$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 October 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
$1,512,000
$811/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$163,000(-9.7%)
Key Takeaway
Homes in Block Island have sold for 9.7% less than they did a year ago.
Summary: The median home sold price in Block Island was $1,512,000 in October 2024, down 9.7% from last year, and the median price per square foot was $811.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $492.5K | N/A |
| 2 Bedrooms | $1.0M | $1.0M | -1.1% |
| 3 Bedrooms | $1.5M | $1.3M | -7.7% |
| 4 Bedrooms | $1.8M | $1.8M | +1.4% |
| 5+ Bedrooms | $2.5M | $2.2M | -9.0% |
Summary: Block Island housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.1%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes decreased by 9%.
Median Sold Price Compared To Nearby Cities
| Block Island | $1.6M | $1.5M | -9.7% |
| New Shoreham | $1.6M | $1.5M | -9.7% |
Housing Supply in Block Island, RI
How many homes are available in Block Island, RI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 24 | 16 | -33.3% |
Summary: The Block Island real estate market had 16 homes for sale in October 2024, a 33.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 0 | -100.0% |
| 3 Bedrooms | 9 | 5 | -44.4% |
| 4 Bedrooms | 9 | 6 | -33.3% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Block Island housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes decreased by 44.4%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 2 | -66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was 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. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Block Island in October 2024, down by 66.7% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 174 Days | 90 Days | -48.4% |
Summary: Homes in Block Island had an average of 90 days on market in Oct 2024, down by 48.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Block Island has remained consistent over time.
Summary: During October 2024, 2 homes were sold in Block Island; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
