Nine properties traded hands across Newport County this past week, with sales ranging from $179,500 to $2,300,000. While activity has moderated as we move further into the fall season, these transactions are another reminder that the local real estate market continues to move, even if the pace looks much different than it did a few years ago.
A balanced market represents a much bigger shift in opportunity for buyers than it does for sellers. For the first time in a LONG time, buyers have meaningful leverage, and we’re seeing that play out across the market.
Over the past year, we’ve watched market conditions evolve month by month. Sales volume has slowed, properties are spending more time on the market, and buyers have become increasingly selective and purpose driven. Money is expensive to borrow, and after years of ‘consumer fatigue’ the expectations are higher for homes. Today’s consumers are making decisions based on value rather than urgency.
There are plenty of properties experiencing extended days on market because they’re simply priced too high. Sellers need to recognize that yesterday’s market conditions no longer dictate today’s property values. Expectations must adjust to the realities surrounding their homes. That doesn’t mean that sellers are not still finding success. It just means that the days of sticking a sign in the ground and expecting an asset to sell are behind us.
The market is becoming more balanced. Well-priced, well-presented properties are still selling, but buyers are no longer willing to overlook deficiencies or overpay simply because inventory is limited. For those actively engaged in the house hunt, this shift creates a level of choice we haven’t seen in years.
The advantage is no longer exclusively on the seller’s side of the table, and frankly, that’s a healthy development for the housing market.
Highlighting last week was the off-market sale of 147 Purgatory Road in Middletown, an Easton’s Point multi-family property that closed for $2,300,000. I also want to congratulate my seller on the successful sale of her home at 481 Oliphant Lane in Middletown, which closed for $700,000. It was a pleasure helping her with this trade, and I wish the new owners all the best with their new addition to the neighborhood.
For more information on these recent sales, or to schedule a confidential consultation about your own real estate goals, please reach out to me directly at 401-241-1851 or TylerB@resultswithremax.com.
Here’s a look at What Sold across Newport County this past week.
Middletown
51 Underwood Lane, Middletown. Colonial.
Sold Price: $515,000
3 beds | 2 baths | 1,630 SF
481 Oliphant Lane, Middletown. Colonial.
Sold Price: $700,000
5 beds | 2 baths | 1,986 SF
147 Purgatory Road, Middletown. Multi-Family.
Sold Price: $2,300,000
6 beds | 4 baths | 3,169 SF
Newport
17 Willow Street, Unit #2, Newport. One Level Condo.
Sold Price: $857,500
2 beds | 1 bath | 785 SF
34 East Bowery Street, Newport. Cottage.
Sold Price: $1,475,000
4 beds | 2 baths | 1,600 SF
Portsmouth
21 Massachusetts Boulevard, Portsmouth. Other.
Sold Price: $590,000
3 beds | 1 bath | 912 SF
62 Cornell Drive, Portsmouth. One Level Condo.
Sold Price: $700,000
2 beds | 2 baths | 1,648 SF
Tiverton
301 Bulgarmarsh Road, Lot 59, Tiverton. Manufactured/Mobile.
Sold Price: $179,500
2 beds | 1 full bath | 1 half bath | 924 SF
8 Campion Avenue, Tiverton. Ranch.
Sold Price: $401,580
4 beds | 1 full bath | 2 half baths | 2,308 SF
