Rhode Island- With just 2497 single-family homes on the market in January. Rhode Island had less than a three-month supply of listings in January, resulting in a single-family home market that significantly favored sellers. The low supply has resulted in lower sales numbers but home values have seen a 9% increase.
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| Rhode Island Real Estate Market |
According to Robert Scaralia Education Director for the Real Estate Insitute Of Rhode Island, anyone who has been thinking about selling now is the time to list their property. The lack of competition in the marketplace is increasing property values so sellers are realizing greater returns. And, when buying their next home, they are taking advantage of the historically low-interest rates.
Scaralia noted that the median price rose 20 percent to $225,000 in the multifamily property sector and sales activity rose 3.6 percent year-over-year. Pending sales dropped 18 percent from the previous 12 months.
Condominium sales, the median sales price rose 15.6 percent from January of 2017, to $215,000. Sales activity was at 11.5 percent while pending sales decreased 7.7 percent. Taking into account active properties for all categories of housing and the current level of demand plus the historically higher demand that comes with the spring and summer market it will create a perfect real estate storm in Rhode Island.
For questions about buying or selling or advice on selecting a real estate professional contact:
Robert Scaralia Education Director
Real Estate Institute Of Rhode Island
22 Veterans Memorial Drive
Warwick, RI 02886
401.943.8500
Data and information provided by- Rhode Island Realtor Association and State-Wide Multiple Listing Service
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