Is Warwick, 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, Warwick has remained a Seller's Market.
Key Takeaway
Warwick is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Warwick, RI
How much do homes in Warwick, RI cost?
Median Sold Price
$380,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Warwick have sold for 10.4% more than they did a year ago.
Summary: The median home sold price in Warwick was $380,000 in March 2024, up 10.4% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205K | $230K | +12.2% |
| 2 Bedrooms | $307.5K | $325K | +5.7% |
| 3 Bedrooms | $354.4K | $390.8K | +10.3% |
| 4 Bedrooms | $427.5K | $450K | +5.3% |
| 5+ Bedrooms | $454.1K | $475K | +4.6% |
Summary: Warwick housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 4.6%.
Median Sold Price Compared To Nearby Cities
| Warwick | $344.2K | $380K | +10.4% |
| Cranston | $374.9K | $405.8K | +8.2% |
| West Warwick | $330K | $350K | +6.1% |
| East Greenwich | $606.6K | $634.9K | +4.7% |
| North Kingstown | $570K | $545.1K | -4.4% |
Housing Supply in Warwick, RI
How many homes are available in Warwick, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 208 | 232 | +11.5% |
Summary: The Warwick real estate market had 232 homes for sale in March 2024, a 11.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 12 | +20.0% |
| 2 Bedrooms | 47 | 51 | +8.5% |
| 3 Bedrooms | 110 | 119 | +8.2% |
| 4 Bedrooms | 30 | 40 | +33.3% |
| 5+ Bedrooms | 11 | 10 | -9.1% |
Summary: The Warwick housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 78 | +20.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
48 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Warwick, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.
Summary: A total of 78 homes were sold or pending in Warwick in March 2024, up by 20.0% month-over-month. Of the 78 sold homes, 27% were sold under asking, 12% were sold at asking, and 62% were sold over asking.
Days on Market for Warwick, RI
How long does it take to sell a home in Warwick, RI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 41 Days | 27 Days | -33.9% |
Summary: Homes in Warwick had an average of 27 days on market in Mar 2024, down by 33.9% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Warwick are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 78 homes were sold in Warwick; 63% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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