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

$304,950

$198/sqft

Based on all homes sold in May 2024.

Difference Since Last Month

-$15,050(-4.7%)

Key Takeaway

Homes in Newport News have sold for 4.7% less than they did a month ago.

Summary: The median home sold price in Newport News was $304,950 in May 2024, down 4.7% from last month, and the median price per square foot was $198.

Median Sold Price By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 --
N/A
2 -$272.2K
N/A
3 $279.9K$299.9K
+7.1%
4 $430K$310K
-27.9%
5+ $600K$712.5K
+18.8%

Summary: Newport News housing prices by bedroom type for May 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 7.1%, 4 bedroom homes decreased by 27.9%, and 5+ bedroom homes increased by 18.8%.

Median Sold Price Compared To Nearby Cities

Hampton
+5.3%
Newport News
-4.7%

Housing Supply in Newport News, VA

How many homes are available in Newport News, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
865917+6.0%

Summary: The Newport News real estate market had 917 homes for sale in May 2024, a 6.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 47
+75.0%
2 8494
+11.9%
3 432462
+6.9%
4 267276
+3.4%
5+ 7878
0.0%

Summary: The Newport News housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
231201-13.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

6 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, expect to pay close to the asking price. 42.9% of homes here sold near the asking price last month.

Summary: A total of 201 homes were sold or pending in Newport News in May 2024, down by 13.0% month-over-month. Of the 14 sold homes, 21% were sold under asking, 43% were sold at asking, and 36% 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

Apr 2024May 2024CHANGE
28 Days26 Days-7.6%

Summary: Homes in Newport News had an average of 26 days on market in May 2024, down by 7.6% compared to last month.

Breakdown of Home Sale Times

134 Homes Were Sold
Under 30 Days

60 Homes Were Sold
In 30 - 90 Days

7 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 May 2024, 201 homes were sold in Newport News; 67% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 3% 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 1 Day Ago

Newest Listings in Newport News, VA

Nearby Markets to Newport News, VA

What housing markets are near Newport News, VA?