A brief market update as we continue to experience an unprecedented real estate market in Newport. Last year at this time, the market was full of uncertainty as we entered the pandemic; while many of us “seasoned” real estate professionals had weathered up and down markets, none of us had experienced the effects of a pandemic before. As it turned out, Newport became a place to weather the storm for our neighbors in New York City and Boston and it soon became clear that the effect of the pandemic on Newport’s real estate market would result in increased home prices and low inventory. Limited supply and historically low interest rates continue into 2021.
The median home sale price in Newport for 2020 was $635,000 up from $497,500 in 2019!
If you’re considering selling, simply want to know the value of your home, wondering about your new home assessment from the city, want to know if you can get rid of PMI, or are considering a home equity line of credit and want to know how much equity you have in your house, please contact me. I am more than happy to sit with you, discuss the market and your home value in more detail and provide you with a no-cost, no obligation comparative market analysis. My goal is to be your neighborhood real estate resource; whether it’s buying, selling or consulting.
Many of you know me because we’re neighbors. For those of you who don’t, I am entering my 20th year as a real estate Broker Associate in Newport and am a founding member of the Off Broadway Neighborhood Association. I am proud to call Newport home and enjoy living, working and raising my family in our City by the Sea. Please reach out at any time. I am always available.