Norfolk Housing Market
Existing Home Sales
From January through July, the average sales price of all existing homes sold in Norfolk remains above the same period as in the past three years. The average sales price year-to-date through July rose to $223,900, a 11.5 percent increase over the same period last year.
However, the growth in the average sales price has slowed for existing homes sold in Norfolk. Growth year-to-date of 11.5 percent is below that of the growth over the same period in the previous two years (2003 and 2004).
Homes are also staying longer on the market before being sold. The average time on market of existing detached and attached homes sold through July rose by 15 days to 47 days from last year’s average days on market of 32 days.
The average time on market of sales of existing detached homes rose by 16 days to 48 days, while average time on market of sales of existing attached homes rose by 15 days to 45 days.
New Home Sales
The average sales price of new homes sold in Norfolk from January through July rose to approximately $383,400 or 21.6 percent over the same period last year. Unlike existing homes, the average sales price of new homes sold continued to rise in July.
Year-to-date growth was driven by the average sales price of new detached homes, which rose 31.0 percent to $410,500. The average sales price of attached homes (condos and townhouses) rose 10.4 percent to $353,300.
New homes are staying longer on the market before being sold. The average time on market of homes sold through July of this year rose by 14 days to 76 days from 62 days last year.
The increase was due to new detached homes’ average days on market, which rose by 31 days to 90 days from 59 days last year. However, the average days on market of new attached homes decreased by 9 days to 61 days from 70 days last year.
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