Is Newport County, RI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Newport County is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Newport County has remained a Seller's Market.

Key Takeaway

Newport County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Newport County, RI

How much do homes in Newport County, RI cost?

Median Sold Price

$715,120

$395/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$40,614(+6.0%)

Key Takeaway

Homes in Newport County have sold for 6% more than they did a year ago.

Summary: The median home sold price in Newport County was $715,120 in May 2024, up 6% from last year, and the median price per square foot was $395.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $404.5K$440K
+8.8%
2 $502.5K$586.6K
+16.7%
3 $649.2K$682.5K
+5.1%
4 $860K$918.8K
+6.8%
5+ $1.1M$1.5M
+30.4%

Summary: Newport County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.8%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 30.4%.

Median Sold Price Compared To Nearby Counties

Bristol County
+8.0%
Newport County
+6.0%

Housing Supply in Newport County, RI

How many homes are available in Newport County, RI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
302380+25.8%

Summary: The Newport County real estate market had 380 homes for sale in May 2024, a 25.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1117
+54.5%
2 7194
+32.4%
3 123126
+2.4%
4 6296
+54.8%
5+ 3547
+34.3%

Summary: The Newport County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 54.5%, 2 bedroom homes increased by 32.4%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 54.8%, and 5+ bedroom homes increased by 34.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6071+18.3%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

15 Homes Were Sold
At Asking

33 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newport County, you could pay more than the asking price. 46.5% of homes here sold above asking price last month.

Summary: A total of 71 homes were sold or pending in Newport County in May 2024, up by 18.3% month-over-month. Of the 71 sold homes, 32% were sold under asking, 21% were sold at asking, and 46% were sold over asking.

Days on Market for Newport County, RI

How long does it take to sell a home in Newport County, RI?

Average Sale Time

May 2023May 2024CHANGE
46 Days42 Days-6.9%

Summary: Homes in Newport County had an average of 42 days on market in May 2024, down by 6.9% compared to last year.

Breakdown of Home Sale Times

42 Homes Were Sold
Under 30 Days

20 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Newport County are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 71 homes were sold in Newport County; 59% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Newport County, RI

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