Narragansett, RI—02882
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Narragansett, RI
As of Oct '25, the median home price in Narragansett, RI is $846,000, with a year-over-year change of 9.2%. This indicates that home prices in Narragansett, RI are increasing. According to Zillow, the 1-year price projection is 3.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $846,000 | 9.2% |
| Single Family | $926,000 | 9.2% |
| Condos | $391,000 | 2.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $387,000 | 8.1% |
2 Bed | $718,000 | 9.1% |
3 Bed | $919,000 | 8.9% |
4 Bed | $1,099,000 | 9.6% |
| 5 Bed | $1,289,000 | 9.1% |
% of Housing Stock
Rental Trends — Narragansett, RI
As of July '25, Rentcast reports the average rent in Narragansett, RI is $3,260, with a year-over-year rent change of -8.9%. Per bedroom, the median rent as of July '25 in Narragansett, RI is studios: $2,380, 1-bedrooms: $2,000, 2-bedrooms: $2,710, 3-bedrooms: $3,200, 4-bedrooms: $4,520. The most common rental property sizes in Narragansett, RI are 2-bedroom and 3-bedroom, accounting for 35.6% and 27.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,260 |
| Studio Rent | $2,250 | $2,380 |
| 1 Bed Rent | $1,200 | $2,000 |
| 2 Bed Rent | $2,750 | $2,710 |
| 3 Bed Rent | $3,000 | $3,200 |
| 4 Bed Rent | $3,950 | $4,520 |
% of Rental Stock
Property Listings — Narragansett, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Narragansett, RI is 56. This is a increase of 38.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,000,000 | -6.0% |
Listing Count | 62 | 12.0% |
| Listings as % of Homes | 0.6% | 12.0% |
Days on Market | 56 | 38.0% |
Demographics — Narragansett, RI
As of the latest ACS Survey released in 2023, Narragansett, RI has a population of 13,000, which has decreased by -6.9% over the past 5 years. Narragansett, RI is a less popular place for families, as children make up 9.9% of the population. The area has a highly educated workforce, with 64.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,000 | -6.9% |
% Under 18 | 9.9% | -11.6% |
% Seniors | 25.1% | 5.5% |
% WFH | 19.4% | 234.5% |
% w/ College Degree | 64.0% | 11.7% |
As of the latest ACS Survey released in 2023, Narragansett, RI is a predominantly white area, with 93.3% of the population identifying as white. The white population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Narragansett, RI is hispanic, making up 3.1% of the population. Foreign-born residents account for 3.1% of the population in Narragansett, RI, and this percentage has decreased by 31.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 93.3% | 0.3% |
% Black | 0.3% | -66.7% |
% Hispanic | 3.1% | -16.2% |
% Asian | 0.4% | -81.0% |
% Foreign Born | 3.1% | -31.1% |
Mortgage and Risk — Narragansett, RI
According to HUD data as of 2023, there were 331 mortgage originations in Narragansett, RI, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 43.0%, with 4.0% above 90% LTV (normal). This implies small mortgage risk in Narragansett, RI. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 331 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 3.0% |
% Second Loans | 23.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Narragansett, RI
As of 2024, the percent of homes in Narragansett, RI under the Section 8 program is 14.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Narragansett, RI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 253 |
Total Units Section 8 | 244 |
% Rentals under Section 8 | 14.4% |
% Occupied Section 8 | 95.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $530 | $1,200 | $1,730 |
| 2 Bedroom | -$630 | $2,750 | $2,120 |
| 3 Bedroom | -$450 | $3,000 | $2,550 |
| 4 Bedroom | -$850 | $3,950 | $3,100 |
Affordability — Narragansett, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.3 |
| Median Home Price | $846,000 |
| Median Household Income | $95,800 |