Real Estate in Newport RI, much like the rest of the country, had a great year. But how did Newport fare alongside the rest of the nation? Here’s where we stand on 2013.
Nationally and in Rhode Island:
The Case/Shiller National Index, an index of national home prices, experienced a 10.06% increase year over year through September 2013. That’s the largest 12-month gain since March of 2006! Rhode Island median home prices appreciated 10.48% with an 18.9% increase in volume! The increase in volume is a strong sign of a strengthening market.
Single Families – Newport, RI
Newport’s median price appreciation lagged behind the national and state average with a price increase of only 2.1%. That said, Newport dwarfed the rest of the state
Flood risk across the country, particularly in coastal areas like Newport, RI is on the rise. The Beggert-Waters Act of 2012, resulted in the redrawing of all flood insurance rate maps to reflect current elevated risks. As a result, some properties that have never needed flood insurance are now in high risk zones, some properties are no longer insurable at all, and flood insurance rates are skyrocketing.
WHY IS THIS HAPPENING?
The Federal Government's flood insurance program has lost $19 billion in recent years. To continue to have a viable flood insurance program, the government plans to make those who have the risk pay for it. As a first step, all of the flood maps are being