Real Estate Market Report: South County RI

8 Green Hill Ocean Drive, South Kingstown RI.  Listing courtesy of RI MLS/Mott & Chace Sotheby’s International Realty/Michael Himmel

What’s Happening in the South County, RI Real Estate Market?

Washington County (commonly known as South County), Rhode Island is comprised of some of the most beautiful coastal towns in all of New England.  It includes the towns of Narragansett, Westerly, Charlestown and South Kingstown, among others and is a popular destination for second homes and beach homes.

South County’s proximity to Manhattan, Southern Connecticut, and Boston makes it easy to access by car or Amtrak. Once considered a well kept secret, South County, RI has taken a prominent place alongside The Hamptons and Cape Cod.

Our January Market Report for Rhode Island https://www.mottandchace.com/market-reports provides some terrific insights into Single Family Home (SFH) activity for the first month of the year.  Digging down to a more local perspective, here’s how South County, RI performed during the same period*

*RI MLS Jan 1 through 31, 2024 vs Jan 1 through 31, 2023

South County, RI outperformed in all key metrics, commanding higher listing and sales prices, an increase in the number of transactions closed, and a decrease in the number of days those sold homes were on the market.

It’s too early to tell if these trends will continue into prime selling season.  But, according to RI MLS, February, so far, has been a great month for SFH sales in South County, with increases in units, listing price and sales price.  And a 10 day decrease in days on market to 33.

What does this mean for buyers?

There likely won’t be a lot of inventory to choose from anytime soon, as sellers are not anxious to let go of their favorable mortgage rates.  When correctly priced homes in desirable locations do come to market, buyers should be prepared to act quickly and decisively.   That does not mean that they should forego due diligence and waive contingencies to win a multiple offer situation.  A good offer with solid financing will be attractive to sellers.

What does this mean for sellers?

The good news is that there will be lots of buyers competing for fewer homes, which could result in multiple offer situations and higher sales prices.  It does not mean that sellers can demand unrealistic prices, and those that do may see their home sit on the market longer and ultimately take price adjustments.  On the other hand, if sellers want to stay in their current market, they’ll be competing with all those buyers.

Michael Mosca is a real estate agent specializing in coastal RI properties with Mott & Chace Sotheby’s International Realty in Narragansett, Rhode Island.  If you’d like guidance pricing a home to sell or buy:  Michael.Mosca@mottandchace.com or 917-287-0950