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 about Scout's Real Estate Data
With 24,334 people, 10,211 houses or apartments, and a median cost of homes of $678,430, 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 37.14% 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 ( 34.97%), large apartment complexes or high rise apartments ( 21.44%), and a few row houses and other attached homes ( 6.19%).
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 ( 54.25%), 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 ( 20.51%), followed by between 1970-1999 ( 19.54%). There's also some housing in Newport built between 2000 and later ( 5.70%).
Vacant housing appears to be an issue in Newport. Fully 21.40% 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.
In the last 10 years, Newport has experienced some of the highest home appreciation rates of any community in the nation. Newport real estate appreciated 72.76% over the last ten years, which is an average annual home appreciation rate of 5.62%, putting Newport in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Newport definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 11.66%, which is higher than appreciation rates in 81.68% 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 4.08%, which equates to an annual appreciation rate of 17.32%.
Importantly, this makes Newport one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Rhode Island, our data show that Newport's latest annual appreciation rate is higher than 50% 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.