Narragansett, RI Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Narragansett, RI Housing Market Trends

With 15,349 people, 6,467 houses or apartments, and a median cost of homes of $663,244, 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 82.63% of the town's housing units. Other types of housing that are prevalent in Narragansett include large apartment complexes or high rise apartments ( 7.56%), duplexes, homes converted to apartments or other small apartment buildings ( 5.91%), and a few row houses and other attached homes ( 3.17%).

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 69.38% of Narragansett's homes, and 62.92% 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 ( 31.52%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.12%). There's also some housing in Narragansett built before 1939 ( 11.19%).

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 60.17%, which ranks in the top 30% nationwide. This equates to an annual average Narragansett house appreciation rate of 4.82%.

Appreciation rates are so strong in Narragansett that despite a nationwide downturn in the housing market, Narragansett real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Narragansett appreciation rates continue to be some of the highest in America, at 10.45%, which is higher than appreciation rates in 70.84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Narragansett. Narragansett appreciation rates in the latest quarter were at 4.04%, which equates to an annual appreciation rate of 17.16%.

Importantly, this makes Narragansett one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Rhode Island, our data show that Narragansett's latest annual appreciation rate is lower than 80% of the other cities and towns in Rhode Island.

Average Home Values

 

Median Home Value:
$663,244

Narragansett, RI HOME PRICES

> $1,311,000
7.3%
7.3%
$983,001 - $1,311,000
10.2%
10.2%
$655,001 - $983,000
22.8%
22.8%
$524,001 - $655,000
16.9%
16.9%
$393,001 - $524,000
27.3%
27.3%
$262,001 - $393,000
12.0%
12.0%
$131,001 - $262,000
2.1%
2.1%
$66,001 - $131,000
0.7%
0.7%
$0 - $66,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for RI

Value Relative To Nation

Number Of Homes And Apartments:
6,467

Narragansett Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
164.63% 4.63%
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,423 / per month

Homeownership Rate

Owners
69.4%
69.4%
Renters
30.6%
30.6%
Vacant
35.9%
35.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.1%
15.1%
1970 - 1999
42.2%
42.2%
1940 - 1969
31.5%
31.5%
1939 or Older
11.2%
11.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
82.6%
82.6%
Townhomes
3.2%
3.2%
Small Apt. Buildings
5.9%
5.9%
Apt. Complexes
7.6%
7.6%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.2%
0.2%
1 Bedroom
6.2%
6.2%
2 Bedrooms
24.8%
24.8%
3 Bedrooms
46.8%
46.8%
4 Bedrooms
16.1%
16.1%
5 or more bedrooms
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Narragansett

Zip Codes in Narragansett, RI