Norfolk, VA Market Report – Week of February 24, 2025
Prices Hold Steady, But Demand is Rising!
If you’re thinking about buying or selling a home in Norfolk, VA, here’s what the latest numbers reveal:
✅ Median List Price: $325,000
✅ Median Price of New Listings: $327,450
✅ Price Per Square Foot: $207
✅ Inventory: 303 homes (decreasing)
✅ Average Days on Market: 70
✅ Median Days on Market: 42
✅ Market Action Index: 46 → Strong Seller’s Market
📉 What’s Changing?
Home prices have reached a plateau, but demand remains steady.
Inventory is tightening, meaning buyers have fewer options.
More homes are relisting (20%), signaling sellers adjusting to market conditions.
The Market Action Index increased from 45 to 46, a sign that demand is slightly strengthening.
Market Breakdown by Price Segments
(Each category represents 25% of the market)
$585,000+ (Luxury Market) – Avg. Days on Market: 42
$350,000 – $585,000 – Avg. Days on Market: 45
$302,450 – $350,000 – Competitive price range, Avg. DOM: 42
Under $302,450 – Fastest-selling segment, Avg. DOM: 38
High-end homes are taking slightly longer to sell, while mid-range and affordable homes are moving quicker.
What This Means for You
🔹 For Buyers
Prices are steady, but demand is picking up, so acting sooner could help secure a better deal.
Homes in the $250K-$350K range are selling quickly, meaning competition is fierce in that segment.
Working with a local expert can help you find opportunities in this low-inventory market.
🔹 For Sellers
With less inventory, buyers have fewer options—a strong position for sellers.
Price adjustments are happening (40% of homes have reduced prices), meaning strategic pricing is key.
If you're thinking about selling, now is a great time to list before competition increases in spring.
Should You Buy or Sell Now?
Buyers: With stable prices and tightening inventory, waiting could mean more competition and higher prices later. Getting pre-approved and working with a trusted agent is essential.
Sellers: While the market is still in your favor, pricing correctly from the start is crucial. Jennifer D Holds the Key to a seamless sale strategy, ensuring maximum return on your investment.
📩 Thinking about buying or selling? Let’s set up a strategy session today!
📌 Source: Altos Research Market Data, February 2025
All real estate market data presented in this report is sourced from Altos Research as of February 2025 and is subject to change. This report is for informational purposes only and should not be considered financial, investment, or real estate advice. Buyers and sellers should consult with a qualified real estate professional before making any real estate decisions. Jennifer Dawn Real Estate is committed to Fair Housing compliance and equal opportunity for all home buyers and sellers.