Starting in the 1980s, Michael Intoccia performed real estate development in Massachusetts. Building over 1,000 homes at all price points, Michael focuses on purchasing lots and building homes in the Falmouth and Norfolk areas.
Homes in Norfolk have an average cost of $710,000. Although a few homes sell for less than the buyer’s asking price, buyers usually pay three percent over the asking price. Some pay seven percent above the asking price, depending on the property. Most homes remain on the market for less than 30 days, with an average between 22 and 26 days. These figures suggest that in Q3 2022, the housing market favors sellers, not buyers.
Although housing costs increased by about two percent compared to the same time in 2021, most home buyers did not look for alternatives outside the region. About 81 percent of searches derived from those moving to Norfolk, while the remaining 19 percent searched for homes outside it. The most popular originating destinations for people moving to Norfolk were New York City, Portland, Los Angeles, and Hartford, Connecticut. Among those considering homes outside Norfolk, New York City, Portland, Maine, and Hartford, Connecticut, ranked among the most popular destinations.
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