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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Narragansett Housing Market Information

With 15,650 people, 7,167 houses or apartments, and a median cost of homes of $508,410, 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 79.36% of the town's housing units. Other types of housing that are prevalent in Narragansett include duplexes, homes converted to apartments or other small apartment buildings ( 8.26%), large apartment complexes or high rise apartments ( 7.36%), and a few row houses and other attached homes ( 4.30%).

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 68.20% of Narragansett's homes, and 57.67% 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 ( 30.27%). A lesser amount of the housing stock also hails from before 1939 ( 13.38%). There's also some housing in Narragansett built between 2000 and later ( 12.40%).

Vacant housing appears to be an issue in Narragansett. Fully 30.54% of the housing stock is classified as vacant. Left unchecked, vacant Narragansett homes and apartments can be a drag on the real estate market, holding Narragansett real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Narragansett Home Appreciation Rates

Real estate appreciation rates in Narragansett's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.11% during the period.

NeighborhoodScout's data show that during the latest twelve months, Narragansett's appreciation rate, at 4.19%, has been at or slightly above the national average. In the latest quarter, Narragansett's appreciation rate has been 0.64%, which annualizes to a rate of 2.59%.

Relative to Rhode Island, our data show that Narragansett's latest annual appreciation rate is lower than 70% of the other cities and towns in Rhode Island.

Average Home Values

 

Median Home Value:
$508,410

Narragansett, RI HOME PRICES

Value Range
> $1,141,000 6.3
$856,001 - $1,141,000 5.9
$571,001 - $856,000 20.1
$456,001 - $571,000 13.7
$342,001 - $456,000 28.8
$228,001 - $342,000 20.3
$114,001 - $228,000 3.7
$57,001 - $114,000 0.0
$0 - $57,000 1.1

Very High for RI
Very High for Nation

Value Relative to Nation Value Relative to State
5.73069260517989 10.2564102564103

Number Of Homes And Apartments:
7,167

Narragansett Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
95.93% 3.98% 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,679 / per month

Homeownership Rate

Homeownership
Owners 68.20
Renters 31.80
Vacant 30.54

Housing Market Details

 

Age of Homes

AGE OF Narragansett HOMES
2000 or Newer 12.4
1970 - 1999 44.0
1940 - 1969 30.3
1939 or Older 13.4

Types of Homes

TYPE OF Narragansett HOMES
Single-Family 79.4
Townhomes 4.3
Small Apt. Buildings 8.3
Apt. Complexes 7.4
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF Narragansett HOMES
No Bedroom 0.26
1 Bedroom 9.13
2 Bedrooms 27.42
3 Bedrooms 43.23
4 Bedrooms 14.44
5 or more bedrooms 5.52

Popular Neighborhoods in Narragansett

Zip Codes in Narragansett, RI