NEWPORT, R.I. — For generations, Newport County has been a favorite destination for esteemed families like the Kennedys and the Vanderbilts. More than 100 years since the Gilded Age put the seaside city on the map, the appeal of its coastline and extravagant history does not seem to be going away.
Newport County ranked first in luxury second home transactions in the US, in 2023, according to a newly published report by Pacaso, a national company that offers fractional home ownership. The county — which includes the coastal cities of Newport, Middletown, Portsmouth, Jamestown, Tiverton, and Little Compton — saw a 64 percent increase in home purchases of more than $1 million, with an average sale price of a little over $2 million, according to the report.
The second-home buying trends in Newport also mirror the booming wealth moving into other parts of New England. Maine’s York County, which includes Kennebunkport, and Cumberland County, which includes Portland, saw a 16 percent and 14 percent increase in second home transactions, respectively.
In Connecticut, second-home buyers in Fairfield County rose by 14 percent, where towns such as Greenwich saw an even higher number of New Yorkers moving to the suburbs. The average sale price in the county in 2023 hovered around $2.21 million.
“In today’s dynamic real estate landscape, it’s no surprise to witness metro-adjacent counties like Fairfield... leading the charts in second home transactions,” said Austin Allison, Pacaso’s CEO and co-founder. “With the onslaught of hybrid back-to-office policies by several companies, home buyers are seeking the perfect blend of spacious, nature-centric living, all while maintaining the convenience of a short train ride to the city.”
Here are the most expensive homes that sold in Rhode Island in 2023.
3. 87 Kingstown Road, Unit #N4, Richmond
- Sale Price: $10.9 million
- Listing Agent: Jerry Sahagian of Preserve Realty, LLC
- Seller’s Agent: Jerry Sahagian of Preserve Realty, LLC
- Year Built: 2022
- Rooms: 14
What makes it unique: Nestled on a property of 3,600 acres, this fully-furnished home that’s part of The Preserve Sporting Club & Residences boasts a cigar and wine lounge, two jacuzzi tubs, sauna, and theater room. The home overlooks the property’s wooded grounds and all of the homes on the property have access to amenities like 100 miles of walking trails, a golf course, equestrian center, clubhouse with a restaurant and lounge, spa and fitness center, fly fishing, an indoor firing range, sporting clay courses, and more. Also on site are tennis, pickleball, and bocce courts.
SOURCE: Boston Globe - Alexa Gagosz
