Is North Smithfield, 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, North Smithfield has remained a Seller's Market.
Key Takeaway
North Smithfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in North Smithfield, RI
How much do homes in North Smithfield, RI cost?
Median Sold Price
$435,000
$246/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in North Smithfield have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in North Smithfield was $435,000 in May 2024, up 2.4% from last year, and the median price per square foot was $246.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $370K | N/A |
| 2 Bedrooms | $385K | $424.9K | +10.4% |
| 3 Bedrooms | $425K | $441.5K | +3.9% |
| 4 Bedrooms | $484K | $497K | +2.7% |
| 5+ Bedrooms | $446.5K | $500K | +12.0% |
Summary: North Smithfield 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 10.4%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 12%.
Median Sold Price Compared To Nearby Cities
| Manville | $317.5K | $416.5K | +31.2% |
| Woonsocket | $335K | $380K | +13.4% |
| Lincoln | $429K | $469.9K | +9.5% |
| North Smithfield | $425K | $435K | +2.4% |
Housing Supply in North Smithfield, RI
How many homes are available in North Smithfield, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 28 | 31 | +10.7% |
Summary: The North Smithfield real estate market had 31 homes for sale in May 2024, a 10.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 16 | 13 | -18.8% |
| 4 Bedrooms | 3 | 6 | +100.0% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The North Smithfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 40%, 3 bedroom homes decreased by 18.8%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 8 | -11.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North Smithfield, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in North Smithfield in May 2024, down by 11.1% month-over-month. Of the 8 sold homes, 38% were sold under asking, 25% were sold at asking, and 38% were sold over asking.
Days on Market for North Smithfield, RI
How long does it take to sell a home in North Smithfield, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 70 Days | +357.5% |
Summary: Homes in North Smithfield had an average of 70 days on market in May 2024, up by 357.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in North Smithfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in North Smithfield; 63% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
