This Week's Real Estate Market Report
Newport, RI
Single-Family Homes
The Hogan Associates Real Estate Team | 401-845-9500 | info@hoganassociatesre.com
Newport, RI
Thu Apr 02 2020
This week the median list price for Newport, RI is $1,069,500 with the market action index hovering around 33. This is less than last month's market action index of 34. Inventory has held steady at or around 60.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $1,069,500 | |
| Per Square Foot | $470 | |
| Days on Market | 238 | |
| Price Decreased | 18% | |
| Price Increased | 2% | |
| Relisted | 8% | |
| Inventory | 60 | |
| Median Rent | ||
| Most Expensive | $37,000,000 | |
| Least Expensive | $314,000 | |
| Market Action | 33 | |
| Slight Seller's Advantage | ||
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
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 |
|---|---|---|---|---|---|---|---|---|
| $3,500,000 | 6,526 | 1 - 2.5 acres | 5 | 5 | 94 | 1 | 0 | 482 |
| $1,480,000 | 3,286 | 0.25 - 0.5 acre | 4 | 3 | 139 | 0 | 0 | 292 |
| $850,000 | 2,234 | 4,500 - 6,500 sqft | 4 | 3 | 147 | 1 | 0 | 109 |
| $469,000 | 1,394 | 0 - 4,500 sqft | 3 | 1 | 120 | 3 | 3 | 69 |