If you have been waiting for a weekend to get out and understand the local real estate market, this might be it.
There are more than 80 open houses scheduled across Newport County this weekend, with a significant number of opportunities in Newport, Middletown, Portsmouth and the surrounding communities.
That level of activity is worth paying attention to. It is another indication of a market that continues to evolve, giving buyers more choices and requiring sellers to be increasingly thoughtful about how their homes are positioned.
The latest statewide numbers tell a similar story. Rhode Island’s median single-family sales price reached $544,000 in August, up 6.7% year over year. At the same time, closed sales declined 3.4%, pending sales were down 7.2%, and available inventory increased to 2.8 months of supply. Rhode Island remains undersupplied compared with what would traditionally be considered a balanced market, but buyers are gradually seeing more options.
Mortgage rates remain one of the biggest challenges. Freddie Mac reported the average 30-year fixed mortgage at 7.28% as of October 1, up from 7.03% the previous week. That continues to put pressure on affordability and purchasing power. I would not doubt that we see rates in the 8’s by Christmas this year.
But real estate doesn’t stop because rates are high.
People still get married, have children, change jobs, relocate, downsize, invest and move into different stages of life. We are still seeing homes sell, multiple offers happen and motivated buyers make decisions. The difference is that today’s buyer is approaching those decisions with a different level of value perception and risk tolerance.
A few years ago, buyers were willing to overlook limiting conditions because they had so few alternatives. Today, location, condition, layout, deferred maintenance and price matter considerably more. Buyers are calculating what a property costs today, what needs to be invested tomorrow and whether the overall value makes sense relative to the other options available.
Nationally, that reset is becoming increasingly visible. More than 20% of active listings had a price reduction in September, the highest September share since 2018. The Northeast remained tighter than other regions, but the broader message is clear: buyers have become more selective and sellers are having to respond. If a property has been sitting on the market, there is usually a reason.
Sometimes it is location. Sometimes it is condition. Sometimes it is an obstacle that cannot realistically be changed. And sometimes the market is simply telling us that the perceived value does not align with the asking price.
For sellers, pricing and presentation need to be curated, conscious and calculated. The goal is not simply to put a property on the market. It is to understand how buyers are going to perceive it, anticipate objections and position the home competitively from day one.
For buyers, more inventory creates an opportunity to be thoughtful, but I would caution against confusing a more balanced environment with a market where great properties suddenly have no competition. Well-positioned homes are still moving. Preparation matters, and buyers who understand their financing, priorities and tolerance for improvements are in a much better position to recognize value when they see it.
This weekend’s open house schedule provides a great opportunity to do exactly that. Get out, tour some homes and compare what your money buys across different communities, neighborhoods and price points. Pay attention to condition, location, days on market and how one property feels relative to another.
The market is changing, but that creates opportunity on both sides of the transaction for people willing to understand it.
I am actively taking on new clients and would be happy to help you navigate the market. Whether you are considering buying, selling, investing, or simply trying to determine what your next move should be, please reach out directly at 401-241-1851 or TylerB@resultswithremax.com.
Happy house hunting. Here’s a look at what’s On the Market this weekend across Newport County.
Saturday, October 3 Open Houses | Newport County
Jamestown – Click here to see inventory
- 14 Howland Avenue | 4 Bed, 2 Bath, $1,150,000
11:00 AM – 1:00 PM - 9 Cutter Street | 3 Bed, 2 Bath, $989,900
1:30 PM – 3:00 PM
Little Compton – Click here to see inventory
- 255 John Dyer Road | 3 Bed, 2 Bath, $749,900
3:00 PM – 4:30 PM
Middletown – Click here to see inventory
- 32 James Francis Terrace | 3 Bed, 3.5 Bath, $987,500
9:30 AM – 11:00 AM - 3 Wabasso Terrace | 4 Bed, 1.5 Bath, $699,000
10:00 AM – 11:30 AM - 3 Collins Terrace | 3 Bed, 1 Bath, $600,000
10:00 AM – 12:00 PM - 157 Ellery Avenue | 5 Bed, 3 Full, 2 Half Bath, $2,870,000
10:00 AM – 12:00 PM - 222 Peckham Avenue | 2 Bed, 1 Bath, $849,000
10:30 AM – 12:00 PM - 10 Circle Drive | 3 Bed, 3 Bath, $895,000
11:45 AM – 12:45 PM - 14 Kay Boulevard | 7 Bed, 7.5 Bath, $4,250,000
12:30 PM – 2:30 PM - 43 Blue Grass Drive | 4 Bed, 2.5 Bath, $899,000
1:00 PM – 2:30 PM
Newport – Click here to see inventory
- 18 Barney Street #2 (Condo) | 2 Bed, 1 Bath, $745,000
10:00 AM – 11:00 AM - 21 Russell Avenue | 4 Bed, 2 Bath, $995,000
10:00 AM – 11:30 AM - 350 Broadway (Multi-Family) | 4 Bed, 3 Bath, $1,195,000
10:00 AM – 11:30 AM - 41 School Street #3 (Condo) | 2 Bed, 2.5 Bath, $1,550,000
10:00 AM – 12:00 PM - 41 School Street #2 (Condo) | 2 Bed, 2.5 Bath, $1,525,000
10:00 AM – 12:00 PM - 9 Dearborn Street (Multi-Family) | 8 Bed, 6 Bath, $2,850,000
10:00 AM – 12:00 PM - 7 Dearborn Street #1 (Condo) | 3 Bed, 2 Bath, $1,000,000
10:00 AM – 12:00 PM - 7 Dearborn Street #2 (Condo) | 3 Bed, 2 Bath, $1,000,000
10:00 AM – 12:00 PM - 7 Dearborn Street #3 (Condo) | 2 Bed, 2 Bath, $950,000
10:00 AM – 12:00 PM - 126 Second Street | 3 Bed, 3 Bath, $1,150,000
11:00 AM – 12:30 PM - 85 Mill Street #3 (Condo) | 1 Bed, 1 Bath, $425,000
11:00 AM – 12:30 PM - 85 Mill Street #2 (Condo) | 3 Bed, 2 Bath, $699,000
11:00 AM – 12:30 PM - 85 Mill Street #1 (Condo) | 2 Bed, 2.5 Bath, $975,000
11:00 AM – 12:30 PM - 21 Elm Street | 4 Bed, 2 Bath, $1,495,000
11:00 AM – 12:30 PM - 9 Whitfield Place #5 (Condo) | 2 Bed, 1 Bath, $495,000
11:00 AM – 12:30 PM - 72 Third Street | 3 Bed, 2.5 Bath, $1,429,000
11:00 AM – 12:30 PM - 15 Bradford Avenue | 4 Bed, 2 Bath, $995,000
11:00 AM – 1:00 PM - 125 Van Zandt Avenue #201 (Condo) | 2 Bed, 1 Bath, $495,000
12:00 PM – 1:30 PM - 6 Sharon Court | 4 Bed, 4.5 Bath, $2,999,000
12:00 PM – 2:00 PM - 14 Barney Street | 3 Bed, 3.5 Bath, $1,595,000
12:00 PM – 2:00 PM - 18 Ledge Road (Multi-Family) | 5 Bed, 4.5 Bath, $6,100,000
1:00 PM – 2:30 PM - 81 2nd Street | 4 Bed, 4.5 Bath, $2,695,000
2:30 PM – 4:00 PM
Portsmouth – Click here to see inventory
- 8 Lookout Lane | 3 Bed, 3.5 Bath, $1,799,000
9:00 AM – 12:00 PM - 59 Lookout Lane | 3 Bed, 2.5 Bath, $1,395,000
9:00 AM – 12:00 PM - 9 Lookout Lane | 3 Bed, 4 Bath, $1,799,000
9:00 AM – 12:00 PM - 561 Boyds Lane | 2 Bed, 2 Bath, $755,000
10:00 AM – 11:30 AM - 49 Evergreen Drive | 3 Bed, 1.5 Bath, $650,000
10:00 AM – 12:00 PM - 2040 East Main Road | 3 Bed, 3.5 Bath, $1,595,000
11:00 AM – 12:30 PM - 15 N Water Street | 2 Bed, 1 Bath, $628,000
11:00 AM – 2:00 PM - 264 Rolling Hill Road #264 (Condo) | 2 Bed, 2.5 Bath, $850,000
12:00 PM – 1:30 PM - 65 Sunrise Drive | 4 Bed, 2.5 Bath, $1,080,000
1:00 PM – 2:30 PM
Tiverton – Click here to see inventory
- 136 Durfee Road | 3 Bed, 2 Bath, $489,000
10:00 AM – 11:00 AM - 185 Hilton Street | 3 Bed, 2 Bath, $499,900
10:30 AM – 12:00 PM - 457 Cottrell Road | 3 Bed, 2.5 Bath, $850,000
10:30 AM – 12:30 PM - 2037 Crandall Road | 3 Bed, 2 Bath, $849,500
11:00 AM – 12:30 PM - 270 Brayton Road | 5 Bed, 5 Bath, $1,150,000
11:00 AM – 1:00 PM - 40 Lazywood Lane | 3 Bed, 3 Bath, $1,095,000
11:00 AM – 1:00 PM - 455 South Lake Road | 3 Bed, 1 Bath, $499,000
11:30 AM – 1:00 PM - 4 Ronnie Street | 3 Bed, 2 Bath, $800,000
12:00 PM – 1:30 PM - 47 Restful Valley Road | 2 Bed, 1 Bath, $384,500
12:00 PM – 2:00 PM - 185 Kearns Avenue | 4 Bed, 2 Bath, $660,000
1:30 PM – 3:30 PM
Sunday, October 4 Open Houses | Newport County
Jamestown – Click here to see inventory
- 9 Cutter Street | 3 Bed, 2 Bath, $989,900
11:00 AM – 12:30 PM
Middletown – Click here to see inventory
- 3 Collins Terrace | 3 Bed, 1 Bath, $600,000
10:00 AM – 12:00 PM - 157 Ellery Avenue | 5 Bed, 3 Full, 2 Half Bath, $2,870,000
10:00 AM – 12:00 PM - 2 Stone Bridge Drive | 3 Bed, 3.5 Bath, $2,900,000
11:00 AM – 12:00 PM - 118 Newport Avenue | 6 Bed, 6 Full, 2 Half Bath, $2,989,000
12:00 PM – 1:30 PM - 278 Greenend Avenue | 4 Bed, 2 Bath, $629,900
12:00 PM – 1:30 PM - 3 Wabasso Terrace | 4 Bed, 1.5 Bath, $699,000
1:00 PM – 2:30 PM - 153 Revolution Way | 3 Bed, 2.5 Bath, $1,024,800
1:00 PM – 2:30 PM
Newport – Click here to see inventory
- 19 Third Street | 2 Bed, 1.5 Bath, $999,000
10:00 AM – 11:30 AM - 216 Spring Street | 5 Bed, 5.5 Bath, $3,590,000
10:00 AM – 12:00 PM - 15 Bradford Avenue | 4 Bed, 2 Bath, $995,000
11:00 AM – 12:30 PM - 72 Third Street | 3 Bed, 2.5 Bath, $1,429,000
11:00 AM – 12:30 PM - 6 Sharon Court | 4 Bed, 4.5 Bath, $2,999,000
11:00 AM – 1:00 PM - 16 Sherman Street (Multi-Family) | 6 Bed, 3 Bath, $2,498,888
12:00 PM – 2:00 PM - 1 Harbor View Drive | 4 Bed, 4 Full, 2 Half Bath, $5,995,000
2:00 PM – 4:00 PM
Portsmouth – Click here to see inventory
- 176 Heidi Drive | 7 Bed, 4.5 Bath, $2,950,000
10:00 AM – 12:00 PM - 1024 Anthony Road | 2 Bed, 1.5 Bath, $595,000
12:00 PM – 1:30 PM - 65 Sunrise Drive | 4 Bed, 2.5 Bath, $1,080,000
12:00 PM – 1:30 PM - 8 Lookout Lane | 3 Bed, 3.5 Bath, $1,799,000
12:00 PM – 5:00 PM - 59 Lookout Lane | 3 Bed, 2.5 Bath, $1,395,000
12:00 PM – 5:00 PM - 9 Lookout Lane | 3 Bed, 4 Bath, $1,799,000
12:00 PM – 5:00 PM - 1 Tower Drive #102 (Condo) | 2 Bed, 2.5 Bath, $745,000
1:00 PM – 3:00 PM
Tiverton – Click here to see inventory
- 3333 Main Road | 4 Bed, 3 Bath, $2,495,000
12:00 PM – 1:30 PM - 10 High Hill Road | 4 Bed, 5.5 Bath, $5,490,000
12:00 PM – 1:30 PM - 49 Captains Circle | 4 Bed, 1.5 Bath, $777,000
1:00 PM – 2:30 PM - 365 Cottrell Road | 4 Bed, 3.5 Bath, $899,900
1:00 PM – 2:00 PM - 836 Main Road | 3 Bed, 1.5 Bath, $449,900
2:00 PM – 3:30 PM - 59 Robin Drive | 2 Bed, 2 Bath, $310,000
3:30 PM – 4:30 PM
