Narragansett Home Sale Market January 2024
Report
Find the Best Homes and Condominiums for Sale in Narragansett Here
This is the current Narragansett real estate market for single family homes with closings 62% less than the prior month. Pending home sales are up by 22% over the same period.
This home sale market data is shared with you by Ginny Gorman, top selling RI coastal real estate agent, so
you are in the know.
Looking back Narragansett RI real estate coastal home sales are less in 2023 compared to 2022. Single home sales are down by 9% with an average 4% drop in home sold prices (+1% increase in median sale prices) in 2023 as compared to 2022. We are at the beginnng of 2024 so we will see what the Narragansett real estate market brings.
As this is one of the prime southern RI coastal real estate oceanfront towns to reside in, Narragansett offers home buyers numerous choices.
Claim your location or have cash for your Ocean Road, Great Island, Anawan Cliffs, Calef Avenue, Narragansett Pier or other home home. The desirability never lessens with home buyers here.
The current Narragansett home sales market update is as follows:
Properties active and on the market: 29 (32 homes in the prior month) yet 5 of these ‘Active’ homes are already in sales agreement.
- Single-family properties sold in the month: 5 (14 in the prior month)
- Average sales price: $796,000
- Median sales price: $2,980,000
- Sales price to list price ratio: 91%
- Average days on the market: 32
- Sales currently pending: 11
- Average above ground square foot cost of a sold home this month in Narragansett is $1084 (median price $1072).
- Highest price home sold in Narragansett this month is on Ocean Road at $6,250,000.
Narragansett homes sale absorption rate is 3.9 months of home inventory which is currently a sellers real estate market.
Past 2023 Narragansett Real Estate Market Sales Data Recap
176 single family homes sold in Narragansett in 2023 as compared to 193 homes in 2022. The average Narragansett house still commands an above average price for the Rhode Island real estate market at $959,000 in 2023 (median price is $770,000). Compare this to 2022 which was $1,002,000 (median price $760,000). The average above ground square foot cost of a sold home here in 2023 is $582 (median square footage at $516). It is a 3 bedroom, 2 bath, and 1700 above ground square foot home too.
Narragansett homes sold in January 2024 are 38% less than in January 2023. The average home sale price is up by 290% (median price is +200% over last January). Note this is only a one month to one month comparison.
One of the neighborhoods in demand is Narragansett Pier which has a few homes on the market. Remember that the RI real property here is land. Land is expensive so small lots with homes are the norm.
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 homes sold between $300,000-$400,000, 2 homes sold over $400,000 but less than $1 million and 3 homes sold for over $1 million.
- The luxury oceanfront Narragansett home market is an active market for luxury home buyers this year.
I am a RI coastal Narragansett licensed Realtor that uses state of the art aerial videos to showcase, market and sell homes in Narragansett. Online marketing is a key real estate tool in marketing. Successfully selling your home by setting your home apart as ‘eye candy’ wins every time. My marketing toolbox is full of strategic ideas just for my clients.
The Narragansett homes sale market remains busy and is highly desired with home buyers. This RI waterfront community in Washington County is known for its many oceanfront beaches.
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 works for 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. Whether that right place is in Narragansett and beyond. From the side streets of Rodman and Boon Streets to Othmar, Westmoreland and Brown Streets and others, the search is the name of the game here.
Whether you are buying or selling in the RI coastal real estate market, I know this home market well. Having lived for many years in the Narragansett community my expertise will work for you. Work with a real estate agent who has your interests first, knows how to negotiate to your benefit and knows how to deliver your home to buyers at top pricess.
“Real Estate is My Passion … Marketing Drives My Business… Both Are in my DNA”
January 2024 Narragansett Real Estate Market Report is here for all home sellers and buyers.
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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 clients. My first priority is you and your needs always. Always Know that in selling or buying a home.
