Let’s talk about the housing market on Aquidneck Island, not from a headline or a national talking point, but from the lens of someone working on the ground every day, speaking with local buyers, sellers, and families trying to make it work in a beautiful, but increasingly expensive, place to live.
As of today, there are just nine single-family homes priced under $600,000 available across all of Newport, Middletown, and Portsmouth. That’s not nine per town, that’s nine total. And they’re not lasting long.
This isn’t a scare tactic. It’s the current state of the market.
I recognize that $600,000 is already out of reach for many Rhode Islanders. It’s not lost on me that for first-time buyers, working families, and long-time renters, the dream of owning on Aquidneck Island is becoming more difficult. That truth needs to be acknowledged. The average price for a single family home in Rhode Island just surpassed $500k this week, for the first time in history.
At the same time, for those who can afford to make a move, now may be the most strategic time to do so. Because unfortunately, the affordability issue isn’t going to fix itself. There’s only so much land that can be built, and the cost of construction isn’t fading either.
Aquidneck Island is one of the most desirable places to live in New England. There’s no doubt about that. There’s limited land, tight zoning, and high demand. We’re not building enough homes fast enough to shift the inventory, and many properties that do hit the market are being bought quickly, often in cash.
That means if you’re waiting for prices to drop, you may be waiting for a long time. We’re not expecting a crash, this market is the correction. And history tells us that the cost of waiting often ends up being greater than the cost of borrowing.
For example, I purchased my first property, a two-family home on Bayview Avenue, in 2020 for $415,000. Today, it would likely sell closer to $700,000. That’s not to boast by any means, it’s just a clear and realistic example of how quickly values have climbed and why timing matters.
Here’s a look at what’s currently available on Aquidneck Island (not including condos) under $600K:
- 16 Vesper Lane, Portsmouth – $460,000
3 bed | 1 bath | 1,032 sq ft | Ranch - 16 King Road, Middletown – $475,000
3 bed | 1 bath | 1,116 sq ft | Cape Cod - 41 Ann Avenue, Portsmouth – $529,000
3 bed | 1 bath | 1,470 sq ft | Ranch - 17 Wood Road, Middletown – $575,000
3 bed | 1 bath | 1,092 sq ft | Ranch - 188 Greene Lane, Middletown – $584,200
4 bed | 2 bath | 1,560 sq ft | Multi-Family (Up/Down) - 14 Dexter Street, Newport – $599,000
3 bed | 1 bath | 1,145 sq ft | Ranch - 44 Summit Road, Portsmouth – $599,000
3 bed | 3 bath | 1,618 sq ft | Cottage - 330 Water Street, Portsmouth – $599,900
3 bed | 1.5 bath | 1,170 sq ft | Ranch - 19 Hillside Avenue, Newport – $600,000
3 bed | 1.5 bath | 1,228 sq ft | Cape Cod
Here’s the Reality:
Rates are high, yes. Right now they are in the 6.85% to 7.5% range but here’s the thing: even with rates where they are, the cost of waiting is often higher than the cost of borrowing. In 1971, mortgage rates averaged 7.33%. If you waited for them to drop below that, you didn’t buy until 1993, 22 years later. During that time, the value of real estate quadrupled. Some food for thought.
I hear it every day, “We’re waiting for prices to drop.” But on Aquidneck Island, this current market is the correction. Prices may have plateaued compared to the Covid-era bidding wars, but they haven’t crashed and they won’t. There’s only so much land. Zoning is tight. New construction is limited. And people want to live here. We are in a shifting market and one that savvy buyers can take advantage of right now. There are still smart, value-based purchases out there but as you can see, they’re few and far between.
The truth is, owning a home here is getting harder. We can all feel that. But if you’re in a position to buy, if the numbers work and the opportunity makes sense, it’s worth acting sooner rather than later. The buyers who are winning in this market aren’t trying to time it perfectly. They’re looking for value, partnering with local professionals, and being decisive when the right fit comes along.
This isn’t about pressuring people to buy. It’s about helping those who can make it work find the right strategy and being honest with those who are still figuring out their path.If you’d like to learn more about these properties, schedule a private consultation, or find out more about what’s really happening in Newport County, don’t hesitate to reach out. My name is Tyler Bernadyn, I am a real estate broker & co-owner of REMAX Results in Middletown. You can reach me directly at 401-241-1851 or via email at TylerB@resultswithremax.com. Thanks for reading.
