As we head into the holiday season and approach the end of the year, it’s no surprise that activity in the real estate market is starting to slow down. The holiday season often brings a natural lull to our offices, and I anticipate the next few weeks will be quieter as we transition into 2025. That said, there are still notable shifts happening in the local market that are worth discussing.
One clear trend continues to prevail in our local market: the ongoing inventory shortage is still having a major impact. While buyer demand remains strong, the limited supply of homes is driving competition. However, recent sales data from December indicates that some market shifts are beginning to take shape. Many of the homes that sold this week closed below their original asking prices, suggesting that buyers may have a bit more room for negotiation compared to recent months. This could be an early sign that sellers are starting to adjust their expectations, particularly as we approach the quieter holiday season.
One of the more interesting transactions this week was also one of the most affordable. 41 Bradley Terrace in Portsmouth, which I had the pleasure of representing, underscores the ongoing challenge of finding affordable housing options on Aquidneck Island. The property generated significant interest right out of the gate, ultimately selling for $22,000 over the asking price after multiple offers. This sale highlights the continued demand for affordable homes and the critical need for more housing solutions in our local community.
Looking at the broader trends, home price growth slowed during the third quarter of 2024. While prices continued to rise, housing demand outpaced the available supply, leading to higher prices. However, with elevated home prices and rising mortgage rates, the pace of price growth appears to be slowing down. Additionally, the uncertainty surrounding the recent election results has made some buyers more cautious. This hesitation is contributing to the already tight inventory, with some buyers opting to pause their home search.
As we look toward 2025, the market will continue to be heavily influenced by the available inventory—or lack thereof. While economic uncertainty and higher interest rates may slow the pace of the market, the ongoing supply-demand imbalance is likely to keep demand high for homes in prime locations. Buyers and sellers alike will need to remain strategic as we head into the new year.
If you’re looking for more insight into the local Rhode Island market, my team at RE/MAX Results is here to help. With plenty of experience and a commitment to providing solution-based guidance, we’re ready to ensure your real estate experience remains 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
- 14 Holmested Court
- Sales Price: $1,936,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 3/1
- Square Footage: 3,072
- Days on Market: 162
- 224 Narragansett Avenue
- Sales Price: $800,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 1,938
- Days on Market: 87
Middletown
- 157 Ellery Avenue
- Sales Price: $725,000
- Bedrooms: 2
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 1,161
- Days on Market: 46
- 48 Dexter Court
- Sales Price: $719,000
- Bedrooms: 4
- Bathrooms/Half Bathrooms: 3/0
- Square Footage: 1,872
- Days on Market: 23
Newport
- 82 Rhode Island Avenue
- Sales Price: $2,900,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 4/1
- Square Footage: 2,803
- Days on Market: 49
- 7 Annandale Terrace
- Sales Price: $1,590,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/1
- Square Footage: 2,036
- Days on Market: 47
- 12 Lasalle Place
- Sales Price: $875,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 1/1
- Square Footage: 1,080
- Days on Market: 0
- 33 Middleton Avenue, Unit #2
- Sales Price: $574,900
- Bedrooms: 2
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 874
- Days on Market: 68
- 8 Caswell Avenue
- Sales Price: $1,500,000
- Bedrooms: 8
- Bathrooms/Half Bathrooms: 4/0
- Square Footage: 4,728
- Days on Market: 20
Portsmouth
- 30 Sandy Point Farm Road
- Sales Price: $2,300,000
- Bedrooms: 8
- Bathrooms/Half Bathrooms: 5/1
- Square Footage: 30,269
- Days on Market: 367
- 97 King Charles Drive
- Sales Price: $1,990,000
- Bedrooms: 4
- Bathrooms/Half Bathrooms: 3/1
- Square Footage: 3,280
- Days on Market: 61
- 70 Bayview Avenue
- Sales Price: $1,230,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 1/1
- Square Footage: 1,589
- Days on Market: 12
- 62 Garden Street
- Sales Price: $733,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 2,122
- Days on Market: 72
- 71 Douglas Avenue
- Sales Price: $620,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 1,339
- Days on Market: 28
- 41 Bradley Terrace
- Sales Price: $152,000
- Bedrooms: 2
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 1,064
- Days on Market: 8
- 57 Immokolee Drive
- Sales Price: $985,000
- Bedrooms: 2
- Bathrooms/Half Bathrooms: 2/1
- Square Footage: 2,343
- Days on Market: 34
- 1 Tower Drive, Unit #1402
- Sales Price: $895,000
- Bedrooms: 2
- Bathrooms/Half Bathrooms: 3/0
- Square Footage: 1,800
- Days on Market: 36
Tiverton
- 25 Highland Court
- Sales Price: $575,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/1
- Square Footage: 1,690
- Days on Market: 44
- 5 Blackbird Street
- Sales Price: $315,000
- Bedrooms: 3
- Bathrooms/Half Bathrooms: 2/0
- Square Footage: 1,515
- Days on Market: 81
