Overview of Current Market Conditions

The following graphs illustrate the changes in Charlestown, RI values for residential properties since the last reassessment.

As we can see in the first graph, the median selling price (the median is the middle point of all selling prices, the median is used instead of the average because it gives equal weight to all sales, the averge gives added weight to very high and very low prices) of a single family home as of 10/1/2007 was $391,475 which represented the peak of the real estate market in Charlestown. After that date, the decline started in 2008 and continued into 2010. Even though the 2010 median price is above the low point of $300,000 in 2009, it is still below the peak price during 2007. Furthermore, it could also be the product of more higher end homes selling in 2010 than sold in 2009.

The second chart shows the level of assessment for single family properties since the last revaluation. As selling prices began to decrease, the level of assessment rose to a high of 115% in 2009. While we saw that the median price rose in 2010, its level of assessment remained at 114% and therefore, this does indicate that the sale of more higher end homes contributed to the rise in the median selling price shown in the previous graph.

Anyone wishing to review their new assessment with Vision Appraisal staff will be able to set up an appointment with Vision by following the instructions outlined on your new assessment notice.