Condo Market Newport
Narragansett, RI 02882
Single-Family Homes
The Hogan Associates Real Estate Team | 401-924-1774 | info@hoganassociatesre.com
Narragansett, RI 02882
Wed Mar 20 2019
This week the median list price for Narragansett, RI 02882 is $725,000 with the market action index hovering around 31. This is about the same as last month's market action index of 31. Inventory has held steady at or around 59.
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 Seller's Advantage
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $725,000 | |
| Per Square Foot | $402 | |
| Days on Market | 159 | |
| Price Decreased | 14% | |
| Price Increased | 0% | |
| Relisted | 19% | |
| Inventory | 59 | |
| Median House Rent | ||
| Most Expensive | $4,250,000 | |
| Least Expensive | $199,000 | |
| Market Action Index Slight Seller's Advantage | 31 |
Prices in this zip code seem to have settled around a 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 |
|---|---|---|---|---|---|---|---|---|
| $1,547,500 | 3,216 | 1 - 2.5 acres | 4 | 3 | 31 | 0 | 0 | 188 |
| $798,000 | 1,800 | 6,500 - 8,000 sqft | 3 | 2 | 25 | 0 | 1 | 240 |
| $645,000 | 1,400 | 0.25 - 0.5 acre | 3 | 2 | 33 | 2 | 0 | 122 |
| $357,900 | 1,160 | 0.25 - 0.5 acre | 3 | 1 | 39 | 1 | 1 | 90 |