Norfolk VA Real Estate Market Trends 2023 with Facts, Data and Aources

Norfolk Virginia Housing Market Trends for June 2023:

Months of Supply: There were 1.0 months of supply available in June, a decrease of 35% compared to June 2022.
Active Inventory: The total number of homes available in June was 311. This is a decrease of 43% compared to June 2022 and a 12% decrease compared to the previous month.
Current Contracts: There were 370 contracts pending sale in June, which is 6% higher than the number of contracts in June 2022.
Units Sold: There were 324 units sold, which is a decrease of 13% compared to June 2022 but an increase of 6% compared to the previous month.
Sold Vs. List Price: The average sale price was 101.2% of the average home listing price, which is similar to the ratio in June 2022.
Days On Market: The average number of days on the market was 17, similar to the number of days in June 2022.
Median Sales Pricing: The median price for home sales in June was $310,000. This is an increase of 5% ($15,000) compared to June 2022. It’s also 2% higher than May 2023.
New Listings: There were 390 new listings for homes in June, representing a decrease of 25% compared to June 2022.

These stats and trends present a mixed picture of the Norfolk City housing market in June 2023, with decreased active inventory and sold units but increased median sale price and current contracts. The market is selling slightly faster, with homes selling above the list price on average.

More Norfolk Real Estate Stats and Facts

The housing scenario in Norfolk City for June 2023 was quite a mixed bag. On the one hand, we observed a notable contraction in available homes and sales, with only 311 homes up for grabs (a reduction of 43% from June 2022 and a 12% decline from the previous month) and 324 units trading hands (13% lower than June 2022, yet 6% higher than the last month). On the flip side, the median price point for homes saw an upward trend, reaching $310,000, which marks a 5% ($15,000) surge year-over-year and a 2% hike from May 2023. Moreover, the market witnessed an increase in active contracts, with 370 on the table, a 6% improvement over the previous year.

The average sale-to-list price ratio remained consistent with the previous year at 101.2%, while homes typically stayed on the market for 17 days, mirroring the duration from a year ago. Furthermore, the market supply shrunk to just 1.0 months, a significant reduction of 35% from June 2022. All things considered, despite a slowdown in active listings and sales, the market dynamics suggest a rise in prices and current contracts, indicating an accelerating sales pace with homes being sold above the asking price on average.

Cited Sources