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Bristol Market Update – August 20, 2020

Every Wednesday, we will provide a weekly Bristol market update to keep you informed of the current market conditions.

As of August 20, 2020…

Single Family Homes

There are currently 28 Single Family Homes actively listed for sale in Bristol.

  • Six of the 28 active single family listings are over $1,000,000.
  • Of the 22 remaining active SF listings, 10 are under $500,000.
  • There are seven single family properties listed in the $500,000 – $600,000 range, so there is decent inventory available in that price category.
  • There are just two single family properties listed for sale under $300,000, and five single family properties listed for sale between $300,000 & $400,000. 

Data regarding Recent Single Family Sales Properties in Bristol, RI 

  • Over the last 12 months, there have been 171 single family homes sold in Bristol, RI. Eight of those 171 sales were over $1,000,000.00. There was just one sale between $800,000 and $1,000,000.
  • Excluding sales over $1,000,000, the median price of single family homes sold in Bristol, RI over the last 12 months is $347,500 and the median price per square foot for those homes sold over the last 12 months is $235 per square foot. 
  • The median price point for single family home sales under $1,000,000 YTD in Bristol is $366,500 with a median sold price per square foot of $240. So, prices are rising. 

Rising Prices

Prices rising is likely a result of two things:

  1. Inventory is low. A healthy real estate market is considered to have 5-7 months of supply. The current market in Bristol, RI has just under 2 months of supply.
  2. Interest rates are at historically low numbers. Many homebuyers pay closer attention to the affordability factor and how much the monthly obligation will be, so when interest rates drop, their ability to pay more in the purchase price rises.

Condos & Townhomes

  • There are currently 22 condos actively listed for sale in Bristol, RI/
  • Two of the 22 condos are listed at over $1,000,000.
  • Eight of 22 condos are listed between $800,000 and $1,000,000.
  • The remaining inventory is balanced with affordably priced condos as low as $169,000 and $187,000 for something on Metacom Avenue at the Courtyard or the Pines.  

Multi-Family Properties

  • There is currently only one multi-family property listed for sale in Bristol, RI.
  • That property is a 3-unit house located at 38 Byfield Street, which is currently asking $585,000 and has been on the market for 288 days.  

About Chart House

YTD, Chart House is currently the third-largest producer of sales in the East Bay and the third-largest producer of sales in Barrington. Chart House is also ranked #27 in Rhode Island sales statewide. Keller Williams Realty, as a brand, is the largest volume producer for both dollars and units in the State of Rhode Island (YTD).

This market update is provided by Matthew Antonio, Team Leader for Chart House Realtors in Barrington, RI. Chart House is a Real Estate Sales Team working within the Keller Williams Realty system. We focus on providing a high level of service and detail representing buyers and sellers in all types of real estate transactions.

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