This Week's Real Estate Market Report
Narragansett, RI 02882
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Narragansett, RI 02882
Sat Jul 31 2021
This week the median list price for Narragansett, RI 02882 is $750,000 with the market action index hovering around 55. This is an increase over last month's market action index of 54. Inventory has increased to 41.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen prices move lower as a result. If the MAI falls into the Buyer’s zone, it is likely that prices continue their downward trend until we see some turnaround in Market Action.
Real-Time Market Profile
| Median List Price | $750,000 | |
| Median Price of New Listings | $739,450 | |
| Per Square Foot | $485 | |
| Average Days on Market | 51 | |
| Median Days on Market | 21 | |
| Price Decreased | 20% | |
| Price Increased | 2% | |
| Relisted | 7% | |
| Inventory | 41 | |
| Median Rent | ||
| Market Action | 55 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $1,838,500 | 3,660 | 0.5 - 1 acre | 4 | 3 | 19 | 1 | 3 | 66 |
| $824,900 | 1,960 | 0.25 - 0.5 acre | 4 | 2 | 49 | 2 | 2 | 17 |
| $712,000 | 1,417 | 0.25 - 0.5 acre | 3 | 2 | 36 | 2 | 3 | 24 |
| $575,000 | 864 | 6,500 - 8,000 sqft | 2 | 1 | 60 | 3 | 4 | 21 |