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Please find the latest market activity comparisons for the state of Rhode Island for the first quarter of 2022.
The number of listings remain below the levels recorded in the past three years.
The activity for properties under agreement, while below 2021 levels, has exceeded the levels seen in 2019 and 2020.
The number of properties solds are below 2019 levels but are tracking close to 2020 and 2021.
In February the Rhode Island Association of Realtors reported that the supply of single family homes reached a record breaking low since 1998. The number of homes for sale fell 30% from February 2021 and 67% from 2020. Prices continued to rise with single family homes seeing a median price increase of 15% year over year. Condominium prices saw a 27% increase with multi-family home median prices increasing 22%. For March, the trend continued as the single family median price increased 16% year over year with under one month’s supply of inventory.
If homeowners are thinking of selling their home, now is the time to list. The demand currently remains strong despite the rising interest rate environment. The housing inventory in Rhode Island is at the lowest level since 1998. Even though the inventory is at historic lows, home sales for 2021 were at a 15-year high, which is indicative of the strong buyer demand. For buyers, the rising interest rate environment may signal less competition in the months ahead as first-time buyers are priced out of the market, but the rising interest rates also create a sense of urgency as the cost of financing will be increasing.
To learn what this may mean for you, please contact one of our talented real estate specialists. https://www.mottandchace.com/directory
