South Kingstown RI Real Estate Market November 2021 Update

South Kingstown Single Home Sale Market

November 2021 Report

 
The South Kingstown real estate market November 2021 single family home sales increased this month over last month by 42%.  Yet, pending home sales were equal to the prior month.  This is a southern RI home market where the key to home sales is pricing well, location and the condition of the home.

This month’s South Kingstown real estate report is provided & compiled by Ginny Lacey Gorman of 

RI coastal real estate.  

The Current Housing update for South Kingstown RI follows:

• Properties currently active on the market: 48 of these homes on the market 15 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 37 ( 9 more than the prior month)
• Average sales price: $ 508,000 
• Median sales  price: $ 510,000
• Sales price to list price ratio: 98%  (98% last month)
• Average days on the market: 49  (32 days last month) 
• Sales currently pending: 30 (30 homes pending last month)
• The above ground per square foot cost this year so far is $348 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1700 square feet of living space this year so far.

South Kingstown home absorption rate indicates it is a sellers home market with 1.3 months of home inventory.  Home absorption is the amount of time it will take to sell all the homes currently on the market without adding to it.  It is currently an extreme sellers market.

• Breakdown of the 37 South Kingstown sold homes is as follows for the month: 6 homes sold under $300,000, 6 homes sold between $300,000-$400,000, 24 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate was $1,200,000 in the Green Hill Pond neighborhood.

The South Kingstown single home sales January-November 2021 (316 homes sold) are less than January-November 2020 (363 homes sold) down by 13%. Yet home sold prices, on average, were up by 14% over the same time period.  The average home sold this year is a 3 bedroom, 2 baths and 1700 above ground square feet in this town.  The average above ground square foot cost for a sold home is $348 so far this year.