Is Smithfield, 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, Smithfield has remained a Seller's Market.
Key Takeaway
Smithfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Smithfield, RI
How much do homes in Smithfield, RI cost?
Median Sold Price
$427,000
$263/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Smithfield have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Smithfield was $427,000 in April 2024, up 5.4% from last year, and the median price per square foot was $263.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $239.9K | +23.0% |
| 2 Bedrooms | $330K | $339K | +2.7% |
| 3 Bedrooms | $435K | $467.5K | +7.5% |
| 4 Bedrooms | $540K | $510K | -5.6% |
| 5+ Bedrooms | $437.5K | $500K | +14.3% |
Summary: Smithfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 7.5%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes increased by 14.3%.
Median Sold Price Compared To Nearby Cities
| Greenville | $375K | $429K | +14.4% |
| North Providence | $335K | $375K | +11.9% |
| Lincoln | $429.9K | $465.1K | +8.2% |
| Smithfield | $405K | $427K | +5.4% |
| Johnston | $379.9K | $400K | +5.3% |
Housing Supply in Smithfield, RI
How many homes are available in Smithfield, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 49 | 53 | +8.2% |
Summary: The Smithfield real estate market had 53 homes for sale in April 2024, a 8.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 13 | 16 | +23.1% |
| 3 Bedrooms | 24 | 23 | -4.2% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Smithfield 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 increased by 23.1%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 15 | -16.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Smithfield, you could pay more than the asking price. 73.3% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Smithfield in April 2024, down by 16.7% month-over-month. Of the 15 sold homes, 13% were sold under asking, 13% were sold at asking, and 73% were sold over asking.
Days on Market for Smithfield, RI
How long does it take to sell a home in Smithfield, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 24 Days | -56.5% |
Summary: Homes in Smithfield had an average of 24 days on market in Apr 2024, down by 56.5% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Smithfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 15 homes were sold in Smithfield; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
