Is Portsmouth, 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, Portsmouth has remained a Seller's Market.
Key Takeaway
Portsmouth is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Portsmouth, RI
How much do homes in Portsmouth, RI cost?
Median Sold Price
$650,000
$345/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Portsmouth have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in Portsmouth was $650,000 in March 2024, up 8.5% from last year, and the median price per square foot was $345.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $412.5K | $352K | -14.7% |
| 2 Bedrooms | $440K | $575K | +30.7% |
| 3 Bedrooms | $575K | $615K | +7.0% |
| 4 Bedrooms | $777.3K | $815K | +4.8% |
| 5+ Bedrooms | $1.2M | $2.9M | +137.1% |
Summary: Portsmouth housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 14.7%, 2 bedroom homes increased by 30.7%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 137.1%.
Median Sold Price Compared To Nearby Cities
| Tiverton | $424K | $477K | +12.5% |
| Portsmouth | $599K | $650K | +8.5% |
Housing Supply in Portsmouth, RI
How many homes are available in Portsmouth, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 74 | 85 | +14.9% |
Summary: The Portsmouth real estate market had 85 homes for sale in March 2024, a 14.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 21 | 26 | +23.8% |
| 3 Bedrooms | 30 | 34 | +13.3% |
| 4 Bedrooms | 13 | 17 | +30.8% |
| 5+ Bedrooms | 7 | 5 | -28.6% |
Summary: The Portsmouth 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 increased by 23.8%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes decreased by 28.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 29 | +163.6% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Portsmouth, you may be able to get a good deal. 65.5% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in Portsmouth in March 2024, up by 163.6% month-over-month. Of the 29 sold homes, 66% were sold under asking, 7% were sold at asking, and 28% were sold over asking.
Days on Market for Portsmouth, RI
How long does it take to sell a home in Portsmouth, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 64 Days | 66 Days | +2.6% |
Summary: Homes in Portsmouth had an average of 66 days on market in Mar 2024, up by 2.6% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Portsmouth has remained consistent over time.
Summary: During March 2024, 29 homes were sold in Portsmouth; 38% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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