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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norfolk is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, Norfolk was a Seller's Market.

Key Takeaway

Norfolk is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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

+$26,000(+7.1%)

Key Takeaway

Homes in Norfolk have sold for 7.1% more than they did a month ago.

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

# BEDSMay 2024Jun 2024CHANGE
1 --
N/A
2 --
N/A
3 $365K$392K
+7.4%
4 $366K-
N/A
5+ --
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
+21.9%
Norfolk
+7.1%

Housing Supply in Norfolk, VA

How many homes are available in Norfolk, VA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
1,2781,342+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

# BEDSMay 2024Jun 2024CHANGE
1 3845
+18.4%
2 210209
-0.5%
3 523551
+5.4%
4 404418
+3.5%
5+ 103119
+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 2024Jun 2024CHANGE
303210-30.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norfolk, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

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 2024Jun 2024CHANGE
26 Days26 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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

Report Updated 26 Days Ago

Newest Listings in Norfolk, VA

Nearby Markets to Norfolk, VA

What housing markets are near Norfolk, VA?