2024 Market Report Q3

MARKET REPORT THIRD QUARTER

METRO & EAST BAY $800,000

MEDIAN SALE PRICE $600,000

The median price of single-family home sales continued to climb, rising from $448,000 in Q3 2023 to $490,000 this year. Homes that sold for less than $500,000 accounted for more than half of all sales.

$400,000

$200,000

Cr an st on

Jo hn st on

W ar Ea re n st Pr ov id en ce Pr ov id N en or ce th Pr ov id en ce

Br is to l

Ba rr in gt on

$0

200

150

NUMBER OF SALES

KEY:

100

50

Br Ea is to st l Pr ov id en ce Pr ov id N or en th ce Pr ov id en ce Jo hn st on Cr an st on

W ar re n

0 Ba rr in gt on

According to sales data released by the Rhode Island Association of Realtors, the third quarter of 2024 saw a notable increase in single-family home sales, reversing the downward trend observed in the first two quarters of the year. Closed sales rose by 8.5% compared to the same period last year, signaling a positive shift in the market.

Single-family Condo Multi-family

NORTHERN RI $600,000 $500,000

MEDIAN SALE PRICE

$400,000

The median price for multifamily homes surged by 15.7%, reaching $561,000.

$300,000 $200,000 $100,000

Li nc Cu ol n m be rla W nd oo ns oc ke Pa t w tu ck Ce et nt N ra or lF th al ls Sm ith fie ld Sm ith fie ld Bu rr ill vi lle G lo ce st er Fo st er Sc itu at e

$0

100

80

NUMBER OF SALES

40

20

0 Li Cu nco ln m be r W l oo and ns oc ke Pa t w t Ce uck et nt N ra or l th F Sm alls ith fi Sm eld ith fie Bu ld rr ill vi lle G lo ce st er Fo st er Sc itu at e

The multifamily market, which experienced a strong second quarter, saw a slowdown in the third quarter. Sales activity remained flat compared to Q3 2023

60

KEY:

Single-family Condo Multi-family

SOUTH COUNTY $2,000,000

$1,500,000

MEDIAN SALE PRICE Condominium median price remained relatively stable, experiencing a modest decline of 0.4% to $377,500.

$1,000,000

$500,000

Ex et er

H op ki nt on R ic hm on Ch d ar le st ow n W es te rly Bl oc k So Is la ut nd h K in gs to w N n ar ra ga N ns or et th t K in gs to w n

$0

100 80

NUMBER OF SALES In the condominium sector, sales rose by 7.4% compared to last year

60 40 20

Ex et er H op ki nt on R ic hm on Ch d ar le st ow n W es te rly Bl oc k So Is ut la nd h K in gs to w N ar n ra ga N or ns th et t K in gs to w n

0

KEY:

Single-family Condo Multi-family

KENT COUNTY $1,000,000

MEDIAN SALE PRICE

$800,000

$600,000

$400,000

$200,000

W es tG re en w ic h

Co ve nt ry

W ar w ic k

w ic k W es tW ar

Ea st G re en w ic h

$0

250

200

NUMBER OF SALES

150

100

50

KEY:

Single-family Condo Multi-family

W es tG re en w ic h

Co ve nt ry

W ar w ic k

w ic k W es tW ar

Ea st G re en w ic h

0

NEWPORT COUNTY $1,400,000 $1,200,000 $1,000,000

MEDIAN SALE PRICE

$800,000 $600,000 $400,000 $200,000

n Ja m es to w

N ew po rt

n M id dl et ow

Po rt sm ou th

Co m pt on

Li tt le

Ti ve rt on

$0

70 60 50

NUMBER OF SALES

40 30 20 10

KEY:

Single-family Condo Multi-family

n Ja m es to w

N ew po rt

n M id dl et ow

Po rt sm ou th

Co m pt on

Li tt le

Ti ve rt on

0

FOR AN IN-DEPTH ANALYSIS OF YOUR LOCAL MARKET, PLEASE CONTACT WESTCOTT PROPERTIES.

Percent change reflects a year-over-year comparison between 2023 and 2024. Information is provided by State-Wide MLS, Inc., a subsidiary of the Rhode Island Association of REALTORS®. Information deemed reliable but not guaranteed

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