Is Smithfield, 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, Smithfield has remained a Seller's Market.
Key Takeaway
Smithfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Smithfield, RI
How much do homes in Smithfield, RI cost?
Median Sold Price
$422,500
$261/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Smithfield have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Smithfield was $422,500 in March 2024, up 3.3% from last year, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $193.7K | $239K | +23.4% |
| 2 Bedrooms | $329K | $350K | +6.4% |
| 3 Bedrooms | $435K | $465K | +6.9% |
| 4 Bedrooms | $540K | $545K | +0.9% |
| 5+ Bedrooms | $435K | $475K | +9.2% |
Summary: Smithfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.4%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 9.2%.
Median Sold Price Compared To Nearby Cities
| North Providence | $336.2K | $370K | +10.0% |
| Lincoln | $425K | $465.5K | +9.5% |
| Johnston | $375K | $399.9K | +6.6% |
| Smithfield | $409K | $422.5K | +3.3% |
| Greenville | $378K | $387.5K | +2.5% |
Housing Supply in Smithfield, RI
How many homes are available in Smithfield, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 42 | 50 | +19.0% |
Summary: The Smithfield real estate market had 50 homes for sale in March 2024, a 19.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 13 | 12 | -7.7% |
| 3 Bedrooms | 16 | 25 | +56.3% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Smithfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 56.3%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 18 | +125.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Smithfield, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in Smithfield in March 2024, up by 125.0% month-over-month. Of the 18 sold homes, 33% were sold under asking, 11% were sold at asking, and 56% were sold over asking.
Days on Market for Smithfield, RI
How long does it take to sell a home in Smithfield, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 35 Days | -34.3% |
Summary: Homes in Smithfield had an average of 35 days on market in Mar 2024, down by 34.3% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Smithfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 18 homes were sold in Smithfield; 67% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
