Narragansett Home Sale Market August 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 50% higher than the prior month. Pending home sales are up by 9% 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 2024 compared to 2023. Single family home sales are down by 25% with an average 22% increase in home sold prices (+17% increase in median sale prices) in 2024 as compared to 2023 y-t-d.
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 locations. The desirability never lessens with home buyers here.
The current Narragansett home sales market update is as follows:
Properties active and on the market: 55 ( yet 7 of these ‘Active’ homes are already in sales agreement).
- Single-family properties sold in the month: 15
- Average sales price: $1,200,000
- Median sales price: $910,000
- Sales price to list price ratio: 96%
- Average days on the market: 26
- Sales currently pending awaiting closing: 24
- Average above ground square foot cost of a sold home this year so far is $709 (median price per square foot is $631).
- Highest price home sold in Narragansett this month is on the waterfront in the Sand Hill Cove neighborhood at $5,000,000.
Narragansett homes sale absorption rate is 3.7 months of home inventory which is currently a sellers real estate market.
2024 January-August Narragansett Real Estate Market Sales Data:
87 single family homes sold in Narragansett so far in 2024 as compared to 123 homes in January-August 2023. The average Narragansett house still commands an above average price for the Rhode Island real estate market at $1,100,000 in 2024 so far (median price is $875,000). Comparing these prices to the same time period in 2023 which were $914,000 on average (median price $765,000). It is a 3 bedroom, 2 bath, and 1600 above ground square foot home is the typical home sold too so far for the 2024 year.
The number of Narragansett homes sold so far in 2024 are 29% less than in January-August 2023. The average home sale price is up by 20% so far in 2024 (median price is +14% over January-August 2023).
One of the neighborhoods in demand is Narragansett Pier which is highly desirable. 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 home sold between $300,000-$400,000, 10 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. Also, the majority of homes for sale are over $600,000 with many over $1 million.
I am a RI coastal Narragansett licensed Realtor that uses state of the art aerial videos to showcase, market and sell homes. Online marketing is a key real estate tool in marketing that brings in strong buyers. Successfully selling your home by setting it apart as ‘eye candy’ wins every time. My marketing toolbox is full of strategic ideas for my clients.
The Narragansett homes sale market is desired with home buyers. This RI waterfront community is widely appreciated for its 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:
The most current Narragansett condos for sale are here too:
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.
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”
August 2024 Narragansett Home Sale Market Report recap 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.
