Narragansett-South Kingstown Area Home Prices Up Recently

NARRAGANSETT-SOUTH KINGSTOWN, RI — The rise in home prices showed no signs of abating in early 2021 across most of the country.

Prices increased 1.94 percent from February to March in the Providence-Warwick RI-MA Metropolitan Statistical Area, according to the CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices are up 17.70 percent from March 2020.

Prices in the bottom third (less than $307,000) of the Providence-Warwick RI-MA Metropolitan Statistical Area market — often designated as starter homes —increased 20 percent year over year. The top third of the market (homes over $429,000) saw a 15 percent increase.

The number of homes on the market continues to be near historic lows, which has driven prices up. Strong demand for housing among millennials, along with low interest rates, have tightened the market still further. Lumber prices are higher than normal, too, which has pushed up the price of new construction.

Nationally, home prices increased 11.3 percent in March 2021 compared to March 2020, according to the CoreLogic Home Price Index. Home prices were up 2 percent in March compared to February 2021.

Washington County is part of the Providence-Warwick RI-MA Metropolitan Statistical Area, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.

Editor's note: This post was automatically generated using an analysis of the Case-Shiller Index data from CoreLogic Inc. by The Associated Press. Please report any errors or other feedback to [email protected].