The Long & Foster Market Minute

Focus On: Newport News City Housing Market May 2018

Units Sold
198
Active Inventory
633
Median Sale Price
$185,000
Days On Market
51
Up 1%
Vs. Year Ago
Down -42%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -28%
Vs. Year Ago

Units Sold
The number of units sold remained stable in May, with 198 sold this month in Newport News City Real Estate. This month's total units sold was higher than at this time last year, an increase of 3% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 452 units or 42%. The total number of active inventory this May was 633 compared to 1,085 in May 2017. This month's total of 633 is lower than the previous month's total supply of available inventory of 708, a decrease of 11%.

Median Sale Price
Last May, the median sale price for Newport News City Homes was $188,450. This May, the median sale price was $185,000, a decrease of 2% or $3,450 compared to last year. The current median sold price is 2% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
319
Current Contracts
261
Sold Vs. List Price
98.8%
Months of Supply
3.2
Down -3%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -42%
Vs. Year Ago

Months of Supply
In May, there was 3.2 months of supply available in Newport News City, compared to 5.5 in May 2017. That is a decrease of 42% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 319 homes newly listed for sale in Newport News City compared to 328 in May 2017, a decrease of 3%. There were 261 current contracts pending sale this May compared to 205 a year ago. The number of current contracts is 27% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Newport News City was 98.8% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 51, lower than the average last year, which was 71, a decrease of 28%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.