Norfolk County Area Market Review - February 17, 2024
As of February 17, 2024, the real estate market in Norfolk County has seen significant changes compared to the previous year. This comprehensive market update, prepared by Tammy Motsick DeWolfe, highlights the key trends and statistics for single-family homes in the area.
Listing Inventory as of February 17
- Listing Units: Decreased from 305 in 2023 to 257 in 2024, showing a -15.74% variation.
- Average Days on Market: Reduced from 88 days in 2023 to 70 days in 2024, a -20.45% change.
- Average List Price: Increased from $1,723,928.27 in 2023 to $1,991,430.75 in 2024, marking a 15.52% rise.
- Average List $ / SqFt: Grew from $459.91 in 2023 to $479.85 in 2024, a 4.34% increase.
- Approximate Absorption Rate: Slightly decreased from 139.34% to 133.24%, a -4.38% change.
- Approximate Months Supply of Inventory: Slightly rose from 0.72 months in 2023 to 0.75 months in 2024, a 4.17% increase.
Year to Date Comparison
- Listing Units (Taken): Slight decrease from 473 in 2023 to 462 in 2024 (-2.33%).
- Average Original List Price: Increased from $1,150,347.72 in 2023 to $1,187,506.81 in 2024 (+3.23%).
- Average Original List $ / SqFt: Rose significantly from $409.42 to $446.13, an 8.97% increase.
- Listing Units (Went Pending): Decreased from 481 in 2023 to 424 in 2024, showing an -11.85% variation.
- Average List Price at Pending: Slightly decreased from $978,336.34 to $953,206.13 (-2.57%).
- Average List $ / SqFt at Pending: Increased from $385.68 to $423.59, a 9.83% rise.
- Average Days to Offer: Decreased from 38 days to 29 days, a -23.68% change.
Sold Statistics Year to Date
- Closed Units (Sold): Decreased from 360 in 2023 to 326 in 2024 (-9.44%).
- Average Sale Price: Increased from $854,954.80 in 2023 to $993,548.90 in 2024 (+16.21%).
- Average Sale $ / SqFt: Grew from $369.97 to $404.07, a 9.22% increase.
- Average Sale Price as % of List Price: Improved from 98.52% to 100.61%.
- Average Sale Price as % of Original List Price: Rose from 96.29% to 98.95%.
12-Month Activity Comparison
- Units Listed: Decreased from 5990 in 2023 to 4833 in 2024 (-19.32%).
- Units Price Changed: Reduced from 1317 to 952, a -27.71% change.
- Units Went Pending: Decreased from 5259 to 4300, an -18.24% variation.
- Units Sold: Dropped from 5100 in 2023 to 4109 in 2024, a -19.43% decrease.
This analysis reveals a mixed picture of the Norfolk County real estate market, with a general decrease in inventory and units sold but increases in average list and sale prices, indicating a strong market for sellers. The reduction in days on market and an increase in sale prices as a percentage of list prices suggest a competitive market environment.
Please note, this information is gathered from third parties, including seller and public records, and while every effort is made to ensure accuracy, MLS PIN and subscribers disclaim all representations and warranties as to its accuracy.
