Home prices in Newport News VA for May 2013
Real estate market data for Newport News, VA provided by Rocky Tkacz of Rose and Womble Realty
Newport News Home Prices
We have seen 9 straight months where home prices have mostly stayed constant just over the last two months you can see the sold home prices in Newport News are coming in over and above asking price which means we are now in a sellers market. If your are considering buying a home a home yon can still find deals on a house in Newport News but having a good real estate agent who understands the market is a must. Don't wait on the sidelines for too long, many of the listings are selling in matter of days with in being listed if they are priced right.
Right now we are having in inventory shortage what does that mean to you? Look at the graph below and you will see that people are paying more then the asking price which really means they are trying to out bid another buyer. The buyers I work with go into the market knowing that when they find a home the love they have to be ready to make an offer right away before they lose out to another buyer or investor. To make sure you are not going to pay to much you want an agent who will do a market analysis of the home you are making an offer on.
Keep in mind with the market changing some Sellers are no longer providing 3% closing costs. In some cases they are only offering 2% in closing cost.
Newport News Real Estate Report Summary
The median list price in May for single family homes in Newport News is $250,000. The list prices dropped by -6.5% from the previous month.
The price per square foot for listings in this area is $139.
The median sale price in March for single family homes is $390,500. The sale prices increased by 59.38%from the previous month.
The price per square foot for sales in this area is $155.
Find Homes for Sale in Newport News VA
Visit my website to search for homes in Newport News or to be notified when Newport News homes come on the market.
To find out what your home is worth in the current market email me or call 757-968-2938