Narragansett RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Narragansett, RI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Narragansett Housing Market Information

With 15,464 people, 6,739 houses or apartments, and a median cost of homes of $587,390, Narragansett house prices are not only among the most expensive in Rhode Island, Narragansett real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Narragansett, accounting for 81.87% of the town's housing units. Other types of housing that are prevalent in Narragansett include large apartment complexes or high rise apartments ( 7.87%), duplexes, homes converted to apartments or other small apartment buildings ( 5.87%), and a few row houses and other attached homes ( 3.67%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Narragansett. Owner-occupied housing accounts for 66.20% of Narragansett's homes, and 60.93% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Narragansett built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Narragansett built between 1940-1969 ( 29.39%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.33%). There's also some housing in Narragansett built before 1939 ( 13.40%).

A decent proportion of the Narragansett housing stock is seasonally occupied. That is, homes and condos in Narragansett are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Narragansett housing market speaks to its popularity as a vacation location of choice.

Narragansett Home Appreciation Rates

Appreciation rates for homes in Narragansett have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 28.27%, which ranks in the top 40% nationwide. This equates to an annual average Narragansett house appreciation rate of 2.52%.

NeighborhoodScout's data show that during the latest twelve months, Narragansett's appreciation rate, at 4.49%, has been at or slightly above the national average. In the latest quarter, Narragansett's appreciation rate has been 1.32%, which annualizes to a rate of 5.39%.

Relative to Rhode Island, our data show that Narragansett's latest annual appreciation rate is higher than 90% of the other cities and towns in Rhode Island.

Average Home Values

 

Median Home Value:
$587,390

Narragansett, RI HOME PRICES

Value Range
> $1,227,000 8.3
$920,001 - $1,227,000 7.1
$614,001 - $920,000 18.1
$491,001 - $614,000 15.3
$368,001 - $491,000 32.7
$246,001 - $368,000 15.1
$123,001 - $246,000 1.4
$61,001 - $123,000 0.5
$0 - $61,000 1.3

Very High for RI
Very High for Nation

Value Relative to Nation Value Relative to State
5.16204379562044 10.2564102564103

Number Of Homes And Apartments:
6,739

Narragansett Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
122.80% 4.14%
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,147 / per month

Homeownership Rate

Homeownership
Owners 66.20
Renters 33.80
Vacant 32.35

Housing Market Details

 

Age of Homes

AGE OF Narragansett HOMES
2000 or Newer 15.3
1970 - 1999 41.9
1940 - 1969 29.4
1939 or Older 13.4

Types of Homes

TYPE OF Narragansett HOMES
Single-Family 81.9
Townhomes 3.7
Small Apt. Buildings 5.9
Apt. Complexes 7.9
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF Narragansett HOMES
No Bedroom 0.09
1 Bedroom 7.77
2 Bedrooms 25.15
3 Bedrooms 45.14
4 Bedrooms 15.79
5 or more bedrooms 6.06

Popular Neighborhoods in Narragansett

Zip Codes in Narragansett, RI