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 October 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

$385,000

$197/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$13,000(+3.5%)

Key Takeaway

Homes in New Kent have sold for 3.5% more than they did a year ago.

Summary: The median home sold price in New Kent was $385,000 in October 2024, up 3.5% from last year, and the median price per square foot was $197.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $419.9K$410K
-2.4%
3 $349.5K$343.9K
-1.6%
4 $418.7K$467.5K
+11.6%
5+ $631K$576.5K
-8.6%

Summary: New Kent housing prices by bedroom type for October 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 1.6%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes decreased by 8.6%.

Median Sold Price Compared To Nearby Cities

Cold Harbor
+13.5%
Quinton
+5.2%
King William
+4.8%
Providence Forge
+3.6%
New Kent
+3.5%

Housing Supply in New Kent, VA

How many homes are available in New Kent, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5362+17.0%

Summary: The New Kent real estate market had 62 homes for sale in October 2024, a 17.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 22
0.0%
3 3240
+25.0%
4 1516
+6.7%
5+ 44
0.0%

Summary: The New Kent housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
68+33.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New Kent, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in New Kent in October 2024, up by 33.3% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% 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

Oct 2023Oct 2024CHANGE
17 Days37 Days+111.9%

Summary: Homes in New Kent had an average of 37 days on market in Oct 2024, up by 111.9% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in New Kent has remained consistent over time.

Summary: During October 2024, 8 homes were sold in New Kent; 25% of homes were sold within 30 days, 75% 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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