Is 02888, RI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 02888 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 02888 has remained a Seller's Market.

Key Takeaway

02888 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 02888, RI

How much do homes in 02888, RI cost?

Median Sold Price

$375,000

$255/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$35,000(+10.3%)

Key Takeaway

Homes in 02888 have sold for 10.3% more than they did a year ago.

Summary: The median home sold price in 02888 was $375,000 in February 2024, up 10.3% from last year, and the median price per square foot was $255.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $225K$265K
+17.8%
2 $311K$333.4K
+7.2%
3 $350K$405K
+15.7%
4 $385K$418.2K
+8.6%
5+ $450K$461.5K
+2.6%

Summary: 02888 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.8%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 2.6%.

Median Sold Price Compared To Nearby Zip Codes

02910
+14.2%
02888
+10.3%
02889
+8.7%
02920
+6.7%
02905
+3.8%

Housing Supply in 02888, RI

How many homes are available in 02888, RI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
43430.0%

Summary: The 02888 real estate market had 43 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 87
-12.5%
3 2530
+20.0%
4 52
-60.0%
5+ 00
0.0%

Summary: The 02888 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 60%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
139-30.8%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 02888, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in 02888 in February 2024, down by 30.8% month-over-month. Of the 9 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for 02888, RI

How long does it take to sell a home in 02888, RI?

Average Sale Time

Feb 2023Feb 2024CHANGE
36 Days35 Days-4.5%

Summary: Homes in 02888 had an average of 35 days on market in Feb 2024, down by 4.5% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 02888 has remained consistent over time.

Summary: During February 2024, 9 homes were sold in 02888; 44% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in 02888, RI

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