South Kingstown RI Real Estate Market February 2024 Update

South Kingstown Real Estate Market February 2024 Report

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The South Kingstown real estate market this month for single family sold homes decreased this month over last month by 12%. Pending home sales are 27% lower than the prior month.  This month’s home sales report is provided & compiled by Ginny Lacey Gorman of RI coastal real estate.  

The Current Housing update for South Kingstown follows:

• Properties currently active on the market:  33 homes (8 of these homes are already in sales agreement awaiting closing).
  
• Single-family properties closed in the month:  15
• Average sales price: $ 823,000 
• Median sales  price: $ 590,000
• Sales price to list price ratio: 98%  (91% prior month)
• Average days on the market: 35  
• Sales currently pending: 16
• The $452 is the average (median is $388) above ground per square foot cost so far this year in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1600 square feet of living space this year so far.

South Kingstown home absorption rate indicates it is a sellers home market with 1.5  months of home inventory. 

• Breakdown of the 15 South Kingstown sold homes is as follows for the month: 1 homes sold under $300,000, 3 homes sold between $300,000-$400,000, 8 homes sold for more than $400,000 but less than a million and 3 homes sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate is $3,600,000 on the ocean in Green Hill.

In 2024 South Kingstown real estate market sold prices ($708,000 on average and the median price is $604,000) are up by 34% (median home sold price is up 21% in 2024).  2023 had fewer homes sold over 2023. The average home sold here is a 3 bedrooms, 2 baths and 1600 of above ground square feet in 2024.  So far, 2024 continues to have more homes for sale as home prices, inventory and mortgage rates adjust.