This Week's Real Estate Market Report
Newport, RI 02840
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Newport, RI 02840
Sat Apr 20 2024
This week the median list price for Newport, RI 02840 is $3,495,000 with the market action index hovering around 60. This is less than last month's market action index of 61. Inventory has increased to 19.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market appears to have begun to cool. As we’re still notably in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $3,495,000 | |
| Median Price of New Listings | $1,300,000 | |
| Per Square Foot | $793 | |
| Average Days on Market | 156 | |
| Median Days on Market | 35 | |
| Price Decreased | 16% | |
| Price Increased | 0% | |
| Relisted | 16% | |
| Inventory | 19 | |
| Median Rent | ||
| Market Action | 60 | |
| Strong Seller's Market | ||
Price trends in this zip code continued their recent uptrend this week. While still below the market's high point, we've seen a nice run recently.
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 |
|---|---|---|---|---|---|---|---|---|
| $12,925,000 | 9,648 | 2.5 - 5 acres | 6 | 8.8 | 35 | 0 | 1 | 395 |
| $3,785,000 | 5,000 | 0.5 - 1 acre | 4 | 4 | 37 | 0 | 0 | 42 |
| $2,750,000 | 3,379 | 6,500 - 8,000 sqft | 5 | 3 | 132 | 0 | 0 | 14 |
| $949,000 | 1,660 | 0 - 4,500 sqft | 3 | 2.5 | 124 | 1 | 2 | 21 |