Tue May 18 2021
This week the median list price for Newport, RI is $1,175,000 with the market action index hovering around 46. This is an increase over last month's market action index of 45. Inventory has increased to 37.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$1,175,000|
|Median Price of New Listings||$624,450|
|Per Square Foot||$493|
|Average Days on Market||144|
|Median Days on Market||28|
|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 level. The Market Action Index is a good leading indicator for the durability of this trend.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$8,990,000||8,236||2.5 - 5 acres||7||7||42||1||0||210|
|$2,395,000||3,466||4,500 - 6,500 sqft||5||4||156||3||4||14|
|$959,000||1,963||0 - 4,500 sqft||4||2||138||1||1||70|
|$520,000||1,389||4,500 - 6,500 sqft||3||1||85||7||6||0|