Is Narragansett, 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, Narragansett has remained a Seller's Market.
Housing Prices in Narragansett, RI
How much do homes in Narragansett, RI cost?
Median Sold Price
$800,000
$451/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Narragansett was $800,000 in March 2024, up 7.6% from last year, and the median price per square foot was $451.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $381.5K | $330K | -13.5% |
2 Bedrooms | $627K | $601K | -4.1% |
3 Bedrooms | $747.5K | $815K | +9.0% |
4 Bedrooms | $828.5K | $825K | -0.4% |
5+ Bedrooms | $1.5M | $1.1M | -26.8% |
Summary: Narragansett housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.5%, 2 bedroom homes decreased by 4.1%, 3 bedroom homes increased by 9%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes decreased by 26.8%.
Median Sold Price Compared To Nearby Cities
Saunderstown | $760K | $845.4K | +11.2% |
Narragansett | $743.7K | $800K | +7.6% |
South Kingstown | $582K | $581.1K | -0.2% |
Wakefield | $585.6K | $576K | -1.6% |
North Kingstown | $570K | $545.1K | -4.4% |
Housing Supply in Narragansett, RI
How many homes are available in Narragansett, RI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
50 | 55 | +10.0% |
Summary: The Narragansett real estate market had 55 homes for sale in March 2024, a 10.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 3 | +200.0% |
2 Bedrooms | 14 | 13 | -7.1% |
3 Bedrooms | 18 | 16 | -11.1% |
4 Bedrooms | 8 | 14 | +75.0% |
5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Narragansett housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes increased by 75%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
6 | 15 | +150.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 15 homes were sold or pending in Narragansett in March 2024, up by 150.0% month-over-month. Of the 15 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for Narragansett, RI
How long does it take to sell a home in Narragansett, RI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
51 Days | 32 Days | -36.6% |
Summary: Homes in Narragansett had an average of 32 days on market in Mar 2024, down by 36.6% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 15 homes were sold in Narragansett; 73% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.