Please find the latest market activity comparisons for the state of Rhode Island.
For new listings, the downward trend continues. The number of new listings entering the market has been below 2019 and 2020 levels since July.
The number of properties under agreement have been following the 2020 trend lines since June and both October and November exceeded both 2019 and 2020 levels.
The number of properties sold have been below 2020 levels since July. These numbers are a reflection of a moderating market with limited inventory and rising prices. In Rhode Island, the multi family market is now the seeing the strongest increases since investors are seeing opportunity with rising rents and continued low interest rates.
The national forecasts for home price appreciation for 2022 are changing monthly. Fannie Mae raised their projections to 7.4% while Freddie Mac raised theirs as well to 7%. The Mortgage Bankers Association dropped their predictions to 5.1%. Time will tell which is the most accurate at forecasting. Interest rates are now expected to be in the 3.5-4% range next year.
The Millenial buyers are expected to be a strong driver of this continued pattern, which is good news for sellers. However, in this moderating market, the number of offers has been trending down. To learn what this may mean for you, please contact one of our talented real estate specialists. https://www.mottandchace.com/directory