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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Newport News is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Newport News has remained a Seller's Market.

Key Takeaway

Newport News is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Newport News, VA

How much do homes in Newport News, VA cost?

Median Sold Price

$284,950

$192/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

+$26,950(+10.4%)

Key Takeaway

Homes in Newport News have sold for 10.4% more than they did a month ago.

Summary: The median home sold price in Newport News was $284,950 in March 2024, up 10.4% from last month, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 $259K$284.9K
+10.0%
3 $250.5K$236.2K
-5.7%
4 $285K$285K
0.0%
5+ -$787.5K
N/A

Summary: Newport News 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 increased by 10%, 3 bedroom homes decreased by 5.7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Hampton
+121.2%
Yorktown
+50.3%
Newport News
+10.4%
Roberts
+5.8%

Housing Supply in Newport News, VA

How many homes are available in Newport News, VA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
853952+11.6%

Summary: The Newport News real estate market had 952 homes for sale in March 2024, a 11.6% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 95
-44.4%
2 8092
+15.0%
3 406457
+12.6%
4 266303
+13.9%
5+ 9295
+3.3%

Summary: The Newport News housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 44.4%, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 3.3%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
182166-8.8%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newport News, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 166 homes were sold or pending in Newport News in March 2024, down by 8.8% month-over-month. Of the 10 sold homes, 50% were sold under asking, 10% were sold at asking, and 40% were sold over asking.

Days on Market for Newport News, VA

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

Average Sale Time

Feb 2024Mar 2024CHANGE
40 Days39 Days-3.2%

Summary: Homes in Newport News had an average of 39 days on market in Mar 2024, down by 3.2% compared to last month.

Breakdown of Home Sale Times

99 Homes Were Sold
Under 30 Days

52 Homes Were Sold
In 30 - 90 Days

15 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 166 homes were sold in Newport News; 60% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 9% 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 22 Days Ago

Newest Listings in Newport News, VA

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