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Happy fall! It’s been a busy market in RI and one where I just had my 10th closing, on sales procured during the summer! It’s a great time of year to look back at the market, to look forward and to plan for any spring real estate endeavors. I thought I’d share with you a brief market snapshot of 3rd quarter activity within RI. It’s been a robust quarter with the median sale price of single family homes rising to $275k statewide which is a 3.8% year over year gain for RI real estate! Block Island had the highest median sale price of $1.095 million with the East Side following at a strong $646,000 median sale price. We are in fact seeing a plateau statewide in the number of sales which benefits the market by giving the real estate market a chance to catch up and in so doing alleviating the shortage of homes for sale. We should start to see a greater balance between buyer demand and seller supply which behooves overall market activity. In the multi family segment the median sale price increased in RI to $250k which is a 13% increase year over year! In our emerging strong economy nationwide more people are eager to put their money into investments that make sense like real estate. With rising rents and interest rates on the increase rental units are a prime target for savvy investors. I have been receiving a steady increase in the number of buyers out of state looking to invest into multi family units in Providence which supports this theory above. In sum 2019 continues to look like a year of strength and vitality in RI real estate and one I am ramping up daily to prepare my clients for! Please let me know if I can be of any help with buying or selling of property here in RI or MA! I truly love what I do! Please check out some fun , “home- centric” local events featured below, occurring right here in the Ocean State this weekend. Happy fall to all!!!
https://www.jenksproductions.com/event/providence-fall-home-show/
