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ffordability in Newport County has become a significant challenge for many buyers, particularly those seeking entry-level homes. The rapid appreciation of property values during the pandemic has made it difficult for first-time buyers and those looking for affordable housing options. With prices continuing to rise, finding homes priced between $250,000 and $500,000 can be a daunting task.

    However, savvy buyers who are willing to invest time and effort into renovations may find opportunities in areas like Newport's condo market, Tiverton's single-family homes, or Northern Portsmouth's blend of both. Smaller single-family homes and condominiums are the most prevalent types of properties available in this price range, often requiring updates and renovations.

    Condo options remain a popular choice for buyers in this bracket, offering an easier path to homeownership with fewer maintenance responsibilities and shared amenities. However, they come with HOA fees that need to be factored into the budget. In communities like Newport, condos provide an opportunity to get into desirable locations at a more affordable price point.

    Neighborhoods like Common Fence Point and Island Park have become increasingly popular, but there's still room for growth in these areas. Buyers looking for more affordable options are recognizing the potential in these neighborhoods, where home values are lower compared to Newport proper.

    Tiverton is another market worth watching, as buyers begin to look toward it as an alternative to Newport due to its proximity to the coast, beautiful rural surroundings, and more affordable homes.

    To improve your chances of success in the market, consider the following steps:

    Save for a down payment to secure better financing options and avoid private mortgage insurance (PMI).

    Speak with a local lender to understand current mortgage rates and special programs for first-time buyers.

    Partner with a local real estate professional who can navigate the unique Newport County market and help you find the right home.

    While affordability remains a challenge, there are still opportunities for savvy buyers to find the right home in Newport County. With the right mindset and preparation, you can make your mark in today's market. For more information on these homes and insights into the local market, contact Tyler Bernadyn of RE/MAX Results at [email protected] or 401-241-1851.