Please find the latest market activity comparisons for the state of Rhode Island.
Currently, single-family inventory is at a 1.1 month level with Days on Market decreasing 45% from last year.
New listings have increased slightly but are still below 2019 levels.
The properties under agreement are outpacing 2019, however, are slightly below July 2020 levels.
The number of properties sold dipped in July below both 2019 and 2020 levels which is indicative of the lack of inventory.
The market is steady, but not at the frenzied pace experienced in the spring. Well-priced homes in great condition are still commanding multiple offers. The luxury market is benefiting from out-of-state buyers – a 69% increase in out-of-state buyers from the prior year.
It continues to be a seller’s market and more sellers are looking to take advantage of the increase in sales price. In addition, there is no shortage of buyers who are continuing to take advantage of the favorable mortgage environment. We believe all of this bodes well for a strong fall market.