On the Market: Open Houses across Newport County (Oct. 24-25)
Posted
Tyler Bernadyn (via What’s Up Newp)
After years of a real estate market heavily favoring sellers, we’re finally seeing a shift toward something consumers have desperately needed: balance and leverage.
The September numbers tell an interesting story. According to Realtor.com, Newport County’s median sold price reached approximately $955,000, while the median asking price stood at $989,450. Active listings increased 11.2% year over year, homes spent a median of 60 days on the market, and properties sold for approximately 2.2% below asking price on average.
Those figures reflect a market where cost of entry is still expensive, but one where buyers are beginning to regain some negotiating power. A welcome change for many who have been experiencing “buyer fatigue” due to competitive market conditions. For the better part of five years, sellers held nearly every advantage. Buyers were routinely making significant concessions just to compete, often sacrificing inspections, flexibility, and negotiating opportunities.
We’re seeing more negotiations over price, repairs, closing timelines, and other contractual terms. Sellers are having to think more carefully about their competition, while buyers have greater opportunities to advocate for their interests. That doesn’t mean every home is negotiable or that desirable properties aren’t still attracting competition. They certainly are. But the days of assuming sellers hold all the cards are largely behind us.
For those actively engaged in the house hunt, the coming weeks could present some meaningful opportunities. With the holidays approaching and New England’s seasonal slowdown around the corner, some sellers may be more motivated to put a transaction together before the end of the year.
This weekend, 57 unique properties are scheduled to host open houses across Newport County on Saturday and Sunday, offering buyers a chance to explore everything from entry-level homes to luxury coastal estates.
The market is evolving, and for consumers on both sides of a transaction, that’s a good thing.
As always, I’m happy to help you navigate it. Whether you’re buying, selling, or simply curious about your property’s value, feel free to contact me directly at 401-241-1851 or TylerB@resultswithremax.com.
