Custom Rhode Island Market Report
Portsmouth, RI 02871
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Portsmouth, RI 02871
Thu Jan 17 2019
This week the median list price for Portsmouth, RI 02871 is $589,000 with the market action index hovering around 29. This is an increase over last month's market action index of 28. Inventory has held steady at or around 69.
Market Action Index
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.
| Today |
| Last Month |
Slight Buyer's Advantage
Home sales have begun exceeding new inventory. This is a Buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller’s zone, we may see upward pressure on pricing.
Real-Time Market Profile
| Median List Price | $589,000 | |
| Per Square Foot | $274 | |
| Days on Market | 154 | |
| Price Decreased | 33% | |
| Price Increased | 1% | |
| Relisted | 22% | |
| Inventory | 69 | |
| Median House Rent | $2,750 | |
| Most Expensive | $3,850,000 | |
| Least Expensive | $119,900 | |
| Market Action Index Slight Buyer's Advantage | 29 |
We continue to see prices in this zip code bounce around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,495,000 | 3,466 | 1 - 2.5 acres | 4 | 3 | 14 | 0 | 3 | 220 |
| $629,900 | 2,614 | 0.5 - 1 acre | 3 | 2 | 30 | 0 | 1 | 175 |
| $499,900 | 1,922 | 0.5 - 1 acre | 3 | 2 | 60 | 1 | 3 | 101 |
| $287,450 | 1,001 | 8,000 - 10,000 sqft | 2 | 1 | 66 | 2 | 1 | 120 |