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
Fri May 27 2022
This week the median list price for Newport, RI is $1,125,000 with the market action index hovering around 50. This is less than last month's market action index of 51. Inventory has increased to 26.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Real-Time Market Profile
| Median List Price | $1,125,000 | |
| Median Price of New Listings | $1,050,000 | |
| Per Square Foot | $590 | |
| Average Days on Market | 141 | |
| Median Days on Market | 25 | |
| Price Decreased | 15% | |
| Price Increased | 4% | |
| Relisted | 8% | |
| Inventory | 26 | |
| Median Rent | ||
| Market Action | 50 | |
| Strong Seller's Market | ||
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels. 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 |
|---|---|---|---|---|---|---|---|---|
| $4,525,000 | 5,818 | 0.25 - 0.5 acre | 9 | 7 | 153 | 1 | 0 | 210 |
| $1,680,000 | 3,197 | 0 - 4,500 sqft | 3 | 3 | 144 | 1 | 0 | 17 |
| $1,000,000 | 1,920 | 4,500 - 6,500 sqft | 3 | 2.5 | 107 | 2 | 2 | 14 |
| $599,900 | 1,179 | 0 - 4,500 sqft | 3 | 1.5 | 122 | 1 | 2 | 42 |