We saw 23 sales across Newport County last week. At the top, 29 Prairie Avenue at Eastbourne Lodge in the Kay/Catherine/Rhode Island neighborhood closed at $2,750,000, while on the other end, a manufactured home in Tiverton sold for $180,000. That kind of spread shows just how broad the market is right now, with activity happening at every level.
One thing that continues to stand out is that single-family home prices are still trending upward. Demand remains strong, especially for homes that are well located and well presented. At the same time, buyers are being more selective than they were a few years ago.
Perceived market value and fair market value are not always the same. Sellers may have a number in mind based on past headlines or neighboring sales, but the market ultimately decides value. We are seeing that homes that need work, or come out priced too aggressively, are sitting longer and adjusting as such.
It’s important to recognize as a seller that buyers today are also much more work averse. The idea of taking on a major renovation is not as appealing as it once was. Between cost uncertainty, timelines, and overall complexity, many are choosing to pay a premium for homes that are already updated or move-in ready. That makes preparation on the seller side even more important. The homes that are dialed in and priced correctly are the ones still seeing strong activity.
Another factor to keep an eye on is the upcoming “Taylor Swift tax,” set to take effect July 1, which will impact non-owner-occupied and second homes over the $1 million threshold. It will be interesting to see how that shapes behavior, particularly in the second-home and higher-end segments as we move into the summer. Just last week we saw a flurry of high end homes hit the market, with ‘Champ Soleil’ being the most notable to list with a price tag of $18,000,000.
Overall, the market is still active, but it is more nuanced. There are still strong opportunities on both sides, but success comes down to strategy, timing, and understanding how today’s consumer is thinking.
On a personal note, congratulations to my client on the successful sale of their home at 11 Barton Lane. It was a pleasure guiding you through the process, and I truly appreciate the trust you placed in me. A warm congratulations as well to the wonderful local family who purchased the home. It’s always great to see a property begin its next chapter with new owners who will make it their own. Wishing everyone the very best in what’s ahead.
If you are considering a move, or simply want a better understanding of where you stand in today’s market, I am always happy to connect. I am currently taking on new clients as we move further into the year and would welcome the conversation. You can reach me directly at 401-241-1851 or TylerB@resultswithremax.com.
Here’s a look at What Sold last week in Newport County.
174 Seaside Drive, Jamestown. Contemporary.
Sold Price: $925,000
2 beds | 3 baths | 1,344 SF
128 Maple Avenue, Little Compton. Cape Cod.
Sold Price: $820,000
2 beds | 2 baths | 1,608 SF
38 Old Bull Lane, Little Compton. Contemporary.
Sold Price: $2,506,500
3 beds | 3 baths | 2,477 SF
1304 Fairway Drive, Unit #1304, Middletown. Town House Condo.
Sold Price: $585,000
2 beds | 2 full baths | 1 half bath | 2,003 SF
11 Barton Lane, Middletown. Raised Ranch.
Sold Price: $656,200
4 beds | 2 full baths | 1 half bath | 1,242 SF
546 Jepson Lane, Middletown. Colonial.
Sold Price: $675,000
4 beds | 1 bath | 1,113 SF
39 Connection Street, Newport. Contemporary.
Sold Price: $1,795,000
5 beds | 2 full baths | 1 half bath | 1,909 SF
31 Edward Street, Newport. Colonial.
Sold Price: $988,200
3 beds | 2 full baths | 1 half bath | 1,631 SF
17 Warner Street, Newport. Cottage.
Sold Price: $760,000
2 beds | 2 baths | 1,403 SF
29 Prairie Avenue, Unit #9, Newport. Condo.
Sold Price: $2,750,000
3 beds | 3 full baths | 1 half bath | 2,092 SF
75 Pelham Street, Unit #B, Newport. Condo.
Sold Price: $1,250,000
3 beds | 2 baths | 1,510 SF
20 East Bowery Street, Unit #2A, Newport. One Level Condo.
Sold Price: $900,000
2 beds | 2 baths | 1,074 SF
66 Girard Avenue, Unit #106, Newport. One Level Condo.
Sold Price: $332,000
1 bed | 1 bath | 907 SF
198 Gibbs Avenue, Newport. Colonial.
Sold Price: $1,660,000
4 beds | 5 baths | 2,448 SF
5 Lowndes Street, Newport. Colonial, Contemporary.
Sold Price: $1,400,000
3 beds | 2 full baths | 1 half bath | 1,736 SF
128 Ruggles Avenue, Newport. Cape Cod, Cottage.
Sold Price: $1,430,000
3 beds | 2 baths | 1,570 SF
66 Islington Avenue, Portsmouth. Colonial.
Sold Price: $560,000
2 beds | 1 full bath | 1 half bath | 1,170 SF
74 Maize Corn Road, Portsmouth. Cape Cod.
Sold Price: $685,000
4 beds | 2 baths | 1,591 SF
4 Lookout Lane, Portsmouth. Other.
Sold Price: $1,765,000
3 beds | 4 baths | 2,947 SF
195 Revolution Way, Portsmouth. Colonial.
Sold Price: $1,010,000
3 beds | 2 full baths | 1 half bath | 2,000 SF
14 Sandy Point Avenue, Portsmouth. Colonial.
Sold Price: $999,000
3 beds | 2 full baths | 1 half bath | 2,777 SF
301 Bulgarmarsh Road, Lot 58, Tiverton. Manufactured/Mobile.
Sold Price: $180,000
2 beds | 1 bath | 924 SF
56 Harbor Ridge Lane, Tiverton. Colonial.
Sold Price: $801,000
3 beds | 3 full baths | 1 half bath | 2,200 SF
