Narragansett Pier's real estate market is experiencing a price correction, with values down 7.7% from last year. Home prices have increased 46.7% in the past month alone. With 3.0 months of supply, Narragansett Pier's inventory levels remain relatively tight. Homes are taking about 21 days to sell, which is -13 days longer than this time last year. A significant 33.3% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 33.3% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Narragansett Pier market with the affordability index at 2213.2. Market projections suggest continued price appreciation in the coming months as demand outpaces supply.
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