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Narragansett Pier, RI Housing Market Trends
In November 2024, the median sale price of homes in Narragansett Pier dropped significantly by 68.9% year-over-year, now sitting at $978K. This decline reflects broader market shifts, though the housing market in the area remains somewhat competitive. The median sale price per square foot also decreased by 34.1%, reaching $470. This drop in prices could be attributed to changing economic conditions, but it also presents potential opportunities for buyers in a market where values are adjusting.
The housing market in Narragansett Pier remains somewhat competitive, with homes typically selling within 27 days. On average, homes in the area sell for about 3% below the list price. However, properties in high demand can attract multiple offers and sell for approximately 1% above the list price, often going pending in as little as 14 days. This suggests that while the market is cooling overall, well-priced and desirable homes still see swift interest.
In November 2024, Narragansett, RI, is considered a seller's market, indicating that the demand for homes exceeds the available supply. This imbalance creates favorable conditions for sellers, as buyers compete for a limited number of properties. As a result, homes are likely to sell more quickly and potentially at higher prices, making it a good time for homeowners looking to sell in the area.
If you have any questions or are interested in exploring the beautiful properties in Narragansett Pier, don't hesitate to reach out to Joseph. With expert knowledge of the local market and a passion for helping buyers and sellers, Joseph is here to guide you through every step of the process. Whether you're looking to buy or need more information about the area, Joseph is ready to assist you!
Discover everything you need to know about Narragansett Pier, from its charming homes to local amenities and attractions. Whether you're considering moving to the area or simply curious about what makes this neighborhood special, our comprehensive guide has all the insights you need. Start exploring now!
The competitive drive which fueled much of my consulting and business endeavors has also given me the ability to see the opportunity in a home to make it beautiful. I look forward to sharing this talent with a range of buyers and sellers. I want to help people find, market, and sell their dream homes.
