Is West 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, West Warwick has remained a Seller's Market.
Key Takeaway
West Warwick is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Warwick, RI
How much do homes in West Warwick, RI cost?
Median Sold Price
$362,000
$240/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in West Warwick have sold for 9% more than they did a year ago.
Summary: The median home sold price in West Warwick was $362,000 in May 2024, up 9% from last year, and the median price per square foot was $240.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | $166.5K | +23.3% |
| 2 Bedrooms | $270K | $329K | +21.9% |
| 3 Bedrooms | $349.9K | $374.9K | +7.1% |
| 4 Bedrooms | $355K | $395K | +11.3% |
| 5+ Bedrooms | $380K | $440.5K | +15.9% |
Summary: West Warwick housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.3%, 2 bedroom homes increased by 21.9%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 15.9%.
Housing Supply in West Warwick, RI
How many homes are available in West Warwick, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 93 | 116 | +24.7% |
Summary: The West Warwick real estate market had 116 homes for sale in May 2024, a 24.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 27 | 34 | +25.9% |
| 3 Bedrooms | 29 | 38 | +31.0% |
| 4 Bedrooms | 18 | 25 | +38.9% |
| 5+ Bedrooms | 18 | 18 | 0.0% |
Summary: The West Warwick housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25.9%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 38.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 27 | +17.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Warwick, you could pay more than the asking price. 77.8% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in West Warwick in May 2024, up by 17.4% month-over-month. Of the 27 sold homes, 11% were sold under asking, 11% were sold at asking, and 78% were sold over asking.
Days on Market for West Warwick, RI
How long does it take to sell a home in West Warwick, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 26 Days | -25.1% |
Summary: Homes in West Warwick had an average of 26 days on market in May 2024, down by 25.1% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in West Warwick are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 27 homes were sold in West Warwick; 70% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
