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 Jul 26 2024
This week the median list price for Newport, RI is $2,460,000 with the market action index hovering around 42. This is an increase over last month's market action index of 41. Inventory has decreased to 32.
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 Action Index has resumed a climb. Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.
Real-Time Market Profile
| Median List Price | $2,460,000 | |
| Median Price of New Listings | $769,000 | |
| Per Square Foot | $755 | |
| Average Days on Market | 94 | |
| Median Days on Market | 49 | |
| Price Decreased | 28% | |
| Price Increased | 0% | |
| Relisted | 6% | |
| Inventory | 32 | |
| Median Rent | ||
| Market Action | 42 | |
| Slight Seller's Advantage | ||
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 |
|---|---|---|---|---|---|---|---|---|
| $9,447,500 | 5,812 | 1 - 2.5 acres | 4 | 4.3 | 58 | 0 | 2 | 108 |
| $3,047,500 | 3,487 | 0.25 - 0.5 acre | 4 | 4 | 75 | 0 | 1 | 77 |
| $2,145,000 | 2,369 | 8,000 - 10,000 sqft | 5 | 2.5 | 119 | 0 | 1 | 38 |
| $974,500 | 1,598 | 4,500 - 6,500 sqft | 3 | 2 | 100 | 1 | 2 | 21 |