Monday, June 19, 2023
Rhode Island's average asking price for a home jumped 11.5% year over year. The median asking price for a single-family home in Rhode Island hit $460,000 in May, according to data provided to GoLocal by Mott & Chace Sotheby’s International.
There are a number of indicators as to why the prices are going to continue to climb.
Rhode Island is in a housing crisis. There is not enough inventory, coupled with soaring prices and little new construction.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe average sale price jumped to a near record — the median home price of sold listings also reached $427,500.
One example of how house prices continue to climb is 154 Arlington Avenue on Providence's East Side.
The property was sold in April of 2022 for $880,000 and received some upgrades and modifications.
It closed this month for $1,795,000.
Interest Rates Coming Down May Spark Prices to Go Even Higher
On Wednesday, the Federal Reserve chose not to increase interest rates.
Many real estate economists are predicting interest rates may drop to the 5%-6% range by the end of the year.
“Lower interest rates, particularly given the duration of pent-up buyer demand, are certain to drive prices higher. In fact, we fully expect that once we are back down in a range of 4-5% interest rates, we will see even more buyers return to a market that is already short on inventory," said Benjamin T. Scungio, Regional Manager for Mott & Chace.
"In the current environment, it’s simply best for the consumer to consider their own needs and budget, rather than wait to make a move," he added.
Boston Factor — Even While RI Housing Costs Are Rising, They Trail MA
The median price of a single-family home in the metro-Boston area is $820,000 as of April -- more than 40% higher than the price in Rhode Island.
The pricing trends are driving even more Boston-metro residents to seek comparatively cheaper housing options in Rhode Island.
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