Is New Shoreham, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, New Shoreham was a Neutral Market.
Key Takeaway
New Shoreham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New Shoreham, RI
How much do homes in New Shoreham, RI cost?
Median Sold Price
$1,600,000
$822/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in New Shoreham have sold for 3% less than they did a year ago.
Summary: The median home sold price in New Shoreham was $1,600,000 in March 2024, down 3% from last year, and the median price per square foot was $822.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $492.5K | N/A |
| 2 Bedrooms | $1.0M | $1.2M | +25.2% |
| 3 Bedrooms | $1.4M | $1.5M | +8.9% |
| 4 Bedrooms | $1.7M | $2.0M | +18.1% |
| 5+ Bedrooms | $3.2M | $1.7M | -47.6% |
Summary: New Shoreham housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25.2%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 18.1%, and 5+ bedroom homes decreased by 47.6%.
Median Sold Price Compared To Nearby Cities
| New Shoreham | $1.6M | $1.6M | -3.0% |
| Block Island | $1.6M | $1.6M | -3.0% |
Housing Supply in New Shoreham, RI
How many homes are available in New Shoreham, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 18 | -5.3% |
Summary: The New Shoreham real estate market had 18 homes for sale in March 2024, a 5.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 4 | 4 | 0.0% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The New Shoreham housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 4 | +300.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in New Shoreham, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in New Shoreham in March 2024, up by 300.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for New Shoreham, RI
How long does it take to sell a home in New Shoreham, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 79 Days | 145 Days | +83.5% |
Summary: Homes in New Shoreham had an average of 145 days on market in Mar 2024, up by 83.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in New Shoreham has remained consistent over time.
Summary: During March 2024, 4 homes were sold in New Shoreham; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
