Is 02840, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 02840 has remained a Seller's Market.
Key Takeaway
02840 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 02840, RI
How much do homes in 02840, RI cost?
Median Sold Price
$820,000
$566/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 02840 have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in 02840 was $820,000 in March 2024, up 3.5% from last year, and the median price per square foot was $566.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $415K | $425K | +2.4% |
| 2 Bedrooms | $633K | $625K | -1.3% |
| 3 Bedrooms | $820K | $830K | +1.2% |
| 4 Bedrooms | $864K | $1.0M | +21.5% |
| 5+ Bedrooms | $1.1M | $1.5M | +31.5% |
Summary: 02840 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 21.5%, and 5+ bedroom homes increased by 31.5%.
Median Sold Price Compared To Nearby Zip Codes
| 02840 | $792.1K | $820K | +3.5% |
| 02842 | $687.5K | $695K | +1.1% |
Housing Supply in 02840, RI
How many homes are available in 02840, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 78 | +20.0% |
Summary: The 02840 real estate market had 78 homes for sale in March 2024, a 20.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 9 | 13 | +44.4% |
| 3 Bedrooms | 16 | 19 | +18.8% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 19 | 23 | +21.1% |
Summary: The 02840 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 44.4%, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 21.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 18 | +38.5% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 02840, you may be able to get a good deal. 72.2% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in 02840 in March 2024, up by 38.5% month-over-month. Of the 18 sold homes, 72% were sold under asking, 17% were sold at asking, and 11% were sold over asking.
Days on Market for 02840, RI
How long does it take to sell a home in 02840, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 91 Days | 60 Days | -34.1% |
Summary: Homes in 02840 had an average of 60 days on market in Mar 2024, down by 34.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 02840 has remained consistent over time.
Summary: During March 2024, 18 homes were sold in 02840; 22% of homes were sold within 30 days, 61% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
