The housing market in Newport News continues to see strong price appreciation, with values up 12.7% compared to last year. Home prices have increased 30.5% in the past month alone. With 5.2 months of supply, Newport News's inventory levels remain relatively tight. Homes are taking about 42 days to sell, which is -9 days longer than this time last year. A significant 23.3% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 42.9% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Newport News market with the affordability index at 13.1. Based on current market indicators, home prices in Newport News are projected to decrease by approximately 13.5% over the next month.
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