Is New Kent, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, New Kent was a Seller's Market.
Key Takeaway
New Kent is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in New Kent, VA
How much do homes in New Kent, VA cost?
Median Sold Price
$385,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in New Kent have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in New Kent was $385,000 in March 2024, up 1.6% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $382.4K | - | N/A |
| 3 Bedrooms | $355K | $356K | 0.3% |
| 4 Bedrooms | $413.3K | $433.2K | +4.8% |
| 5+ Bedrooms | $489.9K | $565K | +15.3% |
Summary: New Kent housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 15.3%.
Median Sold Price Compared To Nearby Cities
| King William | $298K | $335K | +12.4% |
| Providence Forge | $515K | $558.2K | +8.4% |
| New Kent | $379.1K | $385K | +1.6% |
| Quinton | $389.4K | $385K | -1.1% |
| Cold Harbor | $410K | $400K | -2.4% |
Housing Supply in New Kent, VA
How many homes are available in New Kent, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 43 | 45 | +4.7% |
Summary: The New Kent real estate market had 45 homes for sale in March 2024, a 4.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 23 | 22 | -4.3% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The New Kent housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 6 | +20.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in New Kent, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in New Kent in March 2024, up by 20.0% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for New Kent, VA
How long does it take to sell a home in New Kent, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 46 Days | 43 Days | -6.7% |
Summary: Homes in New Kent had an average of 43 days on market in Mar 2024, down by 6.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in New Kent has remained consistent over time.
Summary: During March 2024, 6 homes were sold in New Kent; 33% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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