bedrooms | 29 | 34 | +17.2% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Norfolk housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 6 | 17 | +183.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norfolk, you could pay more than the asking price. 64.7% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Norfolk in June 2024, up by 183.3% month-over-month. Of the 17 sold homes, 29% were sold under asking, 6% were sold at asking, and 65% were sold over asking.
Days on Market for Norfolk, MA
How long does it take to sell a home in Norfolk, MA?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 31 Days | 19 Days | -38.7% |
Summary: Homes in Norfolk had an average of 19 days on market in Jun 2024, down by 38.7% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norfolk are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 17 homes were sold in Norfolk; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
