Norfolk Real Estate Market Sees Home Sales Fall

In this week's report, the number of homes sold in the Norfolk market fell to 187 over the past 30 days. It marked a decrease of 10.1% from last week's report and another period below the monthly average. On the other hand, close-by Virginia Beach registered 530 homes sold in the same time frame, the most of all surrounding cities. Prices are rising in Norfolk, and the median sales price this period increased from $168,700 to $172,000. Along with the slip in sales, a relatively high 10 months of inventory indicates that Norfolk is a definite buyer's market.

If you have been waiting for prices to drop, now is your chance to look at these listings in Norfolk:

$999K   $325K   $699K  

Get started right now by checking out Norfolk homes for sale or reviewing Norfolk real estate trends.

Demographic facts about Norfolk:

  • The population growth rating is 42. (Scale: 1 = Worst, 100 = Best)
  • The property tax in this area is $13.43/$1,000.
  • People in this area have a commute time breakdown of: <15 min (29.2%), 15-29 min (45.4%), 30-44 min (16.9%), 45-59 min (4.2%), >60 min (4.3%).

Data reported through 10/12/2016

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Wainwright Real Estate
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