Is New Kent, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New Kent is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, New Kent was a Seller's Market.

Key Takeaway

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

Housing Prices in New Kent, VA

How much do homes in New Kent, VA cost?

Median Sold Price

$389,000

$198/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$24,000(+6.6%)

Key Takeaway

Homes in New Kent have sold for 6.6% more than they did a year ago.

Summary: The median home sold price in New Kent was $389,000 in November 2024, up 6.6% from last year, and the median price per square foot was $198.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $419.9K$410K
-2.4%
3 $346.8K$346K
-0.2%
4 $428.7K$475K
+10.8%
5+ $565K$576.5K
+2.0%

Summary: New Kent housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 2.4%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 2%.

Median Sold Price Compared To Nearby Cities

Cold Harbor
+12.6%
Quinton
+6.7%
New Kent
+6.6%
King William
+6.1%
Providence Forge
+2.5%

Housing Supply in New Kent, VA

How many homes are available in New Kent, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
5553-3.6%

Summary: The New Kent real estate market had 53 homes for sale in November 2024, a 3.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 3738
+2.7%
4 1211
-8.3%
5+ 43
-25.0%

Summary: The New Kent housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
96-33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New Kent, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.

Summary: A total of 6 homes were sold or pending in New Kent in November 2024, down by 33.3% month-over-month. Of the 5 sold homes, 40% were sold under asking, 60% were sold at asking, and 0% were sold over asking.

Days on Market for New Kent, VA

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

Average Sale Time

Nov 2023Nov 2024CHANGE
27 Days26 Days-3.6%

Summary: Homes in New Kent had an average of 26 days on market in Nov 2024, down by 3.6% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 6 homes were sold in New Kent; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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 17 Days Ago

Newest Listings in New Kent, VA

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