Rhode Island Real Estate Activity Numbers | December 20, 2020 to January 2, 2021 - Mott & Chace Sotheby's International Realty

Please find the latest market activity comparisons for the state of Rhode Island.

This final chart tells the story of 2020. The newly listed properties significantly declined beginning in March as the pandemic took hold. While the numbers increased beginning in June, they remained at levels comparable to 2019 for the remainder of the year. The lack of inventory accelerated prices and demand throughout the state.

The properties under agreement trend lines demonstrate the result of that market trend and show the seasonality as the pending listings increased in May and remained at higher levels through the end of the year.

The sold properties, while surpassing 2019 levels in August and remaining strong through the end of the year, were never able to accelerate due to the lack of inventory.

As we look to 2021, inventory will be key. Those sellers willing to list early will benefit from the lack of competition. It is anticipated that mortgage rates will rise in the 3rd or 4th quarter of 2021 which generally spurs additional listing activity. As inventory levels increase, there will be increased pressure on pricing.

For sellers, now is the time to list to ensure maximum value. To learn what this may mean for you, please contact one of our talented real estate specialists. www.mottandchace.com/agents