Norfolk, Virginia Housing Market
Existing Single Family Detached Home Sales Through May, the average and median sales price of existing single-family detached homes in Norfolk remains above the same period as in the past three years. The average sales price year-to-date through May rose to $215,200, a 16.3 percent increase over the same period last year. The median sales price of homes sold in May rose 8.8 percent to $185,000 from May 2005.
The number of existing single family detached homes sold in Norfolk from January through May declined when compared over the same period last year. The number of homes sold fell to 882 from 994, an 11.3 percent decrease. Homes are also staying longer on the market before being sold. The average time on market of existing detached single family home sold through May rose by 15 days to 49 days from last year’s average time on market of 34 days.
The average sales price of new single family detached homes sold in Norfolk from January through May rose to approximately $382,400 or 34.1 percent over the same period last year. For the month of May only, the average sales price was $473,400, while the median sales price of new single family detached homes sold in Norfolk was approximately $305,800, a 58 percent increase over from the median sales price of $193,500 last May 2005.
From January through May, the number of new single family detached homes sold in Norfolk fell by nine homes (or 10.1 percent) to 80 from last year’s peak of 89 homes. New homes are also staying longer on the market before being sold. The average time on market of homes sold through May of this year rose by 25 days to 88 days from 63 days last year. This year’s year-to-date average time on market is above three year historical averages.
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