The final week of August saw 14 homes trade hands across Newport County, but the bigger story right now is what the market is telling us as summer winds down and we head toward fall.
The latest available July data from RI MLS puts the median sale price in Newport County at approximately $740,000, with homes selling in a median of 39 days. Zillow also reported 307 homes for sale at the end of July, with 106 new listings coming to market. Perhaps most interesting, 53% of recently recorded sales closed below asking price, compared with 28.5% that sold above.
To me, those numbers point toward a market that is slowly finding more balance.
Pricing across Newport County remains at a premium, and given our limited inventory and continued demand, I do not see that fundamentally changing anytime soon. What has changed is the pace. After five or six years of an incredibly seller-favored environment, buyers are finally getting a little more room to think, negotiate and perform proper due diligence.
That is probably healthy for everyone.
Sellers can still achieve excellent results, but this is no longer 2021. Expectations need to reflect today’s market. The homes that are prepared properly, marketed well and priced accurately continue to perform. Sellers with pie-in-the-sky expectations are more likely to be disappointed unless their property offers exceptional condition, an unbeatable location or something else the market simply cannot replicate.
Premium pricing requires premium value.
Buyers are also much more calculated today. Mortgage rates remain elevated compared with the ultra-low-rate years, and insurance, taxes, maintenance and everyday expenses have all changed the equation. Consumers are looking beyond the asking price and asking a pretty simple question: What am I actually getting for my money?
I also continue to see buyers gravitate toward move-in-ready properties. Renovation costs, contractor availability and the time required to manage a project have made many consumers increasingly work averse. Buyers will pay for convenience and quality, but again, the value has to be there.
For sellers considering the fall market, remember that your asking price does not determine your home’s value. It determines activity. Showings, feedback and ultimately offers tell us what the market is willing to pay. Those first few weeks on market are incredibly valuable, and starting too high only to chase the market down can be an expensive mistake.
For buyers, a little more balance means opportunity. More time on market, price adjustments and fewer automatic bidding wars can create room to negotiate and make a thoughtful decision.
As we head into September, I expect activity to pick back up as vacations end, students return to school and people settle back into their routines. Fall remains an important window for anyone hoping to make a move before the end of the year.
I am actively taking on new seller clients for the fall and would be happy to meet, learn more about your property and discuss your goals. There are no commitments and no pressure. Just genuine information and local market insight that you can use to determine what makes the most sense for you.
If you are considering a move, or simply curious about your home’s current market value, please reach out directly at 401-241-1851 or TylerB@resultswithremax.com.
Here’s a look at WHAT SOLD last week in Newport County.
856 North Main Road, Jamestown. Contemporary.
Sold Price: $955,123
3 beds | 1.5 baths | 1,732 SF
24 Point Meadows Road, Little Compton. Cottage.
Sold Price: $3,390,000
2 beds | 1 bath | 694 SF
6 Moorings Way, Little Compton. Cape.
Sold Price: $2,200,000
4 beds | 3 baths | 3,457 SF
26 Old Stone Church Road, Little Compton. Colonial.
Sold Price: $1,075,000
3 beds | 4 baths | 2,045 SF
592 Tuckerman Avenue, Middletown.
Sold Price: $6,245,000
5 beds | 5 full baths | 2 half baths | 5,204 SF
11 Renfrew Avenue, Middletown.
Sold Price: $1,165,000
4 beds | 2 baths | 1,420 SF
292 Boulevard, Middletown.
Sold Price: $420,000
2 beds | 1 bath | 987 SF
7 Wellington Avenue, Newport.
Sold Price: $2,050,000
4 beds | 2 full baths | 1 half bath | 2,205 SF
4 Third Street, Newport.
Sold Price: $725,000
2 beds | 1 bath | 990 SF
33 Carnegie Abbey Lane, Portsmouth.
Sold Price: $2,730,000
3 beds | 5 baths | 2,695 SF
49 Dexter Street, Portsmouth.
Sold Price: $710,000
3 beds | 2 baths | 1,566 SF
1 Tower Drive, Unit #902, Portsmouth. High Rise.
Sold Price: $655,000
2 beds | 2 baths | 1,365 SF
0 Beach Road, Portsmouth.
Sold Price: $225,000
4 beds | 1 bath | 1,152 SF
243 Cottrell Road, Tiverton.
Sold Price: $865,000
4 beds | 2 full baths | 1 half bath | 2,680 SF
