This Week's Real Estate Market Report
Portsmouth, RI 02871
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Portsmouth, RI 02871
Thu Jun 08 2023
This week the median list price for Portsmouth, RI 02871 is $1,499,000 with the market action index hovering around 54. This is an increase over last month's market action index of 53. Inventory has increased to 23.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to have been falling a bit recently. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Real-Time Market Profile
| Median List Price | $1,499,000 | |
| Median Price of New Listings | $604,000 | |
| Per Square Foot | $548 | |
| Average Days on Market | 81 | |
| Median Days on Market | 35 | |
| Price Decreased | 22% | |
| Price Increased | 0% | |
| Relisted | 9% | |
| Inventory | 23 | |
| Median Rent | ||
| Market Action | 54 | |
| Strong Seller's Market | ||
Again this week we see a downward notch for prices in this zip code. Pricing has been weak recently and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $4,900,000 | 7,527 | 1 - 2.5 acres | 5 | 6.5 | 16 | 0 | 0 | 105 |
| $2,462,500 | 3,461 | 0.5 - 1 acre | 3 | 4.3 | 1 | 0 | 0 | 147 |
| $1,172,500 | 3,465 | 0.5 - 1 acre | 3 | 2.8 | 35 | 0 | 2 | 24 |
| $750,000 | 1,757 | 0.5 - 1 acre | 3 | 1.5 | 67 | 2 | 2 | 21 |