IT'S HAPPENING!

It is officially Spring here in Rhode Island, and the real estate market has bloomed. Of course, by bloomed, I mean we have had an increase in “inventory” aka more homes listed for sale.

After experiencing a quiet Winter, with literally less than 800 homes listed for sale, the Rhode Island market has begun to see over 1000 homes for sale. Sure it’s still very little, considering we have over 6000 buyers eagerly waiting to make a purchase, but at least it’s moving in the right direction.

Areas such as Warwick, Cranston, Providence and Lincoln have been seeing multiple offers on properties, and with escalation clauses and appraisal gap coverage! These are things seldom seen since 2021, when it was pretty much the “norm”.

What is driving this? Rents have skyrocketed and renters are anxious to own their own property. If they can work nearby, it just makes sense to go for the dream of homeownership for many. With Boston a mere 45 minute drive away, most folks are opting to try to purchase a home in Rhode Island, rather than trying to compete in the high Massachusetts real estate market.

Rhode Island’s median price point is around the mid $400’s, whereas Massachusetts is above $700k in many areas. That’s a significant price difference, and many buyers are just unable to afford anything in the MA market.

The South Attleboro train station re-opening has aided in helping sellers to list their properties in northern RI. Now that the New Bedford/Fall River commuter train has begun service, we are sure to see another increase in property listings.

So, if you have been thinking about selling your home, NOW is a great time! If you would like more information about the selling process, reach out to me anytime at 401-378-3000, and I will be happy to assist.