02816 Housing Market Report February 2025•Kent County, Rhode Island

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Housing Prices in 02816, RI

How much do homes in 02816, RI cost?

Housing Market Conditions

Is 02816, RI a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

02816 is a Seller's Market

Difference Since February 2024

Since last year, 02816 has remained a Seller's Market.

Insight

02816 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$405,083$238/SqFt
+$21,083
+5.5%

Based on all homes sold in the last 12 months

Insight

Homes in 02816 have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in 02816 was $405,083 in February 2025, up 5.5% from last year, and the median price per square foot was $238.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
02831
+29.9%
02893
+14.2%
02816
+5.5%
02827
-0.2%
02825
-4.0%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsFeb 2024Feb 2025Change YoY
1$220K$305.2K
+38.8%
2$244.9K$225K
-8.1%
3$406K$430K
+5.9%
4$504.9K$607.5K
+20.3%
5$425K$480K
+12.9%

Summary: 02816 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes increased by +38.8%. The home price for 2 bedroom homes decreased by -8.1%. The home price for 3 bedroom homes increased by +5.9%. The home price for 4 bedroom homes increased by +20.3%. The home price for 5 bedroom homes increased by +12.9%.

Housing supply in 02816, RI

How many homes are available in 02816, RI?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
86Last MonthFeb 2025
802 months agoJan 2025
+7.5 %
Change MoMJan – Feb

Summary: The 02816 real estate market had 86 homes for sale in Feb 2025, a 7.5 % increase compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
18Last MonthFeb 2025
212 months agoJan 2025
-14.3 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
123
+50.0%
22931
+6.9%
33635
-2.8%
41012
+20.0%
535
+66.7%

Summary: 02816 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +50.0%. The inventory for 2 bedroom homes increased by +6.9%. The inventory for 3 bedroom homes decreased by -2.8%. The inventory for 4 bedroom homes increased by +20.0%. The inventory for 5 bedroom homes increased by +66.7%.

Asking Price vs. Sold Price

How much do homes in 02816, RI cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price7 Homes

At Asking Price3 Homes

Under Asking Price8 Homes

Insight

If you're buying a home in 02816, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in 02816 in February 2025, down by 14.3% month-over-month. Of the 18 sold homes, 44% were sold under asking, 17% were sold at asking, and and 39% were sold over asking.

Days on Market for 02816, RI

How long does it take to sell a home in 02816, RI?

Breakdown of Home Sale Times

Under 30 Days5 Homes

30 – 90 Days12 Homes

Over 90 Days1 Home

Insight

Avg time on Rocket Homes in 02816 has remained consistent over time.

Summary: During February 2025, 18 homes were sold in 02816; 28% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
44 DaysThis YearFeb 2025
35 Days1 year agoFeb 2024
+25.6 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 02816 had an average listing age of 44 days in Feb 2025, up by 25.6% compared to the previous year.

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Newest Listings in 02816, RI

What homes are available in 02816, RI?

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MLS Disclaimers and Copyright

Based on information from Rhode Island State Wide MLS, SmartMLS, and MLS Property Information Network Inc. for the period 03/01/2023 - 03/01/2025

Disclaimer: The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than this broker are marked with the MLS logo and detailed information about them includes the name of the listing brokers. The purchase price of housing stock as shown on this website may vary depending on factors such as fees, commissions, price negotiations, home inspection results, market conditions, etc. This website in no way warrants or represents that submitting an offer to purchase a property for the list price will result in a sale at that price. Please consult with your REALTOR® to discuss how these variations may affect your real estate transaction. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable, but is neither guaranteed nor independently verified. Interested parties must make their own inquiries. Copyright © 2025 State-Wide MLS, Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/6/2025, 12:20:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXCopyright © 2025 Smart MLS. The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/6/2025, 12:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Disclaimer: The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. We may make use of information provided by users of this website - see our Terms of Use for more details on our privacy policy.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/6/2025, 12:20:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.