Kent County, Rhode Island Real Estate Market Analysis December 2023

Kent County, Rhode Island

Market Metrics Report December 2023

Real Estate Institute of Rhode Island

www.InstituteRI.com

Let's start by examining the "Months Supply of Inventory," which currently stands at 1.52. This metric represents the number of months it would take to sell all the available properties on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and faster sales.

Now, let's consider the "12-Month Change in Months of Inventory," which shows a significant decrease of -8.98%. This means that compared to the previous year, there has been a substantial reduction in the amount of time it takes to sell available properties.

Moving on to the "Median Days Homes are On the Market," we find that properties spend an average of 18 days before being sold. This metric highlights the swift pace at which homes are being snatched up by eager buyers. For sellers, this means a potential quick sale, while buyers must act swiftly to secure their desired properties.

Let's now turn our attention to the "List to Sold Price Percentage," which stands at an impressive 99.8%. This metric indicates that homes are being sold very close to their initial listing price. Such a high percentage suggests that sellers are experiencing minimal price reductions and are able to secure favorable offers.

Lastly, we come to the "Median Sold Price," which currently sits at $383,750. This figure represents the middle point of all home sale prices in the market. This median value gives us a general idea of the market's overall price range.

The short "Median Days Homes are On the Market" further reinforces the notion of a fast-paced market, where buyers must act promptly to secure their dream homes. The high "List to Sold Price Percentage" signifies that sellers are achieving prices close to their initial listing price, showcasing their bargaining power in negotiations.

Finally, the "Median Sold Price" of $383,750 gives us an idea of the price range within this market. It is important for both buyers and sellers to analyze these metrics to align their expectations and make informed decisions.

For more information about the Rhode Island real estate market contact the Real Estate Institute of Rhode Island.

980 Reservoir Ave

Cranston, RI 02910

401-943-8500

www.InstituteRI.com

Rhode Island Real Estate Market Update

Rhode Island Real Estate Market December 2023

The year ended with much optimism for a strong 2024. The median price of a single family home in Rhode Island was $427,000 and inventory was at one and a half months.  

Definitions explained.

The medium price of a home refers to the middle value in a list of home prices arranged in ascending or descending order. Unlike the average, which is calculated by summing up all the prices and dividing by the number of homes, the median is the middle point that separates the higher half from the lower half of the data set. In the context of real estate, the median home price provides a more representative measure than the average, as it is not influenced by extreme values that can skew the overall perception of the housing market. It offers a more accurate reflection of the typical cost of homes in a given area, making it a useful metric for assessing the affordability and overall market conditions.

Months of inventory, in real estate terms, refers to the number of months it would take to sell the current inventory of homes on the market, given the current sales pace. It is a key metric used to assess the balance between supply and demand in the housing market. The calculation is typically done by dividing the number of active listings by the average monthly number of closed sales. A higher number of months of inventory suggests a buyer's market, indicating more supply than demand, while a lower number suggests a seller's market, with higher demand than supply.

The Real Estate Institute of Rhode Island is a real estate school offering licensing classes, continuing education and general real estate studies.

www.InstituteRI.com

Rhode Island Gov. 100 Million for Housing 2024

100 Million bond for Rhode Island Housing

Rhode Island- In the State of the State address Rhode Island Gov. Dan McKee pledged 100 million for a housing bond as requested by the Rhode Island Housing Secretary Stefan Pryor, this would be the largest in state history. Some say it's too much, others are saying it's not enough.
“These dollars will create more inventory and help put young people on a path to homeownership in our state,” McKee said. “ We know that homeownership is one of the top ways to build generational wealth.”

According to Robert Scaralia Director of Education at the Real Estate Institute of Rhode Island in a joint statement with REMAX 1st Choice said, this is good news for Rhode Island because the state is suffering from both a housing shortage and a affordability challenge.  One of the key areas to increase affordable housing in Rhode Island is through changes in local land use controls, mainly with changing the cities and towns requirements for minimum lot sizes. Too often the minimum lot square footage requirement is well above 8,000 square feet, when an 8000 square foot lot affords every homeowner a generous front and back yard.

Smaller residential lot sizes are a crucial solution to address the pressing issues of housing inventory and affordability. This not only maximizes land utilization but also facilitates the development of more affordable housing options. With a focus on efficiency and thoughtful planning, this approach empowers communities to accommodate more residents without compromising quality. In essence, embracing smaller residential lot sizes is a strategic move towards a more inclusive and accessible housing market, fostering sustainable growth and improved affordability for all who call or would like to call Rhode Island their home.

Real Estate Institute of Rhode Island

What fields do the most successful real estate agents come out of?

While there isn't a definitive ranking for industries that make someone a great real estate agent, certain backgrounds and skills can be advantageous in the real estate industry. Here are ten industries that individuals often transition from to become successful real estate agents:

1. Sales and Marketing: Experience in sales and marketing helps agents promote properties effectively and negotiate deals.

2. 
   

3. Finance and Banking: Knowledge of finance and lending can be valuable when dealing with mortgages and helping clients secure financing.

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5. Customer Service: A background in customer service is beneficial for building strong client relationships and providing excellent service.

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7. Construction and Architecture: Understanding the basics of construction and architecture can aid in evaluating property conditions and advising clients on potential improvements.

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9. Entrepreneurship: Entrepreneurs often possess the self-motivation and business acumen necessary for success in real estate.

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11. Legal Professions: Lawyers and paralegals may find their legal knowledge beneficial in navigating complex real estate transactions.

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13. Technology and IT: Tech-savvy individuals can leverage digital tools and platforms to streamline processes and market properties online.

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15. Teaching and Education: Communication and educational skills are useful for explaining real estate processes to clients and helping them make informed decisions.

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17. Social Work: Compassion and empathy gained in social work can be valuable when understanding clients' needs and guiding them through emotional aspects of real estate transactions.

18. 
    

19. Hospitality: Professionals from the hospitality industry often excel in customer service, which is crucial for client satisfaction in real estate.

It's important to note that success in real estate is not solely dependent on industry background. Soft skills such as communication, negotiation, and networking are also critical for a real estate agent's success.

Ready to see where a Rhode Island real estate license can take you?

Visit www.InstituteRI.com for more information including class schedules and enrollment.

Discovering your passion, a real estate agents story.

"We share these stories because they are similar to most. We are inspired by people like Emma who have the courage and determination to seek a better life".

Emma found herself trapped in the monotony of her nine-to-five job. Day after day, she toiled away at a desk, her dreams stifled by the humdrum routine and the constant struggle to make ends meet. The meager salary barely covered her expenses, leaving her unfulfilled and yearning for something more.

One evening, while online Emma stumbled upon a real estate course offered by the Real Estate Institute of Rhode Island, Intrigued by the promise of financial freedom and the potential to break free from the shackles of her uninspiring job, she decided to attend and she reasoned for just a $325 investment the financial risk was minor but the rewards could be life changing.

Emma knew of others who became successful in the world of real estate, with limitless opportunities for those willing to take the plunge. Inspired and motivated, Emma decided to embark on a new journey.

She enrolled in real estate courses, dedicating evenings and weekends to learn about real estate principles and practices. It wasn't an easy transition – there were challenges, uncertainties, and moments of self-doubt. However, Emma's determination moved her forward and she earned her real estate license.

With each successful sale, Emma felt a sense of accomplishment that had eluded her in her previous job. The financial rewards started pouring in, and her satisfaction soared. Emma's newfound passion for real estate not only transformed her professional life but also enriched her personally.

As she helped people find their dream homes, Emma discovered a profound joy in making a positive impact on others' lives. The connections she forged with clients and colleagues created a sense of community that was absent in her previous job.

Emma's journey from a discontented employee to a successful Rhode Island real estate agent became an inspiring tale. Her story resonated with others who, like her, had been yearning for a change.

In the end, Emma realized that true fulfillment wasn't just about financial success; it was about finding a path that aligned with her passions and values. Becoming a real estate agent in Rhode Island had not only opened doors to prosperity but had also unleashed her true potential, bringing a sense of joy and contentment to every aspect of her life.

Like Emma, see where a Rhode Island real estate license can take you.

www.MyAgentLicense.com

While Emma's story is true, the name has been changed for confidentiality.

Sarahs journey to becoming a Rhode Island real estate licensee.

This is the story of a woman named Sarah, in many ways this is the story of most of us. Sarah had always dreamed of achieving financial stability and independence, but her job barely paid the bills. One day, while scrolling through her social media feed, she stumbled upon an advertisement that piqued her interest – a real estate licensing class through the Real Estate Institue of Rhode Island that promised to change her life.

The class cost $325, a significant sum for Sarah, but she decided to take a leap of faith. She registered for the course, received her study materials, and dedicated herself to learning everything there was to know about real estate.

Her determination and hard work paid off when she passed her licensing exam with flying colors. She was now a certified Rhode Island real estate agent.

But becoming an agent was just the first step. Sarah soon realized that success in the real estate industry required more than just a license. It demanded dedication, persistence, and a knack for building strong relationships with clients. Armed with her new license and a burning desire to succeed, Sarah set out on her journey.

Her first few months were challenging. The market was competitive, and clients were hard to come by. Sarah faced countless rejections and setbacks, but she refused to give up. She continued to attend networking events, market herself online, and provide exceptional service to the few clients she managed to attract.

Slowly but surely, Sarah's hard work began to pay off. She made her first sale and then another, and her reputation as a reliable and dedicated agent started to spread. Clients began referring her to their friends and family, and her business began to grow.

As the years went by, Sarah's income steadily increased. She invested in further education and training to stay ahead of the curve in the ever-evolving real estate market. She expanded her network, building relationships with fellow agents, lenders, and contractors.

Five years after that fateful $325 investment in her real estate license, Sarah was not only financially stable, but she was thriving. Her income had grown to a six-figure-plus figure, and she had even purchased her own home, thanks in part to her commissions from helping others find their dream homes.

Sarah's success story became an inspiration to many. She proved that with determination, hard work, and a small initial investment, anyone could turn their dreams into reality. Her journey from a struggling 9-5 employee to a successful real estate agent was a testament to the power of perseverance and the potential that lay within each of us.

Sarah's story became a beacon of hope, encouraging others to chase their dreams and invest in themselves, just like she had done with that $325 real estate licensing class.

For more information about becoming a Rhode Island real estate agent visit www.InstituteRI.com