Is Warwick, 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, Warwick has remained a Seller's Market.
Key Takeaway
Warwick is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Warwick, RI
How much do homes in Warwick, RI cost?
Median Sold Price
$385,000
$264/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Warwick have sold for 11% more than they did a year ago.
Summary: The median home sold price in Warwick was $385,000 in May 2024, up 11% from last year, and the median price per square foot was $264.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $216.2K | $230K | +6.4% |
| 2 Bedrooms | $312K | $331.7K | +6.3% |
| 3 Bedrooms | $356K | $400K | +12.4% |
| 4 Bedrooms | $415K | $450K | +8.4% |
| 5+ Bedrooms | $425K | $525K | +23.5% |
Summary: Warwick housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.4%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 12.4%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 23.5%.
Median Sold Price Compared To Nearby Cities
| Warwick | $346.9K | $385K | +11.0% |
| East Greenwich | $581K | $643.3K | +10.7% |
| West Warwick | $332K | $362K | +9.0% |
| Cranston | $378.5K | $410K | +8.3% |
| North Kingstown | $567.3K | $570K | 0.5% |
Housing Supply in Warwick, RI
How many homes are available in Warwick, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 256 | 264 | +3.1% |
Summary: The Warwick real estate market had 264 homes for sale in May 2024, a 3.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 11 | +83.3% |
| 2 Bedrooms | 65 | 52 | -20.0% |
| 3 Bedrooms | 139 | 144 | +3.6% |
| 4 Bedrooms | 37 | 44 | +18.9% |
| 5+ Bedrooms | 9 | 13 | +44.4% |
Summary: The Warwick housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 83.3%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 44.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 91 | +5.8% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
61 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Warwick, you could pay more than the asking price. 67% of homes here sold above asking price last month.
Summary: A total of 91 homes were sold or pending in Warwick in May 2024, up by 5.8% month-over-month. Of the 91 sold homes, 19% were sold under asking, 14% were sold at asking, and 67% were sold over asking.
Days on Market for Warwick, RI
How long does it take to sell a home in Warwick, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 23 Days | -5.7% |
Summary: Homes in Warwick had an average of 23 days on market in May 2024, down by 5.7% compared to last year.
Breakdown of Home Sale Times
70 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Warwick are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 91 homes were sold in Warwick; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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