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.

How much do homes in Newport News, VA cost?

Median Sold Price

$227,000

$187/sqft

Based on all homes sold in September 2022.

Difference Since Last Month

-$19,000(-7.7%)

Key Takeaway

Homes in Newport News have sold for 7.7% less than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSAug 2022Sep 2022%
1 --
N/A
2 -$227K
N/A
3 $232.2K$210K
-9.6%
4 $300K$247.5K
-17.5%
5+ -$232K
N/A

Median Sold Price Compared To Nearby Cities

Hampton
-7.2%
Newport News
-7.7%
Yorktown
-37.4%

How many homes are available in Newport News, VA?

Number of Homes For Sale

Aug 2022Sep 2022%
876894+2.1%

Homes For Sale By Bedroom Count

# BEDSAug 2022Sep 2022%
1 44
0.0%
2 9192
+1.1%
3 464473
+1.9%
4 261264
+1.1%
5+ 5661
+8.9%

Number of Homes Sold

Aug 2022Sep 2022%
238190-20.2%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newport News, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.

Average Sale Time

Aug 2022Sep 2022%
22 Days24 Days+8.9%

Breakdown of Home Sale Times

127 Homes Were Sold
Under 30 Days

57 Homes Were Sold
In 30 - 90 Days

6 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.

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

About Newport News, VA

Homes for sale in Newport News, VA have reached 894. In September 2022 in Newport News, VA there were 2.1% more homes for sale than in August 2022. While the average time on the market in September 2022 was 24 days, the median list price was $227,000. Real estate listing prices changed between September 2021 and September 2022: prices of 1 bedroom properties increased by 0%, prices of 2 bedrooms properties increased by 0%, 3 bedrooms properties prices decreased by 9.6%, 4 bedrooms properties prices decreased by 17.5%, 5 bedrooms properties became 0% more expensive. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes did not move, number of 2 bedrooms homes increased by 1.1%, 3 bedrooms homes became 1.9% more available, 4 bedrooms homes inventory increased by 1.1%, number of 5 bedrooms homes increased by 8.9%. Newport News, VA housing market in September 2022 saw over 5 listings sold above listed price, more than 2 sold at listed price and over 4 sold below.

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