Newport News, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Newport News, VA Housing Market Trends

With 179,225 people, 69,835 houses or apartments, and a median cost of homes of $208,223, Newport News real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Newport News, accounting for 50.67% of the city's housing units. Other types of housing that are prevalent in Newport News include large apartment complexes or high rise apartments ( 30.52%), duplexes, homes converted to apartments or other small apartment buildings ( 8.69%), and a few row houses and other attached homes ( 7.16%).

The most prevalent building size and type in Newport News are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.47% owning and 53.53% renting.

There is a lot of housing in Newport News built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Newport News built between 1940-1969 ( 30.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.54%). There's also some housing in Newport News built before 1939 ( 4.58%).

Vacant housing appears to be an issue in Newport News. Fully 10.19% of the housing stock is classified as vacant. Left unchecked, vacant Newport News homes and apartments can be a drag on the real estate market, holding Newport News real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Newport News Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Newport News, where house values have increased just 2.22%, which is annualized rate of 0.22%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Newport News's appreciation rate, at 5.60%, has been at or slightly above the national average. In the latest quarter, Newport News's appreciation rate has been 1.82%, which annualizes to a rate of 7.48%.

Relative to Virginia, our data show that Newport News's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newport News differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newport News - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Newport News real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$208,223

Newport News, VA HOME PRICES

> $1,147,000
0.7%
0.7%
$860,001 - $1,147,000
0.6%
0.6%
$574,001 - $860,000
0.8%
0.8%
$459,001 - $574,000
1.5%
1.5%
$344,001 - $459,000
7.2%
7.2%
$229,001 - $344,000
30.6%
30.6%
$115,001 - $229,000
42.5%
42.5%
$57,001 - $115,000
9.8%
9.8%
$0 - $57,000
6.3%
6.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for VA

Value Relative To Nation

Number Of Homes And Apartments:
69,835

Newport News Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
81.76% 2.89%
6
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,415 / per month

Homeownership Rate

Owners
46.5%
46.5%
Renters
53.5%
53.5%
Vacant
10.2%
10.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.5%
14.5%
1970 - 1999
50.3%
50.3%
1940 - 1969
30.6%
30.6%
1939 or Older
4.6%
4.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
50.7%
50.7%
Townhomes
7.2%
7.2%
Small Apt. Buildings
8.7%
8.7%
Apt. Complexes
30.5%
30.5%
Mobile Homes
2.9%
2.9%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.3%
3.3%
1 Bedroom
9.6%
9.6%
2 Bedrooms
29.3%
29.3%
3 Bedrooms
39.9%
39.9%
4 Bedrooms
15.5%
15.5%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES