I am about to make a bold statement about the Newport, RI real estate market – a statement that’s been made nearly every year since 2006. This time, however, the evidence is strong, sustained and hard to refute, so here it goes:
Newport's residential real estate market has finally, officially, turned a corner.
If you don’t believe me, consider these Newport and Aquidneck Island real estate metrics from RI’s Multiple Listing Service.
Median price vs. inventory, Newport, RI, 11/8/12
The decrease in the number of homes on the market (the dark line) from fall 2011 to fall 2012 is startling! Approximately 200 homes were on the market last fall versus 130 this fall! Down 35%. Take a look at this chart displaying 4 years of price vs.