Peninsula Market Update: Newport News Edition
October 26th, 2012
I like to try to do the Market Updates on Monday since I pull the numbers on Friday... I'll blame it on Hurricane Sandy for the tardiness this week.
We're going to look at both the overall market and a quick look at the make up of Newport News market. The following data has been compiled by using REIN MLS system over the past 7 days. It is of course not up to the minute.
Year Over Year both the Peninsula and Newport News are doing quite well with tightening inventory, more sold homes and higher prices than last year. Prices will likely continue to improve year over year as inventory levels continue to contract, particularly in Newport News where you'll find we have 17% less homes on the market. The tightening inventory has driven up prices in Newport News 10% on average compared to 6% for the Peninsula as a whole.
Here are percentage changes from last year:
In the last Market Update you saw in the pie chart that Newport News makes up 43% of the market for active houses on the Peninsula. Below you'll see how the Newport News market breaks down.
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| Newport News MLS map breakdown |
The pie chart represents 914 active properties on the market at the time the data was gathered. Below is a price breakdown of the different areas.
Curious about what's available right now in your neighborhood? Jump over to my website and search the interactive map to find out.
Interested in seeing details on your neighborhood in a future blog post? Leave your neighborhood in the comment box and I'll ad it to my list of future blog topics.
Dan Peters
Associate Broker / REALTOR
Anchore Realty Group
Newport News, Virginia
Contact me anytime for personal answers to your real estate questions.
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