Is South Kingstown, 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, South Kingstown was a Seller's Market.
Key Takeaway
South Kingstown 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 South Kingstown, RI
How much do homes in South Kingstown, RI cost?
Median Sold Price
$600,000
$339/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Kingstown have sold for 1.6% less than they did a year ago.
Summary: The median home sold price in South Kingstown was $600,000 in May 2024, down 1.6% from last year, and the median price per square foot was $339.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $360K | +67.4% |
| 2 Bedrooms | $612.4K | $492.7K | -19.5% |
| 3 Bedrooms | $569K | $600K | +5.4% |
| 4 Bedrooms | $720K | $717.5K | -0.3% |
| 5+ Bedrooms | $632.5K | $699.9K | +10.7% |
Summary: South Kingstown housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 67.4%, 2 bedroom homes decreased by 19.5%, 3 bedroom homes increased by 5.4%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes increased by 10.7%.
Housing Supply in South Kingstown, RI
How many homes are available in South Kingstown, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 | 108 | +33.3% |
Summary: The South Kingstown real estate market had 108 homes for sale in May 2024, a 33.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0% |
| 2 Bedrooms | 24 | 36 | +50.0% |
| 3 Bedrooms | 24 | 32 | +33.3% |
| 4 Bedrooms | 20 | 24 | +20.0% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The South Kingstown housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 18 | -5.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Kingstown, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in South Kingstown in May 2024, down by 5.3% month-over-month. Of the 18 sold homes, 44% were sold under asking, 28% were sold at asking, and 28% were sold over asking.
Days on Market for South Kingstown, RI
How long does it take to sell a home in South Kingstown, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 29 Days | -3.9% |
Summary: Homes in South Kingstown had an average of 29 days on market in May 2024, down by 3.9% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in South Kingstown are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 18 homes were sold in South Kingstown; 67% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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