$1,895,000
2.24 Acres
Land
Listing Office: Lila Delman Compass
Is Block Island, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 2023
At the same time last year, Block Island was a Seller's Market.
Key Takeaway
Block Island is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Block Island, RI
How much do homes in Block Island, RI cost?
Median Sold Price
$1,550,000
$867/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
-$10,000(-0.6%)
Key Takeaway
Homes in Block Island have sold for 0.6% less than they did a year ago.
Summary: The median home sold price in Block Island was $1,550,000 in December 2024, down 0.6% from last year, and the median price per square foot was $867.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $492.5K | $715K | +45.2% |
| 2 Bedrooms | $1.2M | $705.7K | -44.9% |
| 3 Bedrooms | $1.5M | $1.4M | -2.5% |
| 4 Bedrooms | $1.8M | $1.8M | +2.8% |
| 5+ Bedrooms | $1.7M | $2.2M | +33.8% |
Summary: Block Island housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45.2%, 2 bedroom homes decreased by 44.9%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 33.8%.
Median Sold Price Compared To Nearby Cities
| Block Island | $1.5M | $1.5M | -0.6% |
| New Shoreham | $1.5M | $1.5M | -0.6% |
Housing Supply in Block Island, RI
How many homes are available in Block Island, RI?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 15 | 11 | -26.7% |
Summary: The Block Island real estate market had 11 homes for sale in December 2024, a 26.7% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 4 | 2 | -50.0% |
| 4 Bedrooms | 7 | 5 | -28.6% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Block Island housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 4 | 1 | -75.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Block Island, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Block Island in December 2024, down by 75.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Block Island, RI
How long does it take to sell a home in Block Island, RI?
Average Sale Time
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 81 Days | 154 Days | +88.6% |
Summary: Homes in Block Island had an average of 154 days on market in Dec 2024, up by 88.6% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Block Island are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During December 2024, 1 homes were sold in Block Island; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
