Custom Rhode Island Market Report
Narragansett, RI 02882
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Narragansett, RI 02882
Thu Jan 17 2019
This week the median list price for Narragansett, RI 02882 is $599,000 with the market action index hovering around 31. This is an increase over last month's market action index of 30. Inventory has held steady at or around 53.
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
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $599,000 | |
| Per Square Foot | $367 | |
| Days on Market | 185 | |
| Price Decreased | 38% | |
| Price Increased | 0% | |
| Relisted | 8% | |
| Inventory | 53 | |
| Median House Rent | $1,800 | |
| Most Expensive | $5,975,000 | |
| Least Expensive | $199,800 | |
| Market Action Index Slight Seller's Advantage | 31 |
We continue to see prices in this zip code at a plateau even though prices dipped this week. Look for a persistent change in the Market Action Index (up or down) before we see prices significantly 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 |
|---|---|---|---|---|---|---|---|---|
| $1,295,000 | 3,079 | 0.5 - 1 acre | 4 | 3 | 57 | 0 | 1 | 347 |
| $725,000 | 1,845 | 0.25 - 0.5 acre | 3 | 2 | 27 | 1 | 5 | 164 |
| $539,000 | 1,678 | 0.25 - 0.5 acre | 3 | 2 | 43 | 0 | 0 | 119 |
| $332,450 | 1,112 | 8,000 - 10,000 sqft | 2 | 1 | 39 | 0 | 2 | 114 |