The first week of September brought 20 closed sales across Newport County, and as we move out of summer, I think we are getting a clearer picture of what this market looks like heading into fall.
We are moving toward a more balanced environment than we have experienced over the last five or six years. I think that is a good thing. Buyers have a little more time to make decisions, and sellers who approach the market with reasonable expectations are still being rewarded.
This is no longer 2021. You cannot simply put a price on a property and expect the market to catch up to it. Buyers are paying attention to value again. That does not mean Newport County real estate is suddenly inexpensive. Far from it. Pricing remains at a premium, and with our limited housing supply and continued demand to live here, I do not expect that to fundamentally change.
But premium pricing needs to come with a reason. Maybe it is an unbeatable location. Maybe the house is beautifully renovated and truly move-in ready. Maybe it has water views, acreage, architectural significance or something else that is difficult to replicate. Those properties can still command a premium.
For everyone else, the fundamentals matter. Condition, presentation, marketing and, most importantly, price.
Sellers entering the market with pie-in-the-sky expectations are finding that buyers are much less willing to play along. Buyers have higher borrowing costs, insurance premiums, taxes and maintenance expenses to consider. They are looking at the entire cost of owning a home and asking whether the value makes sense.
I am also seeing buyers become increasingly selective about taking on projects. Renovations are expensive, contractors are busy and most people simply do not have unlimited time to manage a major renovation. A turnkey property can absolutely earn a premium in this market, but the quality has to justify it.
This is why pricing correctly from the beginning matters so much.
The first few weeks on the market are your best opportunity to capture the attention of the largest pool of buyers. Starting too high and then spending months chasing the market through price reductions rarely creates leverage. A thoughtful pricing strategy does.
For buyers, the return of some balance is creating opportunities as well. Not every property is receiving five offers in the first weekend. There are homes where buyers can negotiate, protect themselves with appropriate due diligence and actually take the time to decide whether the property makes sense. That feels a lot more like a functioning real estate market.
One of this week’s closings was especially meaningful for me. Congratulations to my friend and client Brian on the purchase of 76 Redwood Road in Portsmouth. It was a pleasure welcoming him back to Aquidneck Island and helping him get settled into his new home. Congratulations to everyone involved in a successful transaction.
September typically brings renewed activity as summer vacations end, kids head back to school and routines return. For anyone thinking about selling this fall, now is the time to understand where your property fits into the market and what, if anything, should be done before bringing it to market.
I am taking on new seller clients for the fall and am always happy to sit down and provide genuine information you can use to determine the next best step in your journey, whether that means selling now, preparing for next year or doing absolutely nothing. If I can be a resource, reach out anytime at 401-241-1851 or TylerB@resultswithremax.com.
In the meantime, here’s a look at What Sold last week in Newport County.
503 Seaside Drive, Jamestown. Colonial.
Sold Price: $2,090,500
2 beds | 3 baths | 1,778 SF
42 Windsor Street, Jamestown. Colonial.
Sold Price: $1,650,000
4 beds | 3 baths | 2,264 SF
431 Sampan Avenue, Jamestown. Colonial.
Sold Price: $860,000
3 beds | 2 baths | 1,540 SF
9 South Drive, Middletown. Colonial.
Sold Price: $924,900
4 beds | 2 full baths | 1 half bath | 2,177 SF
85 Third Beach Road, Middletown. Other.
Sold Price: $2,850,000
6 beds | 5 full baths | 1 half bath | 4,500 SF
131 Eustis Avenue, Newport. Colonial.
Sold Price: $2,850,000
3 beds | 2 full baths | 1 half bath | 3,382 SF
3 Sycamore Street, Newport. Cottage.
Sold Price: $910,000
4 beds | 1 full bath | 1 half bath | 1,417 SF
66 Girard Avenue, Unit #114, Newport. High Rise Condo.
Sold Price: $377,500
2 beds | 2 baths | 1,076 SF
15 Ayrault Street, Newport. Up/Down Multi-Family.
Sold Price: $1,600,000
6 beds | 5 baths | 3,505 SF
54 Oliver Hazard Perry Road, Portsmouth. Cape Cod/Contemporary.
Sold Price: $2,300,000
3 beds | 3 baths | 3,416 SF
345 Riverside Street, Portsmouth. Bungalow/Cottage.
Sold Price: $649,000
2 beds | 1 bath | 780 SF
26 Seneca Road, Portsmouth. Raised Ranch.
Sold Price: $630,000
4 beds | 1 full bath | 1 half bath | 1,320 SF
141 Redwood Road, Portsmouth. Raised Ranch.
Sold Price: $610,000
3 beds | 1 full bath | 1 half bath | 1,108 SF
7 Westwood Drive, Portsmouth. Split Level.
Sold Price: $590,000
3 beds | 2 baths | 1,716 SF
76 Redwood Road, Portsmouth. Ranch.
Sold Price: $550,000
3 beds | 1 bath | 992 SF
27 Alan Avenue, Portsmouth. Ranch.
Sold Price: $500,000
3 beds | 1 bath | 928 SF
561 Bristol Ferry Road, Unit #A, Portsmouth. Town House Condo.
Sold Price: $890,000
2 beds | 2 full baths | 1 half bath | 2,010 SF
170 Saxony Avenue, Tiverton. Colonial.
Sold Price: $1,475,000
4 beds | 2 full baths | 2 half baths | 3,363 SF
36 Holly Lane, Tiverton. Ranch.
Sold Price: $555,000
3 beds | 2 baths | 1,745 SF
153 Fish Road, Unit #4, Tiverton. Town House Condo.
Sold Price: $399,000
2 beds | 1 full bath | 1 half bath | 1,324 SF
