Rhode Island’s market has been dominated by low inventory and low rates.
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A number of real estate reports have just come out over the last few days, so there’s a lot to talk about in our current market.
As you’re probably already aware, markets have been hyper-competitive in Rhode Island and throughout the nation. In a March 19 report for February’s market, we see that we had around 1.2 months’ worth of inventory for single-family homes. There were 1,137 homes for sale, which means buyers had little to choose from. The median price was around $320,000—an increase of 16.4% from last year. Additionally, the number of sales increased to 621, which is slightly higher than last year. However, the Rhode Island Association of Realtors says that affordability issues may arise for residents if balance is not restored.
Some people online are predicting a market crash in the near future, but I personally don’t see it occurring.
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Since there are so few homes, it’s difficult to find another place. As a result, many people are waiting to list because they don’t have anywhere to go after selling. New construction homes have also decreased significantly, meaning there’s not much coming on the horizon.
In summary, Rhode Island’s market is similar to that of the rest of the country. Inventory is way down, prices are going up, and interest rates are beginning to increase slightly. It’s difficult to buy unless you have a lot of cash on hand or are willing to offer a lot of money for a home.
Some people online are predicting a market crash in the near future, but I personally don’t see it occurring. For now, we’ll just have to wait and see what happens. If you have any questions or would like more information about buying or selling in the meantime, feel free to reach out to me. I look forward to hearing from you soon.