Is Chepachet, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Chepachet has remained a Seller's Market.
Key Takeaway
Chepachet is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Chepachet, RI
How much do homes in Chepachet, RI cost?
Median Sold Price
$431,250
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Chepachet have sold for 12.4% more than they did a year ago.
Summary: The median home sold price in Chepachet was $431,250 in May 2024, up 12.4% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $218.5K | +18.1% |
| 2 Bedrooms | $320K | $335K | +4.7% |
| 3 Bedrooms | $405.5K | $451.5K | +11.3% |
| 4 Bedrooms | $453K | $530K | +17.0% |
| 5+ Bedrooms | $317.5K | $500K | +57.5% |
Summary: Chepachet housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.1%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 57.5%.
Median Sold Price Compared To Nearby Cities
| Mapleville | $320K | $397K | +24.1% |
| North Scituate | $420K | $479.9K | +14.3% |
| Glocester | $390K | $445.5K | +14.2% |
| Chepachet | $383.7K | $431.2K | +12.4% |
| Harrisville | $405K | $394K | -2.7% |
Housing Supply in Chepachet, RI
How many homes are available in Chepachet, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 27 | -12.9% |
Summary: The Chepachet real estate market had 27 homes for sale in May 2024, a 12.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 18 | 13 | -27.8% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Chepachet housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 27.8%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 7 | -36.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chepachet, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Chepachet in May 2024, down by 36.4% month-over-month. Of the 7 sold homes, 43% were sold under asking, 29% were sold at asking, and 29% were sold over asking.
Days on Market for Chepachet, RI
How long does it take to sell a home in Chepachet, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 65 Days | +307.1% |
Summary: Homes in Chepachet had an average of 65 days on market in May 2024, up by 307.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Chepachet are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Chepachet; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
