This Week's Real Estate Market Report
Narragansett, RI 02882
Single-Family Homes
The Hogan Associates Real Estate Team | 401-924-1774 | info@hoganassociatesre.com
Narragansett, RI 02882
Tue May 21 2019
This week the median list price for Narragansett, RI 02882 is $744,450 with the market action index hovering around 30. This is less than last month's market action index of 33. Inventory has held steady at or around 72.
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
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.
Real-Time Market Profile
| Median List Price | $744,450 | |
| Per Square Foot | $399 | |
| Days on Market | 136 | |
| Price Decreased | 33% | |
| Price Increased | 3% | |
| Relisted | 21% | |
| Inventory | 72 | |
| Median House Rent | ||
| Most Expensive | $4,000,000 | |
| Least Expensive | $199,800 | |
| Market Action Index Slight Seller's Advantage | 30 |
In the last few weeks we’ve seen prices in this zip code bouncing 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 |
|---|---|---|---|---|---|---|---|---|
| $1,424,500 | 2,569 | 0.5 - 1 acre | 4 | 3 | 32 | 3 | 2 | 135 |
| $875,450 | 1,912 | 0.25 - 0.5 acre | 3 | 2 | 50 | 0 | 0 | 197 |
| $645,000 | 1,882 | 0.25 - 0.5 acre | 3 | 2 | 31 | 1 | 0 | 115 |
| $448,000 | 1,088 | 0.25 - 0.5 acre | 3 | 1 | 53 | 2 | 3 | 99 |