South Kingstown RI Real Estate Market May 2024 Update

South Kingstown Real Estate Market May 2024 Report

Find the Best Buys for South Kingstown Homes and Condos Here

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 up by 30% 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:  66 homes (13 of these homes are already in sales agreement awaiting closing).
  
• Single-family properties closed in the month:  15
• Average sales price: $ 829,000 
• Median sales  price: $ 708,000
• Sales price to list price ratio: 97%  (100% prior month)
• Average days on the market: 21  
• Sales currently pending: 26
• The $477 is the average (median is $393) 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 4.4  months of home inventory. 

• Breakdown of the 15 South Kingstown sold homes is as follows for the month: 1 home sold under $300,000, 2 homes sold between $300,000-$400,000, 9 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 $2,300,000 in the Great Salt Pond neighborhood.

In 2024 South Kingstown real estate market sold prices ($703,000 on average and the median price is $609,000) are up by 14% (median home sold price is up 14% in 2024 too).  2024 had 26% more homes sold compared to 2023 so far. The average home sold here is a 3 bedrooms, 2 baths and 1600 of above ground square feet in 2024.