RI Real Estate Update February 2024

RI Real Estate Market 2024

RI Real Estate Insights

Let’s delve into the current state of Rhode Island’s real estate market. As of February 2024, here are some insights.

RI Real Estate Median Home Prices:

• • The average median home price in Rhode Island remains $469,300, reflecting a 4.9% year-over-year growth1.
  • While the pace of appreciation has slowed, the market remains favorable for sellers due to limited inventory2.

Hottest Housing Market:

• • Providence, Rhode Island, is projected to be the fifth-hottest housing market in the United States for 2024, according to Zillow3.
  • Factors contributing to this ranking include solid economic fundamentals, relatively fast-moving inventory, and stable home values3.

Inventory and Sales Trends:

• • The inventory of single-family homes for sale has increased from 1.5 months in November 2022 to 1.9 months in February 20242.
  • While the number of days homes spend on the market has decreased, the decline is less severe than earlier in the year2.
  • Multi-family home sales in Providence have been notable, with similar time on the market as single-family homes 2.

Interest Rates and Mortgage Predictions:

• • The Federal Reserve hints at a potential decline in interest rates in the coming year, which could improve the market 2.
  • Chief Economist Lawrence Yun predicts an average 30-year fixed mortgage rate of 6.3% in 20242.

Condo Market:

• • The median price of condo sales in Rhode Island rose to $357,500 in November 2023, reflecting an 8.3% gain from the previous year 2.

In summary, while the Rhode Island housing market continues to favor sellers, buyers should be mindful of the moderation in price growth and consider the current trends when making housing-related decisions. For the most up-to-date information, I recommend checking real estate listings from various providers 4. 🏡📈

The Dias Team

If you are new to Rhode Island, click here to find hidden gems. Are you looking to move here? Call The Dias Team at (401) 639-3163 to help you make Rhode Island your new home.

Our blog was assisted or augmented by AI. While we strive for accuracy, the content requires research through additional sources.

For reference, here are some links to learn more:

1houzeo.com2noradarealestate.com3providencejournal.com4bing.com5bing.com6bing.com7bing.com8bing.com9bing.com10bing.com11fred.stlouisfed.org12betterhousebuyers.com13bing.com14bing.com15bing.com16bing.com17bing.com18zillow.com