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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 24,232, 10,723 total housing units (homes and apartments), and a median house value of $479,993, Newport house prices are not only among the most expensive in Rhode Island, Newport 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 Newport, accounting for 41.83% of the city's housing units. Other types of housing that are prevalent in Newport include duplexes, homes converted to apartments or other small apartment buildings ( 31.76%), large apartment complexes or high rise apartments ( 21.66%), and a few row houses and other attached homes ( 4.56%).
People in Newport primarily live in small (one, two or no bedroom) single-family detached homes. Newport has a mixture of owner-occupied and renter-occupied housing.
The housing in Newport was primarily built before 1939 ( 55.85%), making the housing stock in Newport some of the oldest overall in America, although there is a range of ages of homes in Newport. The next most important housing age is between 1940-1969 ( 19.36%), followed by between 1970-1999 ( 19.19%). There's also some housing in Newport built between 2000 and later ( 5.60%).
Vacant housing appears to be an issue in Newport. Fully 19.77% of the housing stock is classified as vacant. Left unchecked, vacant Newport homes and apartments can be a drag on the real estate market, holding Newport 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.
Real estate appreciation rates in Newport's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.23% during the period.
Appreciation rates are so strong in Newport that despite a nationwide downturn in the housing market, Newport real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newport appreciation rates continue to be some of the highest in America, at 6.41%, which is higher than appreciation rates in 77.21% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newport. Newport appreciation rates in the latest quarter were at 0.64%, which equates to an annual appreciation rate of 2.59%.
Relative to Rhode Island, our data show that Newport's latest annual appreciation rate is higher than 60% of the other cities and towns in Rhode Island.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newport differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newport - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Newport real estate investment or home purchase decisions.
|$874,001 - $1,165,000||7.2|
|$583,001 - $874,000||13.8|
|$466,001 - $583,000||13.0|
|$350,001 - $466,000||28.6|
|$233,001 - $350,000||16.3|
|$117,001 - $233,000||8.3|
|$58,001 - $117,000||0.7|
|$0 - $58,000||2.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Newport HOMES|
|2000 or Newer||5.6|
|1970 - 1999||19.2|
|1940 - 1969||19.4|
|1939 or Older||55.9|
|TYPE OF Newport HOMES|
|Small Apt. Buildings||31.8|
|SIZE OF Newport HOMES|
|5 or more bedrooms||5.81|