The Long & Foster Market Minute

Focus On: Norfolk City Housing Market June 2021

Units Sold
460
Active Inventory
415
Median Sale Price
$275,000
Days On Market
20
Up 31%
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -55%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 460 sold this month in Norfolk City Real Estate versus 377 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 31% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 306 units or 42%. The total number of active inventory this June was 415 compared to 721 in June 2020. This month's total of 415 is lower than the previous month's total supply of available inventory of 533, a decrease of 22%.

Median Sale Price
Last June, the median sale price for Norfolk City Homes was $240,000. This June, the median sale price was $275,000, an increase of 15% or $35,000 compared to last year. The current median sold price is 5% higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
513
Current Contracts
563
Sold Vs. List Price
101.7%
Months of Supply
0.9
Up 21%
Vs. Year Ago
Up 52%
Vs. Year Ago
Up 3.2%
Vs. Year Ago
Down -56%
Vs. Year Ago

Months of Supply
In June, there was 0.9 months of supply available in Norfolk City, compared to 2.0 in June 2020. That is a decrease of 56% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 513 homes newly listed for sale in Norfolk City compared to 424 in June 2020, an increase of 21%. There were 563 current contracts pending sale this June compared to 370 a year ago. The number of current contracts is 52% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Norfolk City was 101.7% of the average list price, which is 3.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 44, a decrease of 55%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.