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 Sep 07 2024
This week the median list price for Narragansett, RI 02882 is $1,295,000 with the market action index hovering around 37. This is less than last month's market action index of 38. Inventory has decreased to 37.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
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 | $1,295,000 | |
| Median Price of New Listings | $2,149,500 | |
| Per Square Foot | $587 | |
| Average Days on Market | 85 | |
| Median Days on Market | 63 | |
| Price Decreased | 46% | |
| Price Increased | 0% | |
| Relisted | 27% | |
| Inventory | 37 | |
| Median Rent | ||
| Market Action | 37 | |
| Slight Seller's Advantage | ||
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move 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 |
|---|---|---|---|---|---|---|---|---|
| $4,750,000 | 4,084 | 1 - 2.5 acres | 4 | 3.5 | 28 | 1 | 1 | 77 |
| $1,545,000 | 2,700 | 8,000 - 10,000 sqft | 4 | 3 | 45 | 0 | 1 | 35 |
| $1,125,000 | 2,038 | 0.25 - 0.5 acre | 3 | 2.5 | 60 | 0 | 5 | 63 |
| $624,000 | 1,288 | 0.25 - 0.5 acre | 2 | 1.5 | 57 | 1 | 2 | 66 |