5 Factors that Influence the Newport News Real Estate Market
Featuring world-class dining, museums, and the second largest urban park in the United States, Newport News, Virginia has quite a bit to offer (and don’t even get us started on the diverse golfing options, the farmers markets, the urban art, or the excellent public education options!) So if you’re in the market for a home in the east-central Virginia area, the odds are pretty good in this quaint city of seventy thousand inhabitants.
Steeped in history and located on the shores of one of the world’s largest natural harbors, Newport News offers a lot to love. So if you’re looking to purchase a home in this fascinating and diverse area, you owe it to yourself to learn a bit about the most important factors influencing the real estate market in Newport News.
In our opinion here at Blue Marble Properties, the five most important facts to take into consideration are:
• Surrounding Areas. Taking into consideration the city scape and surrounding areas of any real estate investment is important. But this is especially true in the case of Newport News, as city statistics can be somewhat misleading. Chesapeake Bay in Virginia is one of the largest natural harbors in the world, fed by three important rivers, the Elizabeth River, the Nansemond River, and the James River. This bay covers thousands of square miles, and a huge section of its mouth near Newport is urbanized. These small cities, mostly boasting populations of less than one hundred thousand, have merged together with time, forming the Hampton Roads Statistical Area, one of the largest urban conglomerations in the US. This is one important reason why the cost of properties (and the potential growth that these properties offer) is higher than you may expect in a city of 70,000.
• Opportunity. Featuring above average employment statistics year after year, and boasting some of the best private and public school options in the state and across the country, Newport News offers lots of opportunity to its residents, which is one of the most important factors when it comes to determining the value of real estate.
• Coastal Location. It’s no secret that properties located closer to coastal areas tend to fare well — and there are a number of beautiful beaches and oceanside parks located in easy commuting distance of Newport News.
• Space Restraints. Richmond, Virginia is one of the nation’s most dynamic cities, yet its real estate prices remain surprisingly affordable, in large part due to the fact that the city has plenty of room to expand. Because Newport News is located on a peninsula with limited space, its real estate prices are more inclined to climb with time, as real estate supply cannot be increased very easily.
• Revitalization. Government and business leaders alike in Newport News are making a concentrated effort to revitalize the historic urban center, which means if you’re interested in purchasing property in Newport News, now may be the time to pull the trigger!
Visit Blue Marble Properties online today to learn more about real estate markets in Newport News, East Central Virginia, as well as Henrico and Hanover!