2016 is here, and it appears to be bringing some good signs for the economy in Rhode Island. The biggest indicator? The housing market. It’s been on a steady increase over the last few years, and January’s numbers are the most impressive yet.
2015 was already a great year, and according to the data for January 2016 is shaping up to be even better. In fact, January was the busiest for single family home sales since 2004’s opening month. What’s driving this surge? A few things including great interest rates, good overall home prices, less stringent qualification terms for loans, and consumer confidence help explain it.
While it’s great that families are finding their way into homes, it’s also worth noting that this has had a major impact on the overall supply of homes in Rhode Island. A 6-month supply is generally regarded as being balanced, but Rhode Island held less than that, with a 5-month supply. That means that not only are sales increasing, but prices are as well.
In fact, single family home prices rose by 9.9 percent since last year, with multi-family homes rising by a similar number. Median prices varied depending upon the part of the state, averaging from $403,750 up to $750,000 in other locations.
It’s a great time to be a buyer on the Rhode Island home market, but it’s also a great time to sell as well. No matter what side of the process you’re on, RI offers one of the most impressive markets in the country right now.