MARKET REPORT FIRST QUARTER
METRO & EAST BAY
MEDIAN SALE PRICE
The Rhode Island real estate market in March 2024 continued to face challenges, with declining activity persisting from previous years Low inventory levels remained a critical issue, impacting both single-family and multifamily home sales However, condominium sales stood out as an exception, showing resilience in both activity and median price.
NUMBER OF SALES
Despite a brief year-over-year hike in February, March saw a return to declining activity in single-family home sales. Sales in process but not completed by the end of March fell by 7.2%, signaling continued sluggishness in the market through April
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Barrington Bristol WarrenEastProvidenceProvidenceNorthProvidence Johnston Cranston 0 20 40 60 80 100 120 Barrington Warren BristolEastProvidenceProvidenceNorthProvidence Johnston Cranston
KEY:
Single-family Multi-family Condo
NORTHERN RI
NUMBER OF SALES
Pending sales increased by 5.6%, highlighting the attractiveness of multifamily homes for both owner-occupied properties and investors.
MEDIAN SALE PRICE
Multifamily home sales experienced a more significant decline in March, dropping by 19% compared to the previous year
However, the median price surged by 18 9% to $535,000, indicating continued demand for these properties
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 LincolnCumberlandWoonsocketPawtucketCentralFallsNorthSmithfieldSmithfieldBurrillvilleGlocester FosterScituate 0 10 20 30 40 50 60 LincolnCumberlandWoonsocketPawtucketCentralFallsNorthSmithfieldSmithfieldBurrillvilleGlocesterFosterScituate
KEY:
Single-family Multi-family Condo
$1,000,000 $1,500,000 $2,000,000 $2,500,000
SOUTH COUNTY
MEDIAN SALE PRICE
Condominium sales stood out with elevated activity and median price compared to the previous year for the past two months
NUMBER OF SALES
Sales activity remained stable in March, with a 0.8% increase from 12 months earlier. Pending sales showed a significant increase of 7.6%, suggesting continued growth in sales activity. The median price of condominium sales rose by 15 6% to $370,000 compared to the prior year
$0
$500,000
ExeterHopkintonRichmondCharlestown WesterlyBlockIslandSouthKingstownNarragansettNorthKingstown 0 10 20 30 40 50 60 ExeterHopkintonRichmondCharlestownWesterlyBlockIslandSouthKingstownNarragansettNorthKingstown
KEY:
Single-family Multi-family Condo
KENT COUNTY
The affordability of condominiums spurred sales in every county except
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 EastGreenwich WestWarwick Warwick Coventry WestGreenwich 0 50 100 150 200 EastGreenwich WestWarwick Warwick CoventryWestGreenwich
KEY:
Kent County maintained stable sales activity.
Single-family Multi-family Condo
Kent. MEDIAN SALE PRICE
NUMBER OF SALES
NEWPORT COUNTY
Newport County boasted the highest median quarterly price for single-family homes at $672,450, while Providence County experienced the largest median price hike, up by 14 2% MEDIAN SALE PRICE
NUMBER
OF SALES
Newport and Washington counties experienced an uptick in sales activity, whereas Bristol County and Northern Rhode Island witnessed a decline.
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 TivertonLittleCompton Portsmouth Middletown Newport Jamestown 0 10 20 30 40 50 TivertonLittleCompton Portsmouth Middletown Newport Jamestown
KEY:
Single-family Multi-family Condo
FOR AN IN-DEPTH ANALYSIS OF YOUR LOCAL MARKET, PLEASE EMAIL YOUR REAL ESTATE PROFESSIONAL. www.westcottproperties.com 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