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| MARCH 2025 | |||
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| Units Sold 182 |
Active Inventory 273 |
Median Sale Price $280,500 |
Days On Market 43 |
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| No Change Vs. Year Ago |
Down -18% Vs. Year Ago |
Down -6% Vs. Year Ago |
Up 13% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in March, with 182 sold this month in Newport News City Real Estate, an increase of 32%. This month's total units sold is similar compared to a year ago. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 60 units or 18%. The total number of active inventory this March was 273 compared to 333 in March 2024. This month's total of 273 is lower than the previous month's total supply of available inventory of 308, a decrease of 11%. |
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Median Sale Price
Last March, the median sale price for Newport News City Homes was $300,000. This March, the median sale price was $280,500, a decrease of 7% or $19,500 compared to last year. The current median sold price is 3% lower than in February. 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 250 |
Current Contracts 240 |
Sold Vs. List Price 99.1% |
Months of Supply 1.5 |
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| Down -6% Vs. Year Ago |
Up 13% Vs. Year Ago |
Down -0.9% Vs. Year Ago |
Down -18% Vs. Year Ago |
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Months of Supply
In March, there was 1.5 months of supply available in Newport News City, compared to 1.8 in March 2024. That is a decrease of 18% 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. |
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New Listings & Current Contracts
This month there were 250 homes newly listed for sale in Newport News City compared to 267 in March 2024, a decrease of 6%. There were 240 current contracts pending sale this March compared to 213 a year ago. The number of current contracts is 13% higher than last March. |
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Sale Price to List Price Ratio
In March, the average sale price in Newport News City was 99.1% of the average list price, which is 0.8% lower than at this time last year. Days on Market
This month, the average number of days on market was 43, higher than the average last year, which was 38, an increase of 13%. | |||
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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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