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
Thu Sep 19 2024
This week the median list price for Newport, RI is $2,925,000 with the market action index hovering around 44. This is an increase over last month's market action index of 41. Inventory has decreased to 22.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $2,925,000 | |
| Median Price of New Listings | $1,695,000 | |
| Per Square Foot | $791 | |
| Average Days on Market | 147 | |
| Median Days on Market | 88 | |
| Price Decreased | 41% | |
| Price Increased | 0% | |
| Relisted | 9% | |
| Inventory | 22 | |
| Median Rent | ||
| Market Action | 44 | |
| Slight Seller's Advantage | ||
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 |
|---|---|---|---|---|---|---|---|---|
| $6,950,000 | 5,225 | 1 - 2.5 acres | 4 | 4.5 | 40 | 0 | 0 | 189 |
| $3,250,000 | 4,048 | 0.5 - 1 acre | 5 | 4 | 106 | 0 | 0 | 133 |
| $2,549,500 | 3,487 | 8,000 - 10,000 sqft | 4 | 4 | 106 | 1 | 2 | 101 |
| $962,000 | 1,590 | 0 - 4,500 sqft | 3 | 1.8 | 119 | 2 | 3 | 45 |