Narragansett Real Estate Single Home Sale Market Report
March 2022
Find the Best Homes and Condominiums for Sale in Narragansett
This is the Narragansett single home sale market in March with home sale closings increasing by 23% over the prior month. Also, pending home sales are up 60% in the same time period.
This home sale market data is shared with you by Ginny Gorman, top selling RI real estate agent, so you are in the know.
Narragansett RI real estate coastal home sales are not as busy this year compared to last year. Home inventory is needed here to boost home sales. Home sales are up 5% this year through March 2022 over year to date March 2021 and home prices increased by 1% on average (9% for median price) during the same time period.
As this is one of the prime southern RI coastal real estate oceanfront beach towns to reside in, Narragansett offers home buyers numerous choices. Narragansett homes are more expensive than surrounding towns.
There is a reduced inventory of land here and house lots are usually smaller than other towns. It is best to know the home market and make sure your financing is in place before looking for a home.
Claim your location or have cash for your Ocean Road, Great Island, Anawan Cliffs, Calef Avenue,Narragansett Pier or Narragansett neighborhood home. The desirability never seems to lessen with home buyers here.
The current Narragansett home sales market update is as follows:
Properties active and on the market: 25 (17 in prior month) yet 10 of these ‘Active’ homes are already in sales agreement.
- Single-family properties sold in the month: 16 ( 23% more than the prior month)
- Average sales price: $ 914,000
- Median sales price: $ 808,000
- Sales price to list price ratio: 100% (99% last month)
- Average days on the market: 49 (49 days in prior month)
- Sales currently pending: 24 (11 more than prior month)
- Above ground average square foot cost of a sold home this year so far in Narragansett is $517.
- Highest price home sold in Narragansett this month is in the Narragansett Pier neighborhood at $1,695,000.
Narragansett homes sale absorption rate is 1.6 months of home inventory which is currently a sellers real estate market.
2022 Narragansett March Real Estate Market Sales Data Recap
42 single family homes sold in Narragansett in January-March 2022 as compared to 40 homes in the first three months of 2021. The average Narragansett house still commands an above average price for the Rhode Island real estate market at $804,000 in 2022 (median price is $715,000) as compared to January-March 2021 which was then $797,000 (median price $655,000). The average above ground square foot cost of a sold home here so far in 2022 is $517 and is a 3 bedroom, 2 bath, and 1700 above ground square foot home.
One of the neighborhoods in demand is Narragansett Pier which has a few homes on the market and the price point is higher. Remember that the RI real property here is land. It is expensive so small lots with homes are the norm especially in the beach neighborhoods.
Home sales in Narragansett Real Estate Market this month are as follows:
The following is a breakdown of the Narragansett home sales this month: 0 home sold under $300,000, 0 home sold between $300,000-$400,000, 11 homes sold over $400,000 but less than $1 million and 5 homes sold for over $1 million.
- The luxury oceanfront Narragansett home market is an active market for luxury home buyers this year.
An agent that uses state of the art aerial videos to showcase, market and sell your home the best way is paramount. Online marketing is a key real estate tool in marketing. Successfully selling your home to set your home apart as ‘eye candy’ wins every time.
The Narragansett homes sale market remains busy and is selling well with home buyers. It does not matter the time of year for oceanfront and near beach home buying. This RI waterfront community in Washington County is known for its oceanfront beaches and seafood restaurants.
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the Narragansett maze of homes. My knowledge of Narragansett neighborhoods ( Great Island, Calef Avenue, Harbour Island, etc.) and condo complexes is an asset to you as a seller or buyer. The time to find the neighborhoods you want to live in is now.
The most current Narragansett homes for sale are here under $800,000:
The most current Narragansett homes for sale are here over $800,000:
Finding the right luxury Narragansett home for sale to fit your needs is important. Like a safari, the watchful eye must be out there scanning and viewing the current market continuously for that right place in Narragansett and beyond. From the side streets of Rodman and Boon Streets to Othmar, Westmoreland and Brown Streets and others, the Narragansett house hunt is the name of the game here.
Whether you are buying or selling in the RI coastal real estate market, I would love the opportunity to earn your trust and business. Having lived for many years in the Narragansett community, I know and love it well. Work with a real estate agent who has your interests first, knows how to negotiate to your benefit and knows the market.
As always, call me, Ginny Gorman, at (401) 529-7849 or email me at RiByTheBay@gmail.com so we may discuss your RI real estate options. I know and love this coastline of homes, negotiate and price homes well for my listing clients. My first priority is you and your needs always. Know that:
“Real Estate is My Passion … Marketing Drives My Business…Both Are in my DNA”
March 2022 Narragansett RI Home Sales Market Recap
~~~~~~~~~~~~~~~~~~~~~~~
