Is Norfolk, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Norfolk was a Seller's Market.
Key Takeaway
Norfolk is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Norfolk, MA
How much do homes in Norfolk, MA cost?
Median Sold Price
$750,000
$332/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norfolk have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in Norfolk was $750,000 in May 2024, up 5.6% from last year, and the median price per square foot was $332.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $345K | $420K | +21.7% |
| 2 Bedrooms | $625K | $698.3K | +11.7% |
| 3 Bedrooms | $599.9K | $652K | +8.7% |
| 4 Bedrooms | $820K | $830K | +1.2% |
| 5+ Bedrooms | $949K | $1.2M | +36.9% |
Summary: Norfolk housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.7%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 36.9%.
Housing Supply in Norfolk, MA
How many homes are available in Norfolk, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 49 | +48.5% |
Summary: The Norfolk real estate market had 49 homes for sale in May 2024, a 48.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 6 | 11 | +83.3% |
| 4 Bedrooms | 20 | 30 | +50.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Norfolk housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 83.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norfolk, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Norfolk in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 8 Days | -80.8% |
Summary: Homes in Norfolk had an average of 8 days on market in May 2024, down by 80.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were 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 May 2024, 5 homes were sold in Norfolk; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
