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

$347,500

$191/sqft

Based on all homes sold in April 2024.

Difference Since Last Month

+$62,550(+22.0%)

Key Takeaway

Homes in Newport News have sold for 22% more than they did a month ago.

Summary: The median home sold price in Newport News was $347,500 in April 2024, up 22% from last month, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 --
N/A
2 $284.9K-
N/A
3 $236.2K$269.9K
+14.3%
4 $285K$430K
+50.9%
5+ $787.5K$600K
-23.8%

Summary: Newport News housing prices by bedroom type for April 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 increased by 14.3%, 4 bedroom homes increased by 50.9%, and 5+ bedroom homes decreased by 23.8%.

Median Sold Price Compared To Nearby Cities

Newport News
+22.0%
Roberts
+16.9%
Yorktown
-2.5%
Hampton
-39.4%

Housing Supply in Newport News, VA

How many homes are available in Newport News, VA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
854923+8.1%

Summary: The Newport News real estate market had 923 homes for sale in April 2024, a 8.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 55
0.0%
2 8487
+3.6%
3 415459
+10.6%
4 267288
+7.9%
5+ 8384
+1.2%

Summary: The Newport News housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 1.2%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
191204+6.8%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

6 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 News, expect to pay close to the asking price. 75% of homes here sold near the asking price last month.

Summary: A total of 204 homes were sold or pending in Newport News in April 2024, up by 6.8% month-over-month. Of the 8 sold homes, 13% were sold under asking, 75% were sold at asking, and 13% 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

Mar 2024Apr 2024CHANGE
37 Days27 Days-28.2%

Summary: Homes in Newport News had an average of 27 days on market in Apr 2024, down by 28.2% compared to last month.

Breakdown of Home Sale Times

141 Homes Were Sold
Under 30 Days

59 Homes Were Sold
In 30 - 90 Days

4 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 April 2024, 204 homes were sold in Newport News; 69% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 2% 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 3 Days Ago

Newest Listings in Newport News, VA

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