Is Narragansett, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Narragansett has remained a Seller's Market.
Key Takeaway
Narragansett is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Narragansett, RI
How much do homes in Narragansett, RI cost?
Median Sold Price
$797,450
$450/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Narragansett have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Narragansett was $797,450 in April 2024, up 8.9% from last year, and the median price per square foot was $450.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $381.5K | $322.5K | -15.5% |
| 2 Bedrooms | $625K | $600K | -4.0% |
| 3 Bedrooms | $749.5K | $800K | +6.7% |
| 4 Bedrooms | $807K | $830K | +2.9% |
| 5+ Bedrooms | $1.2M | $1.1M | -14.6% |
Summary: Narragansett housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.5%, 2 bedroom homes decreased by 4%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes decreased by 14.6%.
Median Sold Price Compared To Nearby Cities
| Narragansett | $732.5K | $797.4K | +8.9% |
| Saunderstown | $760K | $790K | +3.9% |
| South Kingstown | $582.1K | $587.8K | +1.0% |
| Wakefield | $582.8K | $582K | -0.2% |
| North Kingstown | $568K | $550K | -3.2% |
Housing Supply in Narragansett, RI
How many homes are available in Narragansett, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 55 | 62 | +12.7% |
Summary: The Narragansett real estate market had 62 homes for sale in April 2024, a 12.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 16 | 17 | +6.3% |
| 3 Bedrooms | 18 | 20 | +11.1% |
| 4 Bedrooms | 11 | 12 | +9.1% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Narragansett housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 16 | +6.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Narragansett, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Narragansett in April 2024, up by 6.7% month-over-month. Of the 16 sold homes, 44% were sold under asking, 25% were sold at asking, and 31% were sold over asking.
Days on Market for Narragansett, RI
How long does it take to sell a home in Narragansett, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 49 Days | 58 Days | +17.3% |
Summary: Homes in Narragansett had an average of 58 days on market in Apr 2024, up by 17.3% compared to last year.
Breakdown of Home Sale Times
8 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 Narragansett are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in Narragansett; 50% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
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