Following Providence’s selection as the nation’s #1 market to watch by Realtor.com this past December, there was plenty of optimism surrounding the Rhode Island real estate industry heading into 2016. Despite the already high expectations, the state’s housing market has managed to outperform its lofty projections and is currently on pace to break its all-time record for single family sales. The initial rise began in 2015, when the Rhode Island market saw a 9% increase in single family sales from the previous year. However, through October of this year, not only has that rate of growth continued, but it has actually increased to 12.5% compared to the same time period in 2015. So far this year, the market has already set records for single family home sales in both the first and second quarters, compiling 1,906 and 2,795 sales, respectively. Rhode Island also set a new personal best with its busiest month of September on record, amassing a total of 1,053 single family sales. With such a historic start to 2016, the state is now poised to break it’s all-time high of 10,025 single family sales set back in 2004. Through the end of October this year, Rhode Island has already seen 9,185 single family sales, outpacing the 8,453 sales compiled over the same time period during the record-setting 2004 campaign. Considering that current MLS data already shows an additional 1,311 pending single family sales, it’s looking more and more likely that 2016 becomes the state’s new high water mark. Inevitably, these numbers lead us to wonder about the underlying reasons behind such a hot market. The obvious factors that jump out are affordability and location. Despite prices rising 13% since 2012, the average single family sales price for Rhode Island homes is still nearly 15% lower than it was during its peak in 2007. The availability of reasonably priced homes located within close proximity of the ocean and cities such as Boston and New York offers a unique opportunity for buyers. Rhode Island has also received plenty of buzz and free publicity as of late. Providence was named “America’s Favorite City” by Travel + Leisure Magazine in October of 2014, and was also selected as “America’s Coolest City” for 2015 by GQ Magazine, while Cranston has been included on Wall Street 24/7’s list of "America's 50 Best Cities to Live" for each of the past three years. Some of the factors influencing these accolades have been the state’s celebrated restaurants, upscale hotel lounges, craft beers, specialty coffee shops, and emerging technology scene. Whatever the reasons may be, Rhode Island homes continue to sell at an impressive rate, with the statewide average days on market dropping by nearly 30 days since 2012. For more information regarding Rhode Island real estate, please visit ResidentialProperties.com - ranked among the top 25 real estate sites in the entire country.RI Housing Market Closing In On Record-Breaking Year
- By Michael McCann
- Posted
Following Providence’s selection as the nation’s #1 market to watch by Realtor.com this past December, there was plenty of optimism surrounding the Rhode Island real estate industry heading into 2016. Despite the already high expectations, the state’s housing market has managed to outperform its lofty projections and is currently on pace to break its all-time record for single family sales. The initial rise began in 2015, when the Rhode Island market saw a 9% increase in single family sales from the previous year. However, through October of this year, not only has that rate of growth continued, but it has actually increased to 12.5% compared to the same time period in 2015. So far this year, the market has already set records for single family home sales in both the first and second quarters, compiling 1,906 and 2,795 sales, respectively. Rhode Island also set a new personal best with its busiest month of September on record, amassing a total of 1,053 single family sales. With such a historic start to 2016, the state is now poised to break it’s all-time high of 10,025 single family sales set back in 2004. Through the end of October this year, Rhode Island has already seen 9,185 single family sales, outpacing the 8,453 sales compiled over the same time period during the record-setting 2004 campaign. Considering that current MLS data already shows an additional 1,311 pending single family sales, it’s looking more and more likely that 2016 becomes the state’s new high water mark. Inevitably, these numbers lead us to wonder about the underlying reasons behind such a hot market. The obvious factors that jump out are affordability and location. Despite prices rising 13% since 2012, the average single family sales price for Rhode Island homes is still nearly 15% lower than it was during its peak in 2007. The availability of reasonably priced homes located within close proximity of the ocean and cities such as Boston and New York offers a unique opportunity for buyers. Rhode Island has also received plenty of buzz and free publicity as of late. Providence was named “America’s Favorite City” by Travel + Leisure Magazine in October of 2014, and was also selected as “America’s Coolest City” for 2015 by GQ Magazine, while Cranston has been included on Wall Street 24/7’s list of "America's 50 Best Cities to Live" for each of the past three years. Some of the factors influencing these accolades have been the state’s celebrated restaurants, upscale hotel lounges, craft beers, specialty coffee shops, and emerging technology scene. Whatever the reasons may be, Rhode Island homes continue to sell at an impressive rate, with the statewide average days on market dropping by nearly 30 days since 2012. For more information regarding Rhode Island real estate, please visit ResidentialProperties.com - ranked among the top 25 real estate sites in the entire country.
