Is 02905, 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, 02905 has remained a Seller's Market.
Key Takeaway
02905 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 02905, RI
How much do homes in 02905, RI cost?
Median Sold Price
$406,750
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 02905 have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in 02905 was $406,750 in May 2024, up 9.9% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $284.5K | - | N/A |
| 2 Bedrooms | $309.9K | $350K | +12.9% |
| 3 Bedrooms | $344.5K | $370K | +7.4% |
| 4 Bedrooms | $350K | $407.5K | +16.4% |
| 5+ Bedrooms | $460K | $515K | +12.0% |
Summary: 02905 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 12%.
Housing Supply in 02905, RI
How many homes are available in 02905, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 48 | -20.0% |
Summary: The 02905 real estate market had 48 homes for sale in May 2024, a 20.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 22 | 15 | -31.8% |
| 4 Bedrooms | 14 | 15 | +7.1% |
| 5+ Bedrooms | 21 | 13 | -38.1% |
Summary: The 02905 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 increased by 33.3%, 3 bedroom homes decreased by 31.8%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes decreased by 38.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 13 | -45.8% |
Asking Price vs. Sold Price
3 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 02905, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in 02905 in May 2024, down by 45.8% month-over-month. Of the 13 sold homes, 23% were sold under asking, 15% were sold at asking, and 62% were sold over asking.
Days on Market for 02905, RI
How long does it take to sell a home in 02905, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 32 Days | -14.7% |
Summary: Homes in 02905 had an average of 32 days on market in May 2024, down by 14.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 02905 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in 02905; 62% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
