Record Low Inventory Keeps RI Property Hot Hot

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PROVIDENCE, Rhode Island – Anyone trying to buy a home in Rhode Island right now knows one thing: this is a seller’s market. The latest figures from the Rhode Island Association of Realtors show that with record low inventories and strong demand, home prices continue to rise by 18 percent year on year.

In May, the average home price will rise to $ 365,000, up 18 percent over the same period last year. An important factor in this figure is the shortage of affordable homes on the market, down to a fraction of what is usually seen at this time of year.

Just 863 single-family homes were sold statewide last month. That’s a staggering 64 percent drop in available inventory from last year and 76 percent from 2019, when there were over 3,500 affordable homes on the market.

“The demand for real estate in Ocean State remains acute,” said Lynn D’Ettor, president of the Rhode Island Association of Realtors. “Sellers see a lot of offers and it is difficult for all but the most skilled and prepared buyers to get into the house. We hope that as we emerge from the pandemic and the economy continues to improve, we will see more people ready to list their homes for sale.” …

Even if more people want to sell, D’Ettore says new construction will be needed to meet demand.

While single-family homes tend to be in the spotlight, sales continue to rise as condominium sales rise as well. The median selling price jumped 43.7 percent to $ 350,000, with sales up a third from May 2020.

As with single-family homes, the number of apartments for sale has also declined, with just 280 available in May, up from 639 at the same time last year.

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