Is Newport, 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, Newport has remained a Seller's Market.
Key Takeaway
Newport is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Newport, RI
How much do homes in Newport, RI cost?
Median Sold Price
$850,000
$578/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Newport have sold for 9% more than they did a year ago.
Summary: The median home sold price in Newport was $850,000 in April 2024, up 9% from last year, and the median price per square foot was $578.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $417K | $425K | +1.9% |
| 2 Bedrooms | $625K | $650K | +4.0% |
| 3 Bedrooms | $801K | $899K | +12.2% |
| 4 Bedrooms | $900K | $1.0M | +11.1% |
| 5+ Bedrooms | $1.2M | $1.5M | +25.0% |
Summary: Newport housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.9%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 25%.
Median Sold Price Compared To Nearby Cities
| Newport | $780K | $850K | +9.0% |
| Middletown | $665K | $699.5K | +5.2% |
| Jamestown | $1.0M | $1.0M | +4.2% |
Housing Supply in Newport, RI
How many homes are available in Newport, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 75 | 85 | +13.3% |
Summary: The Newport real estate market had 85 homes for sale in April 2024, a 13.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 22 | 27 | +22.7% |
| 4 Bedrooms | 15 | 19 | +26.7% |
| 5+ Bedrooms | 20 | 21 | +5.0% |
Summary: The Newport housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 20 | 19 | -5.0% |
Asking Price vs. Sold Price
9 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 Newport, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in Newport in April 2024, down by 5.0% month-over-month. Of the 19 sold homes, 47% were sold under asking, 11% were sold at asking, and 42% were sold over asking.
Days on Market for Newport, RI
How long does it take to sell a home in Newport, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 46 Days | 54 Days | +17.1% |
Summary: Homes in Newport had an average of 54 days on market in Apr 2024, up by 17.1% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Newport are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 19 homes were sold in Newport; 42% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
