Newport, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Newport Neighborhoods Since 2000




Newport, 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

Newport Housing Market Information

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.

Newport Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$479,993

Newport, RI HOME PRICES

Value Range
> $1,165,000 9.3
$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

Very High for RI
Very High for Nation

Value Relative to Nation Value Relative to State
6.47486229930857 12.8205128205128

Number Of Homes And Apartments:
10,723

Newport 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
98.74% 4.06% 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,578 / per month

Homeownership Rate

Homeownership
Owners 36.66
Renters 63.34
Vacant 19.77

Housing Market Details

 

Age of Homes

AGE OF Newport HOMES
2000 or Newer 5.6
1970 - 1999 19.2
1940 - 1969 19.4
1939 or Older 55.9

Types of Homes

TYPE OF Newport HOMES
Single-Family 41.8
Townhomes 4.6
Small Apt. Buildings 31.8
Apt. Complexes 21.7
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Newport HOMES
No Bedroom 2.41
1 Bedroom 19.80
2 Bedrooms 31.10
3 Bedrooms 29.56
4 Bedrooms 11.32
5 or more bedrooms 5.81