Rhode Island Real Estate Market Report January 2024

Rhode Island Single Family Market Report | January 2024 Snapshot"

Welcome back, Rhode Island homeowners and prospective buyers! As we dive into the real estate scene for January 2024, we've got some exciting trends and figures to share about the single-family housing market. Whether you're thinking about selling, buying, or just curious about the state of real estate in the Ocean State, this blog post is your go-to guide.

1. Months of Inventory: A Seller's Market Continues The current months of inventory in Rhode Island stands at a brisk 1.4 months. This indicates a continued seller's market, where demand outpaces the available supply of homes.

2. Median Sale Price: Steady Growth at $441,750 The median sale price for single-family homes in January 2024 is a solid $441,750. This figure reflects a steady upward trend in home values, showcasing the resilience and attractiveness of Rhode Island's real estate market.

3. Number of Sales: 442 Homes Find New Owners In January, 442 single-family homes changed hands in Rhode Island.

4. Pending Sales: 726 Homes Ready for Closing Looking ahead, we see an encouraging 726 homes currently in the pending sales stage.

What Does This Mean for You?

• Sellers: With low inventory and a high demand for homes, now is an opportune time to sell.

• Buyers: While the market may be competitive, the steady growth in median sale prices suggests that investing in Rhode Island real estate remains a wise decision.

If you are ready to enter the Rhode Island real estate market as a buyer or seller contact a local real estate expert for more information about the market.

Real Estate Institute of Rhode Island