Is 02886, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 02886 has remained a Seller's Market.
Key Takeaway
02886 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 02886, RI
How much do homes in 02886, RI cost?
Median Sold Price
$395,000
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 02886 have sold for 12.9% more than they did a year ago.
Summary: The median home sold price in 02886 was $395,000 in May 2024, up 12.9% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $204.5K | $220K | +7.6% |
| 2 Bedrooms | $317.7K | $343K | +7.9% |
| 3 Bedrooms | $360K | $405K | +12.5% |
| 4 Bedrooms | $439K | $532K | +21.2% |
| 5+ Bedrooms | $400K | $512.5K | +28.1% |
Summary: 02886 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.6%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes increased by 28.1%.
Housing Supply in 02886, RI
How many homes are available in 02886, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 77 | 85 | +10.4% |
Summary: The 02886 real estate market had 85 homes for sale in May 2024, a 10.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 24 | 18 | -25.0% |
| 3 Bedrooms | 40 | 45 | +12.5% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The 02886 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 34 | +30.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 02886, you could pay more than the asking price. 67.6% of homes here sold above asking price last month.
Summary: A total of 34 homes were sold or pending in 02886 in May 2024, up by 30.8% month-over-month. Of the 34 sold homes, 18% were sold under asking, 15% were sold at asking, and 68% were sold over asking.
Days on Market for 02886, RI
How long does it take to sell a home in 02886, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 22 Days | -14.0% |
Summary: Homes in 02886 had an average of 22 days on market in May 2024, down by 14% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 02886 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 34 homes were sold in 02886; 76% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
