T
he Newport County housing market is entering a transitional phase as we close out the summer. The pace of sales varies, with some homes selling quickly and others lingering on the market for weeks or months. This variability highlights the highly price-point driven nature of the current market.
Inventory levels play a significant role in this dynamic, with only 58 single-family homes priced below $1 million among the 169 active listings. Condominiums also show a similar trend, with 52 units under $1 million out of a total of 79 listed properties. In contrast, there is an unusually high volume of luxury homes priced above $2 million.
The market's trajectory will be closely tied to interest rates, which are expected to potentially decrease in the coming months. A rate cut could provide new options for current homeowners and make it easier for first-time buyers to qualify for mortgages. This, in turn, could bring more competition into the market, particularly at the lower end of the price spectrum.
Houses priced between $400,000 and $600,000 continue to move quickly as first-time buyers compete with downsizers and second-home owners. The median price of a single-family home in Rhode Island has remained above $500,000 for three consecutive months, while the median price in Newport County has stayed firm at over $700,000.
As we head into the final stretch of summer and the fourth quarter, the market is poised for activity. Buyers may want to act before increased competition drives prices further, while sellers may benefit from positioning their homes now to take advantage of renewed demand. For those considering a move, this may be an opportune moment to explore options.
Tyler Bernadyn is a licensed Realtor and partner at RE/MAX Results, offering expert guidance in the Newport County real estate market. With strong relationships across the local network of builders, contractors, and service providers, Tyler ensures that every transaction is supported by qualified professionals who share his standard of care.
