According to orfbound :
I have a 1922, 1350 sq ft Craftsman/Bungalow home with a breaker box that
needs updating /
replacing. All knob and tube to be removed/ replaced and all new GFR's in
all rooms approx 20. The estimate came in at $7300. Does this seem
reasonable. Said job to take approx 6-7 days. Any feedback greatly
appreciated.

As others have suggested, it's difficult to tell whether it's
reasonable or not. Much depends on exactly how much of the job
they'll do. Eg: will they repair the holes they put in the walls?
How many circuits do they plan on? Upgrading the main?

6-7 days suggests a relatively small job for one electrician.

It's probably worth while trying to get a fourth quote.
--
Chris Lewis, Una confibula non set est
It's not just anyone who gets a Starship Cruiser class named after them.