Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for January 2018 which continues to show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 9.8%, while the supply of inventory decreased from 5.9 months to 3 months when compared to the same time period last year. Additionally, the average days on market decreased 9% in January 2018 when compared to last year.
Overall, the market is expected to remain active as sellers prepare for the coming “Spring” market and listing inventory picks up. The collective opinion with regards to interest rates is that they will continue to rise in 2018. Because higher interest rates always result in higher end prices for buyers who finance, the motivation to secure a property now instead of delaying will cause an uptick in the number of early Spring sales. It is expected that the pent up demand, low interest rates rising consumer confidence and improved economy that propelled the 2017 market will provide an impetus for the 2018 market.
Download the entire report here:
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