2022 Third Quarter Market Update

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rd QUARTER MARKET REPORT 2022

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9 OFFICE LOCATIONS | 260+ AGENTS | #1 IN RI SALES VOLUME FOR OVER TWO DECADES #1 IN RHODE ISLAND COMMERCIAL VOLUME 2022 (YTD) #1 IN RHODE ISLAND SALES VOLUME 2022 (YTD) #1 IN RHODE ISLAND HOMES SOLD 2022 (YTD) #1 IN RHODE ISLAND LUXURY SALES $1M+ 2022 (YTD)

Rhode Island’s Real Estate Company

In addition to ranking #1 in Rhode Island for overall sales volume for more than two decades running, Residential Properties Ltd. also earns annual national recognition as one of the top real estate companies in the country. Recently, RPL was included on the 2021 Real Trends Top 500 and the RIS Media Top 500 Power Broker Rankings - two prestigious lists of the largest and most successful residential real estate brokerages in the entire nation.

Most importantly, our offices are filled with knowledgeable agents who will strive to provide a positive, satisfying, and professional experience, whether you’re buying your first house, selling a property, or moving into your dream home.

®
DECADES STRAIGHT

3RD QUARTER

MARKET REPORT

The sun has officially set on the last days of our New England summer. As the leaves change and we head into the final quarter of the year, let’s take a moment to look over the local real estate activity during the third quarter and throughout the opening nine months of the year.

While Rhode Island homes are still selling faster and for higher prices than ever before, a lack of inventory has suppressed overall sales in the state.

2022

Year to date, the average days on market for a single family home in Rhode Island has fallen to just 30 days, nearly half the average days on market from just two years ago.

However, the number of new single family listings fell by roughly 11% compared to this time last year, resulting in the state’s lowest number of single family sales through the opening three quarters since 2015.

While year-to-date prices for single family homes have reached new all-time highs, the average sales price for the third quarter was actually slightly less than the previous year, hinting at a potential top.

The number of new condominium listings in Rhode Island has dropped by roughly 19% on the year, returning sales totals back in line with pre-pandemic levels.

Meanwhile, the average sales price has risen by more than 10% for a third consecutive year, reaching a new all-time mark.

The multi-family market in Rhode Island has remained very active. Year to date, the average sales price for a multi-family home has continued to soar

to record levels, and while sales are down compared to last year’s all-time high, the state still saw its second most multi-family sales during the opening three quarters since 2010.

Switching our focus to the Massachusetts market, new single family listings in the South Coast region are down for a fourth consecutive year, contributing to an over 13% dip in South Coast single family sales over the opening three quarters.

The year-to-date average single family sales price in the South Coast increased for a tenth consecutive year, and has now more than doubled over that time period.

As we head into the final quarter of 2022, many eyes will be focused on the activity of our local real estate markets. With so many shifting factors impacting the industry, we’d like to remind everyone that our local real estate experts are here to assist you and answer any questions you may have. Whether buying or selling, our knowledgeable Realtors are always available to guide you throughout the entire process.

Q3 YEAR-TO-DATE

NEW LISTINGS

2021: 16,851

14,477

SOLD LISTINGS

2021: 12,417

10,724

AVERAGE SOLD PRICE

2021: $449,890

$491,717

AVERAGE DAYS ON MARKET

2021: 36 days

30

YEAR-TO-DATE

NEW LISTINGS

2021:

SOLD LISTINGS

2021:

AVERAGE SOLD PRICE

2021: $619,865

$653,672

AVERAGE DAYS ON MARKET

RHODE ISLAND STATEWIDE Single Family Homes, Condominiums & Multi-Family
2022:
2022:
2022:
2022:
days THE EAST BAY REGION Barrington, Bristol, and Warren Q3
766 2022: 654
571 2022: 500
2022:
2021: 38 days 2022: 27 days -14.1% -13.6% +9.3% -16.7% -14.6% -12.3% +5.5% -28.9%

Q3 YEAR-TO-DATE

NEW LISTINGS

SOLD LISTINGS

AVERAGE SOLD PRICE

AVERAGE DAYS ON MARKET

NEWPORT COUNTY Jamestown, Little Compton, Middletown, Newport, Portsmouth, and Tiverton
2021: 1,545 2022: 1,225
2021: 1,135 2022: 886
2021: $864,699 2022: $860,953
2021: 62 days 2022: 48 days -20.7% -21.9% -0.4% -22.6%

Q3 YEAR-TO-DATE

NEW LISTINGS

2021: 3,919

3,491

SOLD LISTINGS

2021: 2,868 2022: 2,633

AVERAGE SOLD PRICE

2021: $352,917

$396,877

AVERAGE DAYS ON MARKET

2021: 31

27

PROVIDENCE AREA

Cranston, East Providence, East Side, Edgewood, Pawtucket, Providence

YEAR-TO-DATE

NEW LISTINGS

2021: 5,172 2022: 4,350

SOLD LISTINGS

2021: 3,827 2022: 3,273

AVERAGE SOLD PRICE

2021: $364,527 2022: $420,785

AVERAGE DAYS ON MARKET

2021: 31

25

NORTHERN RI REGION Burrillville, Central Falls, Cumberland, Foster, Glocester, Johnston, Lincoln, North Providence, North Smithfield, Scituate, Smithfield, Woonsocket
2022:
2022:
days 2022:
days
Q3
days 2022:
days -10.9% -8.2% +12.5% -12.9% -15.9% -14.5% +15.4% -19.4%
SOUTH COUNTY Block Island, Charlestown, Exeter, Hopkinton, Narragansett, North Kingstown, Richmond, South Kingstown, Westerly Q3 YEAR-TO-DATE NEW LISTINGS 2021: 2,154 2022: 2,085 SOLD LISTINGS 2021: 1,587 2022: 1,422 AVERAGE SOLD PRICE 2021: $615,347 2022: $664,599 AVERAGE DAYS ON MARKET 2021: 44 days 2022: 36 days -3.2% -10.4% +8.0% -18.2%

Q3 YEAR-TO-DATE

NEW LISTINGS

2021: 3,295

2,672

SOLD LISTINGS

2021: 2,429 2022: 2,010

AVERAGE SOLD PRICE

2021: $357,163

$406,100

AVERAGE DAYS ON MARKET

2021: 32 days

30 days

Family Homes,

YEAR-TO-DATE

NEW LISTINGS

2021: 84,419

75,138

SOLD LISTINGS

2021: 66,337

57,655

AVERAGE SOLD PRICE

2021: $640,430

$704,290

AVERAGE DAYS ON MARKET

45 days

35 days

THE WEST BAY REGION Coventry, East Greenwich, Warwick, West Greenwich, West Warwick
2022:
2022:
2022:
MASSACHUSETTS STATEWIDE Single
Condominiums & Multi-Family Q3
2022:
2022:
2022:
2021:
2022:
-18.9% -17.2% +13.7% -6.3% -11.0% -13.1% +10.0% -22.2%
NORFOLK COUNTY Bellingham, Foxboro, Franklin, Plainville, Sharon, and Wrentham Q3 YEAR-TO-DATE NEW LISTINGS 2021: 1294 2022: 1063 SOLD LISTINGS 2021: 1072 2022: 897 AVERAGE SOLD PRICE 2021: $579,869 2022: $659,569 AVERAGE DAYS ON MARKET 2021: 30 days 2022: 25 days -17.9% -16.3% +13.7% -16.7%

Dartmouth, Fall River,

Q3 YEAR-TO-DATE

NEW LISTINGS

2021: 1,543

1,351

SOLD LISTINGS

2021: 1,212

1,027

AVERAGE SOLD PRICE

$427,137

$505,318

AVERAGE DAYS ON MARKET

2021: 36

39

MASS

Attleboro, Easton, Mansfield,

Rehoboth,

Attleboro,

Taunton

YEAR-TO-DATE

NEW LISTINGS

2021: 3,052

2,817

SOLD LISTINGS

2021: 2,523

2,214

AVERAGE SOLD PRICE

2021: $461,545

$510,068

AVERAGE DAYS ON MARKET

SOUTH COAST REGION
Somerset, and Westport
2022:
2022:
2021:
2022:
days 2022:
days SOUTHEASTERN
North
Norton,
Seekonk, Swansea,
Q3
2022:
2022:
2022:
2021: 28 days 2022: 27 days -12.4% -15.3% +18.3% +8.3% -7.7% -12.2% +10.5% -3.6%
WORCESTER COUNTY Blackstone, Douglas, Mendon, Millville, and Uxbridge Q3 YEAR-TO-DATE NEW LISTINGS 2021: 583 2022: 514 SOLD LISTINGS 2021: 444 2022: 435 AVERAGE SOLD PRICE 2021: $433,469 2022: $488,232 AVERAGE DAYS ON MARKET 2021: 30 days 2022: 28 days -11.8% -2.0% +12.6% -6.7%

SIGNIFICANT Q3 RPL SALES

SIGNIFICANT SALES

330 FREEMAN PARKWAY EAST SIDE OF PROVIDENCE, RI Sold: $3,250,000 114 GOVERNOR BRADFORD DRIVE BARRINGTON, RI Sold: $1,265,000 22 WOODLAND ROAD BARRINGTON, RI Sold: $1,260,000

149 TERRACE AVENUE

EAST PROVIDENCE, RI

Sold: $1,000,000

404 COUNTY ROAD

BARRINGTON, RI Sold: $1,100,000

30-36 WEEDEN STREET

PROVIDENCE, RI

Sold: $1,450,000

85-87 CONGDON STREET

EAST SIDE OF PROVIDENCE, RI

Sold: $1,495,000

152 BEACON AVENUE

WARWICK, RI Sold: $2,800,000

159 SUTTON STREET

PROVIDENCE, RI Sold: $1,375,000

4 WHITE BIRCH LANE

BARRINGTON, RI Sold: $1,200,000

3 WATERVIEW LANE

WARREN, RI Sold: $1,060,000

101 CONGDON STREET EAST SIDE OF PROVIDENCE, RI Sold: $2,350,000

460 BLACKSTONE BOULEVARD

EAST SIDE OF PROVIDENCE, RI

Sold: $2,250,000

241 TABER AVENUE

EAST SIDE OF PROVIDENCE, RI Sold: $1,135,000

150 EVERETT AVENUE

EAST SIDE OF PROVIDENCE, RI Sold: $1,010,000

33 BENEFIT STREET

EAST SIDE OF PROVIDENCE, RI

Sold: $1,220,000

10 STONEGATE ROAD WARREN, RI Sold: $1,895,000 30 JASONS GRANT DRIVE CUMBERLAND , RI Sold: $1,050,000 24 THAYER STREET EAST SIDE OF PROVIDENCE, RI Sold: $1,100,000
38 MALLARD COVE WAY BARRINGTON , RI Sold: $1,700,000

47 WOMANTAM LANE

CUMBERLAND, RI

Sold: $1,275,000

328 DOYLE AVENUE

EAST SIDE OF PROVIDENCE, RI Sold: $1,150,000

17 HALSEY STREET

EAST SIDE OF PROVIDENCE, RI Sold: $1,275,000

66 HUMBOLDT AVENUE

EAST SIDE OF PROVIDENCE, RI

Sold: $1,166,000

82 FREEMAN PARKWAY EAST SIDE OF PROVIDENCE, RI Sold: $1,670,000 30 ABBOTTSFORD COURT EAST SIDE OF PROVIDENCE, RI Sold: $1,250,000 146 BOSTON NECK ROAD NORTH KINGSTOWN, RI Sold: $1,005,000

221 EARLE DRIVE

NORTH KINGSTOWN, RI

Sold: $1,352,500

20 LAKE ROAD

NARRAGANSETT, RI

Sold: $1,447,000

5 WOODMONT COURT

BARRINGTON, RI Sold: $1,500,000

95 ELMGROVE AVENUE

EAST SIDE OF PROVIDENCE, RI

Sold: $1,350,000

99 LLOYD AVENUE

EAST SIDE OF PROVIDENCE, RI

Sold: $1,100,000

59 EMELINE STREET

EAST SIDE OF PROVIDENCE, RI

Sold: $1,000,000

4 WHITE BIRCH LANE

BARRINGTON, RI Sold: $1,200,000

30-32 SOUTH ANGELL STREET

EAST SIDE OF PROVIDENCE, RI

Sold: $1,595,000

8 OAK HILL ROAD NARRAGANSETT, RI Sold: $1,550,000

43 THAYER STREET

EAST SIDE OF PROVIDENCE, RI

Sold: $1,200,000

4 BROADVIEW DRIVE

BARRINGTON, RI

Sold: $1,200,000

400 WAYLAND AVENUE

EAST SIDE OF PROVIDENCE, RI

Sold: $ 1,255,000

157 WATERMAN STREET, UNIT#2-2

EAST SIDE OF PROVIDENCE, RI

Sold: $1,310,000

336 SHAWOMET AVENUE WARWICK, RI Sold: $1,295,000 64 OLD HARBOR ROAD WESPORT, RI Sold: $1,165,000 12 WATERVIEW LANE WARREN, RI Sold: $1,000,000
126-134 WILLETT ROAD SAUNDERSTOWN, RI Sold: $2,565,000

73 FIRE LANE 3

WAKEFIELD, RI Sold: $2,950,000

47 BLUFF ROAD

BARRINGTON, RI Sold: $1,970,000

96 ALUMNI AVENUE

EAST SIDE OF PROVIDENCE, RI Sold: $1,800,000

674 CHARLESTOWN BEACH ROAD

CHARLESTOWN, RI Sold: $1,550,000

245 ELMGROVE AVENUE

EAST SIDE OF PROVIDENCE, RI Sold: $1,500,000

32 WINFIELD ROAD

EAST SIDE OF PROVIDENCE, RI Sold: $1,455,000

65 GOVERNOR BRADFORD DRIVE

BARRINGTON, RI Sold: $1,410,000

50 CLARKE ROAD

BARRINGTON, RI Sold: $1,300,000

35 HOPE LANE

NARRAGANSETT, RI Sold: $1,295,000

NOT PICTURED
Residential Properties Ltd. is proud to be annually ranked among the most successful real estate companies in the entire country by both Real Trends and RIS Media. As one of the few firms with a full service, in-house marketing and technology department, RPL creates specific campaigns to differentiate its listings, improve exposure, and increase property inquiries. As a founding member of Leading Real Estate Companies of the World, RPL’s Relocation Department provides access to affluent buyers from around the globe. We are dedicated to providing a positive, satisfying, and professional experience whether buying your first house, selling a current property, or moving into your dream home. Contact us today and discover The RPL Advantage. Barrington 401.245.9600 Providence 401.274.6740 Cumberland 401.333.9333 South County 401.783.2474 East Greenwich 401.885.8400 West Side PVD 401.457.3400 Little Compton 401.635.8590 Westport MA 508.636.4760 Newport 401.619.5622 Relocation 800.866.1775 Numbers and rankings based on data supplied by the State-Wide Multiple Listing Service as of October 2022. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.