According to the Rhode Island Association of Realtors, February’s sales figures showed a decrease of 8.8% in single-family home sales compared to last year, continuing a year-long trend of fluctuating sales activity. Pending contracts also fell by 10.1%, which signals that buyer demand may be slowing down in the short term. However, even with these changes, the median price of single-family homes is still rising, albeit at a slower pace, reaching $455,500 in February—a 3.5% increase from the previous year.
While these figures reflect a moment of pause in the market, Newport County remains an area of steady interest. The housing supply continues to be a major factor, as Rhode Island has only about half the housing supply of the national average. Without new listings, Rhode Island’s single-family home market could be depleted in just 1.5 months. This supply shortage highlights the ongoing challenge for homebuyers, particularly in areas like Newport, Middletown, and Portsmouth, where competition for available homes remains fierce and buyers are often finding themselves in multi-offer situations.
Multifamily properties, though still in limited supply, have shown a different trend. Sales in this sector rose by 7.9% year-over-year, and the median price for mult-ifamily homes reached $559,950, a 7.7% increase. Multi-families continue to be a popular option for owner occupants, investors and multigenerational families, offering potential rental income that can help offset costs in today’s market.
Despite these challenges, I am optimistic that there’s hope on the horizon. The spring market typically brings a wave of new listings, and we can expect to see an increase in inventory as we move closer to summer, as more homeowners look to take advantage of their home equity and move forward with new opportunities. As always, it’s crucial to stay informed about these trends and how they can impact your buying or selling strategy.
If you’re considering purchasing, moving, or just want to learn more about how trends in the local market, I’m here to help. Feel free to reach out with any questions. You can contact me directly at TylerB@resultswithremax.com or 401-241-1851.
Have a great weekend, Newport County!
Saturday, 03/22/25 Open Houses
Middletown
704 Fairway Drive #704
Time: 2:00PM-4:00PM
Property Type: Condominium
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/1
Price: $569,000
MLS Number: 1379487
Middletown
15 Lewis Drive
Time: 12:00PM-2:00PM
Property Type: Single Family
Bedrooms: 6
Bathrooms/Half Bathrooms: 6/1
Price: $3,485,000
MLS Number: 1377580
Middletown
224 Corey Lane
Time: 11:30AM-1:00PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 2/1
Price: $599,000
MLS Number: 1379100
Middletown
46 Sherman Lane
Time: 11:00AM-12:00PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 1/1
Price: $519,000
MLS Number: 1377372
Newport
70 Carroll Avenue #510
Time: 1:00PM-2:00PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/0
Price: $399,000
MLS Number: 1378191
Newport
128 Ruggles Avenue
Time: 11:30AM-1:00PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/0
Price: $1,650,000
MLS Number: 1378002
Portsmouth
1 Tower Drive #504
Time: 10:30AM-11:30AM
Property Type: Condominium
Bedrooms: 1
Bathrooms/Half Bathrooms: 2/0
Price: $425,000
MLS Number: 1376394
Portsmouth
1 Tower Drive #101
Time: 10:30AM-12:30PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 2/1
Price: $765,000
MLS Number: 1379107
Portsmouth
178 Middle Road
Time: 11:00AM-12:00PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 1/0
Price: $425,000
MLS Number: 1380225
Portsmouth
268 Common Fence Boulevard
Time: 11:00AM-12:30PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/1
Price: $1,275,000
MLS Number: 1376378
Portsmouth
1 Tower Drive #1806
Time: 10:30AM-12:00PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 3/0
Price: $1,200,000
MLS Number: 1369145
Portsmouth
1 Tower Drive #1802
Time: 10:30AM-12:00PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 3/0
Price: $950,000
MLS Number: 1377379
Tiverton
39 Hilton Street
Time: 10:30AM-12:00PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/0
Price: $320,000
MLS Number: 1379201
Tiverton
263 Village Road
Time: 1:00PM-2:30PM
Property Type: Condominium
Bedrooms: 3
Bathrooms/Half Bathrooms: 3/1
Price: $1,325,000
MLS Number: 1377383
Tiverton
9 Cutter Lane
Time: 1:00PM-2:30PM
Property Type: Condominium
Bedrooms: 3
Bathrooms/Half Bathrooms: 3/1
Price: $1,250,000
MLS Number: 1379216
Tiverton
173 Hooper Street
Time: 10:30AM-12:00PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/0
Price: $349,900
MLS Number: 1380137
Tiverton
12 Horizon Drive
Time: 11:00AM-1:00PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/0
Price: $599,900
MLS Number: 1380057
Sunday, 03/23/25 Open Houses
Jamestown
19 Sloop Street
Time: 11:00AM-1:00PM
Property Type: Single Family
Bedrooms: 1
Bathrooms/Half Bathrooms: 1/1
Price: $699,900
MLS Number: 1380113
Jamestown
383 Davit Avenue
Time: 11:30AM-1:00PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 2/0
Price: $750,000
MLS Number: 1379934
Middletown
40 Draper Avenue
Time: 11:00AM-12:00PM
Property Type: Single Family
Bedrooms: 1
Bathrooms/Half Bathrooms: 1/0
Price: $640,000
MLS Number: 1377294
Middletown
704 Fairway Drive #704
Time: 12:00PM-2:00PM
Property Type: Condominium
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/1
Price: $569,000
MLS Number: 1379487
Middletown
39 Mariner Way
Time: 1:00PM-3:00PM
Property Type: Condominium
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/1
Price: $449,000
MLS Number: 1379786
Tiverton
81 Stone Church Road
Time: 12:00PM-2:00PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/0
Price: $429,900
MLS Number: 1379272
Tiverton
20 Frank Drive
Time: 2:30PM-3:30PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 1/0
Price: $495,000
MLS Number: 1379964
Tiverton
204 Robert Gray Avenue
Time: 12:00PM-2:00PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/0
Price: $629,900
MLS Number: 1380281
Tiverton
41 Hudson Street
Time: 11:00AM-12:30PM
Property Type: Single Family
Bedrooms: 2
Bathrooms/Half Bathrooms: 2/0
Price: $550,000
MLS Number: 1375194Tiverton
27 Hudson Street
Time: 1:00PM-2:30PM
Property Type: Single Family
Bedrooms: 3
Bathrooms/Half Bathrooms: 2/0
Price: $575,000
MLS Number: 1375195
