Is Wakefield, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Wakefield was a Seller's Market.
Key Takeaway
Wakefield is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Wakefield, RI
How much do homes in Wakefield, RI cost?
Median Sold Price
$590,000
$352/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wakefield have sold for 3.6% less than they did a year ago.
Summary: The median home sold price in Wakefield was $590,000 in May 2024, down 3.6% from last year, and the median price per square foot was $352.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280K | $385K | +37.5% |
| 2 Bedrooms | $615K | $472.7K | -23.1% |
| 3 Bedrooms | $568K | $590K | +3.9% |
| 4 Bedrooms | $745K | $730K | -2.0% |
| 5+ Bedrooms | $664.7K | $729.9K | +9.8% |
Summary: Wakefield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.5%, 2 bedroom homes decreased by 23.1%, 3 bedroom homes increased by 3.9%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 9.8%.
Median Sold Price Compared To Nearby Cities
| Kingston | $580.5K | $645K | +11.1% |
| Narragansett | $722.5K | $799.9K | +10.7% |
| West Kingston | $499.9K | $546K | +9.2% |
| South Kingstown | $610K | $600K | -1.6% |
| Wakefield | $612.2K | $590K | -3.6% |
Housing Supply in Wakefield, RI
How many homes are available in Wakefield, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 69 | 96 | +39.1% |
Summary: The Wakefield real estate market had 96 homes for sale in May 2024, a 39.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 11 | +22.2% |
| 2 Bedrooms | 25 | 36 | +44.0% |
| 3 Bedrooms | 19 | 28 | +47.4% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Wakefield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 44%, 3 bedroom homes increased by 47.4%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 13 | -18.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wakefield, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Wakefield in May 2024, down by 18.8% month-over-month. Of the 13 sold homes, 46% were sold under asking, 23% were sold at asking, and 31% were sold over asking.
Days on Market for Wakefield, RI
How long does it take to sell a home in Wakefield, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 22 Days | -29.4% |
Summary: Homes in Wakefield had an average of 22 days on market in May 2024, down by 29.4% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wakefield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Wakefield; 69% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
