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Febuary 2024
rhode island housing report

RHODE ISLAND

Home Sales Up, Average Price Up

Home sales are up 14.5% year over year, with February 2024 at 641 compared to 560 last February. Sales are up across all categories. 

  • Single families:  400 (2023) | 447 (2024) 
  • Condominiums: 85 (2023) | 117 (2024) 
  • Multi-families: 75 (2023) | 77 (2024)

Average sale price increased 16.3% year-over-year, now at $520,077 compared to $447,304 in February 2023Prices increased across all categories. 

  • Single families: $463,930 (2023) | $553,200 (2024) 
  • Condominiums: $362,575 (2023) | $382,509 (2024) 
  • Multi-families: $454,657 (2023) | $536,821 (2024)

Homes Listed For Sale:

The number of homes listed is up by 13.2% when compared to February 2023

  • 2024: 992
  • 2023: 876
  • 2022: 1,095

Pending Home Sales:

The number of homes placed under contract is up by 6.0% when compared to February 2023.

  • 2024: 791
  • 2023: 746
  • 2022: 907

Data provided by RI Statewide MLS then compared to the prior year. 

What’s Happening in the Market?

The Rhode Island housing market saw an awakening of activity in February as home sales were up year over year as well as new listings and pending sales. Average price also increased year over year. In the beginning of February, mortgage rates experienced the biggest one-day jump in over a year after the release of the January Jobs Report per Mortgage News Daily, landing at over 7%. Mortgage rates stayed close to or over 7% for the remainder of the month.

What does this mean for Buyers?

  • Buyers, as you keep an eye on mortgage rates, remember there are other financing options available such as buydowns and assumptions that can help you achieve your buying goals.
  • Inventory in Rhode Island has struggled to recover and come up past previous years. However, as we head into the spring market where activity and demand usually increase, we should see more inventory and listings which is great news for buyers.
  • With this in mind, if you are a serious buyer, make sure you are prepared and ready to strike in order to find success in the current market!

What does this mean for Sellers?

What’s next?

Spring brings warmer weather, longer days, and motivated buyers and sellers who are ready to ring in the new season by accomplishing their buying or selling goals. We typically see market activity kick into gear at this point in the year, but mortgage rates will play a critical role as the spring market unfolds given that they significantly impact consumer decision making.

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the RI Real Estate Updates page and never hesitate to contact us with questions.

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