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
Mon Jan 17 2022
This week the median list price for Newport, RI is $1,369,500 with the market action index hovering around 44. This is less than last month's market action index of 46. Inventory has decreased to 18.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $1,369,500 | |
| Median Price of New Listings | $6,000,000 | |
| Per Square Foot | $698 | |
| Average Days on Market | 222 | |
| Median Days on Market | 123 | |
| Price Decreased | 17% | |
| Price Increased | 6% | |
| Relisted | 0% | |
| Inventory | 18 | |
| Median Rent | $3,800 | |
| Market Action | 44 | |
| Slight Seller's Advantage | ||
The market continues its bounce again this week. We’re a long way from the market’s high point so watch the Market Action Index as a leading indicator for how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $7,475,000 | 7,183 | 2.5 - 5 acres | 8 | 7.8 | 137 | 0 | 0 | 280 |
| $3,325,000 | 4,244 | 0.25 - 0.5 acre | 4 | 3.5 | 125 | 1 | 1 | 98 |
| $1,090,000 | 1,620 | 0 - 4,500 sqft | 3 | 2.5 | 147 | 0 | 1 | 112 |
| $499,000 | 1,400 | 4,500 - 6,500 sqft | 3 | 1.5 | 122 | 0 | 1 | 49 |