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
Wed Nov 13 2019
This week the median list price for Newport, RI is $898,000 with the market action index hovering around 30. This is less than last month's market action index of 31. Inventory has held steady at or around 90.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
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 | $898,000 | |
| Per Square Foot | $436 | |
| Days on Market | 175 | |
| Price Decreased | 48% | |
| Price Increased | 0% | |
| Relisted | 9% | |
| Inventory | 90 | |
| Median House Rent | $2,225 | |
| Most Expensive | $37,000,000 | |
| Least Expensive | $260,000 | |
| Market Action Index Slight Seller's Advantage | 30 |
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
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 |
|---|---|---|---|---|---|---|---|---|
| $4,347,500 | 6,408 | 1 - 2.5 acres | 5 | 5 | 111 | 0 | 3 | 338 |
| $1,435,000 | 3,077 | 8,000 - 10,000 sqft | 4 | 3 | 132 | 3 | 2 | 192 |
| $699,000 | 1,710 | 4,500 - 6,500 sqft | 3 | 2 | 119 | 2 | 2 | 104 |
| $489,900 | 1,404 | 0 - 4,500 sqft | 3 | 1 | 119 | 0 | 3 | 74 |