BOLD REALTY MARKET REPORT

Norfolk, VA

Single-Family Homes

TOM MILAN 757-777-7577



Norfolk, VA

Tue Oct 19 2021
This week the median list price for Norfolk, VA is $260,000 with the market action index hovering around 50. This is less than last month's market action index of 53. Inventory has decreased to 443. Click here to stay informed with the Norfolk market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Norfolk, VA

Tue Oct 19 2021
This week the median list price for Norfolk, VA is $260,000 with the market action index hovering around 50. This is less than last month's market action index of 53. Inventory has decreased to 443. Click here to stay informed with the Norfolk market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Norfolk market.
Median List Price $260,000
Median Price of New Listings $252,500
Per Square Foot $165
Average Days on Market 54
Median Days on Market 35
Price Decreased 36%
Price Increased 3%
Relisted 8%
Inventory 443
Median Rent $1,673
Market Action 50
Strong Seller's Market

The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$449,950 2,587 8,000 - 10,000 sqft 4 3 69 13 12 49
$286,000 1,800 6,500 - 8,000 sqft 4 2 69 20 25 21
$239,900 1,386 6,500 - 8,000 sqft 3 2 69 18 33 28
$179,000 1,172 4,500 - 6,500 sqft 3 1 78 19 20 35