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
Tue Oct 08 2024
This week the median list price for Newport, RI is $2,600,000 with the market action index hovering around 43. This is less than last month's market action index of 44. Inventory has increased to 27.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its 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 | $2,600,000 | |
| Median Price of New Listings | $3,395,000 | |
| Per Square Foot | $781 | |
| Average Days on Market | 133 | |
| Median Days on Market | 98 | |
| Price Decreased | 48% | |
| Price Increased | 0% | |
| Relisted | 30% | |
| Inventory | 27 | |
| Median Rent | ||
| Market Action | 43 | |
| Slight Seller's Advantage | ||
Click for more charts
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 |
|---|---|---|---|---|---|---|---|---|
| $6,850,000 | 5,604 | 1 - 2.5 acres | 4 | 5 | 44 | 1 | 0 | 168 |
| $3,395,000 | 3,833 | 8,000 - 10,000 sqft | 4 | 5 | 66 | 2 | 0 | 63 |
| $2,495,000 | 3,198 | 6,500 - 8,000 sqft | 5 | 4 | 129 | 0 | 1 | 119 |
| $950,000 | 1,620 | 0 - 4,500 sqft | 3 | 2 | 114 | 2 | 1 | 7 |