Is 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, 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
$431,000
$263/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Smithfield have sold for 6.4% more than they did a year ago.
Summary: The median home sold price in Smithfield was $431,000 in May 2024, up 6.4% from last year, and the median price per square foot was $263.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $191.2K | $244.9K | +28.1% |
| 2 Bedrooms | $330K | $340.5K | +3.2% |
| 3 Bedrooms | $437.3K | $476.2K | +8.9% |
| 4 Bedrooms | $545K | $508.5K | -6.7% |
| 5+ Bedrooms | $420K | $525K | +25.0% |
Summary: Smithfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.1%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 8.9%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes increased by 25%.
Median Sold Price Compared To Nearby Cities
| Greenville | $362.7K | $435K | +19.9% |
| North Providence | $335K | $373.1K | +11.4% |
| Lincoln | $429K | $469.9K | +9.5% |
| Smithfield | $405K | $431K | +6.4% |
| Johnston | $380K | $402.5K | +5.9% |
Housing Supply in Smithfield, RI
How many homes are available in Smithfield, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 62 | +19.2% |
Summary: The Smithfield real estate market had 62 homes for sale in May 2024, a 19.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 15 | 23 | +53.3% |
| 3 Bedrooms | 24 | 24 | 0.0% |
| 4 Bedrooms | 10 | 10 | 0.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Smithfield 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 53.3%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 19 | +26.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Smithfield, you could pay more than the asking price. 63.2% of homes here sold above asking price last month.
Summary: A total of 19 homes were sold or pending in Smithfield in May 2024, up by 26.7% month-over-month. Of the 19 sold homes, 21% were sold under asking, 16% were sold at asking, and 63% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 18 Days | -24.2% |
Summary: Homes in Smithfield had an average of 18 days on market in May 2024, down by 24.2% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Smithfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in Smithfield; 74% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
