Please find the latest market activity comparisons for the state of Rhode Island.
Please note, we have moved to a biweekly format.
The trend lines remain consistent with previous reports. The new listings are trending down but still slightly ahead of 2019 for the two week period. With a one month supply of single family inventory in Rhode Island, the market remains a seller’s market with rising prices.
The properties under agreement continue the trend line established in May and remain elevated over 2019 numbers.
The sold properties have exceeded 2019 numbers since August.
New inventory continues to receive multiple offers despite the season and the pandemic. For those sellers willing to work with the existing market, the results are compelling. The November statistics for single family reflect a 24% increase for units and an 11.4% increase in median sales price. It is our expectation that this seller’s market will continue into 2021 but as the inventory grows, the market may see some slowing of the price growth. In addition, there is speculation that interest rates will rise in the second half of the year which could have an impact.
It remains an opportune time for sellers to bring their property to the market. To learn what this may mean for you, please contact one of our talented real estate specialists. www.mottandchace.com/agents