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| FEBRUARY 2025 | |||
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| Units Sold 136 |
Active Inventory 265 |
Median Sale Price $290,000 |
Days On Market 41 |
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| Down -20% Vs. Year Ago |
Down -16% Vs. Year Ago |
Up 7% Vs. Year Ago |
No Change Vs. Year Ago |
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Units Sold
There was an increase in total units sold in February, with 136 sold this month in Newport News City Real Estate versus 116 last month, an increase of 17%. This month's total units sold was lower than at this time last year, a decrease of 20% versus February 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 52 units or 16%. The total number of active inventory this February was 265 compared to 317 in February 2024. This month's total of 265 is lower than the previous month's total supply of available inventory of 347, a decrease of 24%. |
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Median Sale Price
Last February, the median sale price for Newport News City Homes was $270,900. This February, the median sale price was $290,000, an increase of 7% or $19,100 compared to last year. The current median sold price is 14% higher than in January. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
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| New Listings 176 |
Current Contracts 197 |
Sold Vs. List Price 99.2% |
Months of Supply 1.9 |
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| Down -24% Vs. Year Ago |
Up 5% Vs. Year Ago |
Down -0.6% Vs. Year Ago |
No Change Vs. Year Ago |
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Months of Supply
In February, there was 1.9 months of supply available in Newport News City. The amount of supply is similar compared to 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. |
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New Listings & Current Contracts
This month there were 176 homes newly listed for sale in Newport News City compared to 232 in February 2024, a decrease of 24%. There were 197 current contracts pending sale this February compared to 188 a year ago. The number of current contracts is 5% higher than last February. |
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Sale Price to List Price Ratio
In February, the average sale price in Newport News City was 99.2% of the average list price, which is 0.5% lower than at this time last year. Days on Market
This month, the average number of days on market was 41, which is similar compared to a year ago. |
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| *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. | |||
 Information 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. |
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