This Week's Real Estate Market Report
Newport, RI
Single-Family Homes
The Hogan Associates Real Estate Team | 401-924-1774 | info@hoganassociatesre.com
Newport, RI
Fri Sep 20 2019
This week the median list price for Newport, RI is $929,000 with the market action index hovering around 31. This is less than last month's market action index of 32. Inventory has held steady at or around 99.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 | $929,000 | |
| Per Square Foot | $451 | |
| Days on Market | 149 | |
| Price Decreased | 35% | |
| Price Increased | 1% | |
| Relisted | 9% | |
| Inventory | 99 | |
| Median House Rent | ||
| Most Expensive | $37,000,000 | |
| Least Expensive | $308,000 | |
| Market Action Index Slight Seller's Advantage | 31 |
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 |
|---|---|---|---|---|---|---|---|---|
| $4,075,000 | 5,409 | 1 - 2.5 acres | 5 | 4 | 111 | 0 | 1 | 272 |
| $1,450,000 | 3,153 | 8,000 - 10,000 sqft | 4 | 3 | 129 | 1 | 1 | 169 |
| $699,000 | 1,980 | 4,500 - 6,500 sqft | 3 | 2 | 112 | 3 | 3 | 99 |
| $499,000 | 1,376 | 0 - 4,500 sqft | 3 | 1 | 99 | 5 | 1 | 61 |