Is Norfolk, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norfolk is a seller's market

Buyer's
Market

Difference Since March 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

$707,500

$332/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$2,980(-0.4%)

Key Takeaway

The sold price of homes in Norfolk has remained the same since last year.

Summary: The median home sold price in Norfolk was $707,500 in March 2024, down 0.4% from last year, and the median price per square foot was $332.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $345K$420K
+21.7%
2 $617.5K$670K
+8.5%
3 $610K$645K
+5.7%
4 $850K$825K
-2.9%
5+ $949K$1.2M
+26.4%

Summary: Norfolk housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.7%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 5.7%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes increased by 26.4%.

Median Sold Price Compared To Nearby Cities

Medway
+15.1%
Millis
+14.8%
Norfolk
-0.4%
Medfield
-6.4%

Housing Supply in Norfolk, MA

How many homes are available in Norfolk, MA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1617+6.3%

Summary: The Norfolk real estate market had 17 homes for sale in March 2024, a 6.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 32
-33.3%
3 32
-33.3%
4 79
+28.6%
5+ 34
+33.3%

Summary: The Norfolk housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
23+50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norfolk, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Norfolk in March 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% 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

Mar 2023Mar 2024CHANGE
40 Days42 Days+5.0%

Summary: Homes in Norfolk had an average of 42 days on market in Mar 2024, up by 5% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Norfolk are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 3 homes were sold in Norfolk; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 11 Days Ago

Newest Listings in Norfolk, MA

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