Each week on What Sold, we take a closer look at the current state of the Newport County real estate market. The first week of December saw 20 properties close, demonstrating that the market remains competitive, even as signs of adjustment begin to emerge.
One trend that continues to shape the local market is the ongoing inventory shortage. While buyer demand remains strong, limited supply is intensifying competition. However, this week’s sales data suggests that the market may be experiencing a shift. Many of these homes sold below their original asking prices, indicating that buyers may have more negotiating power than in recent months. This could signal that sellers are beginning to adjust their expectations as the market cools, particularly with the approach of the holiday season.
As we move closer to the holidays, many sellers who haven’t yet listed are likely to wait until the Spring for a better opportunity to enter the market. However, for those sellers willing to act now, there are still favorable opportunities to achieve strong returns. Although the market pace may slow, the inventory shortage ensures that competition will remain fierce for well-priced homes in desirable areas.
Looking ahead, the market will continue to be influenced by the available inventory—or the lack thereof. While economic uncertainty and interest rate hikes may lead to a slower pace, the ongoing supply-demand imbalance is likely to maintain strong demand for homes in prime locations. Buyers and sellers alike will need to be strategic in navigating these conditions.
If you’re looking for more insight into the local Rhode Island market, my team at RE/MAX Results is here to help. With extensive experience and a commitment to providing solution-based guidance, we can ensure your real estate experience is seamless and successful.
For more information on these recent sales or to schedule a consultation, feel free to reach out to me directly at TylerB@resultswithremax.com or call 401-241-1851.
Jamestown
168 Seaside Drive
Sales Price: $1,710,000
Property Type: Contemporary, Other
Beds: 2
Baths/Half Baths: 2/1
Square Footage: 1,728
33 Clinton Avenue
Sales Price: $1,325,000
Property Type: Colonial
Beds: 4
Baths/Half Baths: 2/1
Square Footage: 1,544
36 Bryer Avenue
Sales Price: $1,200,000
Property Type: Cape Cod
Beds: 3
Baths/Half Baths: 1/1
Square Footage: 1,344
51 Keel Avenue
Sales Price: $850,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 2/0
Square Footage: 1,150
Middletown
331 Third Beach Road
Sales Price: $1,010,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 2/0
Square Footage: 1,800
43 Mixter Street
Sales Price: $700,000
Property Type: Ranch
Beds: 4
Baths/Half Baths: 3/0
Square Footage: 1,546
114 Ridgewood Road
Sales Price: $605,000
Property Type: Cape Cod
Beds: 3
Baths/Half Baths: 2/0
Square Footage: 1,387
Newport
204 Spring Street
Sales Price: $1,900,000
Property Type: Colonial
Beds: 7
Baths/Half Baths: 4/1
Square Footage: 3,240
23 Mount Vernon Street
Sales Price: $1,320,000
Property Type: Cottage, Historic, Victorian
Beds: 3
Baths/Half Baths: 3/0
Square Footage: 2,074
Portsmouth
296 West Shore Road
Sales Price: $1,155,000
Property Type: Contemporary
Beds: 3
Baths/Half Baths: 2/0
Square Footage: 1,680
79 Roger Williams Court
Sales Price: $865,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 2/1
Square Footage: 2,365
81 Lee Avenue
Sales Price: $649,000
Property Type: Cape Cod
Beds: 3
Baths/Half Baths: 1/1
Square Footage: 2,220
22 Pear Street
Sales Price: $610,333
Property Type: Raised Ranch
Beds: 3
Baths/Half Baths: 2/0
Square Footage: 2,300
89 Heritage Drive
Sales Price: $505,000
Property Type: Raised Ranch
Beds: 3
Baths/Half Baths: 1/1
Square Footage: 1,344
34 Pier Road
Sales Price: $495,000
Property Type: Bungalow, Ranch
Beds: 3
Baths/Half Baths: 1/0
Square Footage: 1,404
55 Garden Street
Sales Price: $295,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 1/0
Square Footage: 1,062
Tiverton
28 Carl Drive
Sales Price: $470,000
Property Type: Colonial
Beds: 4
Baths/Half Baths: 2/0
Square Footage: 2,385
130 Robert Gray Avenue
Sales Price: $440,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 1/0
Square Footage: 1,056
8 Kearns Avenue
Sales Price: $390,000
Property Type: Ranch
Beds: 3
Baths/Half Baths: 1/0
Square Footage: 1,53346 Dion Avenue E
Sales Price: $309,000
Property Type: Ranch
Beds: 2
Baths/Half Baths: 1/0
Square Footage: 960
