2024 Market Report Q2 (August)

MARKET REPORT SECOND QUARTER

METRO & EAST BAY $1,000,000

MEDIAN SALE PRICE

$800,000

In the second quarter, the median price of single-family homes rose by 9.3% year-over-year to $470,130.

$600,000

$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

Sales activity fell by roughly the same percentage, dropping 8.7% year-over-year. Stiff competition caused by pent-up demand shortened the average time homes stayed on the market before going under contract in just four weeks

Single-family Condo Multi-family

NORTHERN RI $600,000 $500,000

MEDIAN SALE PRICE

$400,000

Meanwhile, the median price for multifamily homes surged by 12.8% to $530,000.

$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

Sales activity for multifamily properties actually rose, with an 18.5% increase in closed sales compared to the previous year.

Multifamily homes, averaging just 24 days on the market, were the only residential property type to see a year-over-year sales increase.

KEY:

60

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 lF th 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

NUMBER OF SALES

Single-family Condo Multi-family

SOUTH COUNTY $2,000,000

$1,500,000

MEDIAN SALE PRICE In contrast, the median sales price for condominiums declined by 3.5% to $352,250, bucking the trend of rising prices in other residential categories.

$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

80

NUMBER OF SALES Sales activity for condos remained fairly steady, with a decline of less than 1%.

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 g N an or se th tt K in gs to w n

0

KEY:

Single-family Condo Multi-family

KENT COUNTY $1,000,000

MEDIAN SALE PRICE

$800,000

Rhode Island Realtors noted that while out-of-state buyers continue to intensify competition in the housing market, their numbers are beginning to decrease.

$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 In the last quarter, 23.4% of all residential sales involved out-ofstate buyers, down from 26.7% in the same period last year

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 $3,000,000 $2,500,000 $2,000,000

MEDIAN SALE PRICE

$1,500,000

Providence County saw the highest proportion of these sales, primarily from neighboring Massachusetts, followed by Newport County.

$1,000,000 $500,000

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

50

40

NUMBER OF SALES The percentage of Ocean State homes sold for $1 million or more to out-of-state buyers decreased from 49.1% in the second quarter of 2023 to 42% this year.

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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