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In August 2023, the Newport housing market exhibited some noteworthy trends. The median sale price for homes was $892,000, a slight decrease of 0.89% compared to the same period last year. Interestingly, homes are selling faster, staying on the market for an average of 56 days as opposed to 71 days in the previous year. However, the number of homes sold has halved, with only 7 transactions completed this August compared to 15 in the same month last year. These insights suggest a mixed market condition. While the slight decrease in median home prices and quicker sales cycles could indicate increased buyer interest, the reduced number of homes sold points to a possible contraction in the market. This could be indicative of cautious buyer behavior or reduced inventory, warranting further investigation for a comprehensive understanding of the market dynamics.
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With an insider’s view of the market, we know where to find properties that match your wish list and lifestyle. When it’s time to sell, Hudson Realty Group’s comprehensive marketing and organizational expertise help price your property for maximum financial return.