Is Portsmouth, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Portsmouth was a Seller's Market.
Key Takeaway
Portsmouth is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Portsmouth, RI
How much do homes in Portsmouth, RI cost?
Median Sold Price
$635,000
$347/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Portsmouth have sold for 3.7% less than they did a year ago.
Summary: The median home sold price in Portsmouth was $635,000 in May 2024, down 3.7% from last year, and the median price per square foot was $347.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $381K | $388.1K | +1.9% |
| 2 Bedrooms | $460K | $564.5K | +22.7% |
| 3 Bedrooms | $659.5K | $599K | -9.2% |
| 4 Bedrooms | $880K | $820.5K | -6.8% |
| 5+ Bedrooms | $1.3M | $3.7M | +168.3% |
Summary: Portsmouth housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.9%, 2 bedroom homes increased by 22.7%, 3 bedroom homes decreased by 9.2%, 4 bedroom homes decreased by 6.8%, and 5+ bedroom homes increased by 168.3%.
Median Sold Price Compared To Nearby Cities
| Tiverton | $425K | $493.7K | +16.2% |
| Portsmouth | $659.5K | $635K | -3.7% |
Housing Supply in Portsmouth, RI
How many homes are available in Portsmouth, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 76 | 109 | +43.4% |
Summary: The Portsmouth real estate market had 109 homes for sale in May 2024, a 43.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 6 | +100.0% |
| 2 Bedrooms | 21 | 32 | +52.4% |
| 3 Bedrooms | 34 | 36 | +5.9% |
| 4 Bedrooms | 15 | 34 | +126.7% |
| 5+ Bedrooms | 3 | 1 | -66.7% |
Summary: The Portsmouth housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 52.4%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 126.7%, and 5+ bedroom homes decreased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 18 | +28.6% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Portsmouth, expect to pay close to the asking price. 38.9% of homes here sold near the asking price last month.
Summary: A total of 18 homes were sold or pending in Portsmouth in May 2024, up by 28.6% month-over-month. Of the 18 sold homes, 33% were sold under asking, 39% were sold at asking, and 28% were sold over asking.
Days on Market for Portsmouth, RI
How long does it take to sell a home in Portsmouth, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 47 Days | 64 Days | +35.6% |
Summary: Homes in Portsmouth had an average of 64 days on market in May 2024, up by 35.6% compared to last year.
Breakdown of Home Sale Times
10 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 Portsmouth are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 18 homes were sold in Portsmouth; 56% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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