Is Norfolk, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Norfolk was a Seller's Market.
Housing Prices in Norfolk, VA
How much do homes in Norfolk, VA cost?
Median Sold Price
$392,000
$274/sqft
Based on all homes sold in June 2024.
Difference Since Last Month
Summary: The median home sold price in Norfolk was $392,000 in June 2024, up 7.1% from last month, and the median price per square foot was $274.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | - | - | N/A |
3 Bedrooms | $365K | $392K | +7.4% |
4 Bedrooms | $366K | - | N/A |
5+ Bedrooms | - | - | N/A |
Summary: Norfolk housing prices by bedroom type for June 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 7.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Hampton | $303.5K | $370K | +21.9% |
Norfolk | $366K | $392K | +7.1% |
Housing Supply in Norfolk, VA
How many homes are available in Norfolk, VA?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,278 | 1,342 | +5.0% |
Summary: The Norfolk real estate market had 1,342 homes for sale in June 2024, a 5.0% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 38 | 45 | +18.4% |
2 Bedrooms | 210 | 209 | -0.5% |
3 Bedrooms | 523 | 551 | +5.4% |
4 Bedrooms | 404 | 418 | +3.5% |
5+ Bedrooms | 103 | 119 | +15.5% |
Summary: The Norfolk housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.4%, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 15.5%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
303 | 210 | -30.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 210 homes were sold or pending in Norfolk in June 2024, down by 30.7% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Norfolk, VA
How long does it take to sell a home in Norfolk, VA?
Average Sale Time
May 2024 | Jun 2024 | CHANGE |
---|---|---|
26 Days | 26 Days | -0.3% |
Summary: Homes in Norfolk had an average of 26 days on market in Jun 2024, down by 0.3% compared to last month.
Breakdown of Home Sale Times
142 Homes Were Sold
Under 30 Days
59 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Summary: During June 2024, 210 homes were sold in Norfolk; 68% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.