We’re not even in the middle of Spring yet and already the Rhode Island real estate market is taking off in a big way and showing some significant gains that buyers and sellers can be excited about.
The Hard Numbers
Specifically, the number of Rhode Island home sales of single family homes and condos has climbed by 17.2% during January. That’s a huge gain, and makes January 2016 the strongest year for sales in the state in 11 years. That’s a 27.5 percent increase from 2015, and sales in virtually every county were on the rise. Even the slowest selling county still increased by 9 percent from last year.
That’s not all the great news, either. Prices were on the rise as well, with an 8.5 percent jump from January 2015. Currently, median prices are about $217,000, with plenty of properties sitting well above that number.
A Bright Future
All of this is great news, and showcases how strong and vibrant today’s Rhode Island real estate market currently is. With consumer confidence on the rise and plenty of homes on the market combined with still-low interest rates, it’s a great time to sell a home and an even better time to buy one. The signs are clear – 2016 is poised to be a great year for the RI home market.