Is Newport, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Newport is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Newport was a Neutral Market.

Key Takeaway

Newport is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Newport, VA

How much do homes in Newport, VA cost?

Median Sold Price

$560,000

$109/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

+$137,500(+32.5%)

Key Takeaway

Homes in Newport have sold for 32.5% more than they did a month ago.

Summary: The median home sold price in Newport was $560,000 in March 2024, up 32.5% from last month, and the median price per square foot was $109.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 $350K-
N/A
3 --
N/A
4 $495K$560K
+13.1%
5+ --
N/A

Summary: Newport housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Newport
+32.5%
Carrollton
+13.1%
Smithfield
+9.7%

Housing Supply in Newport, VA

How many homes are available in Newport, VA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
8597+14.1%

Summary: The Newport real estate market had 97 homes for sale in March 2024, a 14.1% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 33
0.0%
2 1313
0.0%
3 2830
+7.1%
4 2533
+32.0%
5+ 1618
+12.5%

Summary: The Newport 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 increased by 7.1%, 4 bedroom homes increased by 32%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1310-23.1%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newport, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 10 homes were sold or pending in Newport in March 2024, down by 23.1% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for Newport, VA

How long does it take to sell a home in Newport, VA?

Average Sale Time

Feb 2024Mar 2024CHANGE
41 Days68 Days+65.6%

Summary: Homes in Newport had an average of 68 days on market in Mar 2024, up by 65.6% compared to last month.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Newport are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 10 homes were sold in Newport; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 29 Days Ago

Newest Listings in Newport, VA

Nearby Markets to Newport, VA

What housing markets are near Newport, VA?