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Please find the latest market activity comparisons for the state of Rhode Island.
Please note, we have moved to a biweekly format.
The listing activity is up slightly for the last two week period from the same time last year.
The number of properties under agreement continue on an upward trend since May when compared to 2019.
And the number of sold properties are now tracking above 2019 levels since mid-August.
For the state of Rhode Island, the median price of sold single family homes in August is up 12.9% in comparison to August of 2019. This is the 43rd consecutive month that the median price for single family has increased or stayed level. The number of homes for sale has declined year over year for the past 16 months which is a clear driver of the price appreciation. Despite the limited inventory, the pending sales for August were up 25% from 2019. In looking at the buyers, it is interesting to note that buyers from New York and Massachusetts accounted for 15% of all buyers in the state in July and August in comparison to 11% in 2019. As a firm we continue to see out of state buyers from New York, New Jersey and Massachusetts who are attracted to the coastline, suburban communities, open spaces, and the lower cost of housing. It continues to be a great time to list.
To learn what this may mean for you, please contact one of our talented real estate specialists. www.mottandchace.com/agents
