South Kingstown RI Real Estate Market July 2024 Update

South Kingstown Real Estate Market July 2024 Report

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The South Kingstown real estate market this month for single family sold homes increased this month over last month by 36%.  Pending home sales are down by 43% over 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:  80 homes (13 of these homes are already in sales agreement awaiting closing).
  
• Single-family properties closed in the month:  34
• Average sales price: $ 1,016,000 
• Median sales  price: $ 691,000
• Sales price to list price ratio: 100% 
• Average days on the market: 23  
• Sales currently pending: 20
• The $493 is the average (median is $404) 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 1700 square feet of living space this year so far.

South Kingstown home absorption rate indicates it is a sellers home market with 2.4  months of home inventory. 

• Breakdown of the 33 South Kingstown sold homes is as follows for the month: 3 homes sold under $300,000, 1 home sold between $300,000-$400,000, 20 homes sold for more than $400,000 but less than a million and 9 homes sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate is $6,000,000 on the Turner Cove waterfront.

In 2024 South Kingstown real estate market sold prices ($778,000 on average and the median price is $635,000) are up by 28% (median home sold price is up 18% in 2024 too).  2024 has 35% more homes sold compared to the same months in 2023, so far. The average home sold here is a 3 bedrooms, 2 baths and 1700 of above ground square feet in 2024.