Tuesday, February 09, 2016 / by Nathan Clark
What can we expect from the Rhode Island real estate market in 2016? The best way to find out is to look back at what the market has done.
Overall, our average selling price has shifted, and it’s been getting higher every month since 2013. This is great news for our market. We don’t expect this to change, even though interest rates have gone up recently.
I don’t see a major shift happening in 2016, and what is driving our market is the low amount of inventory. We’re seeing the same amount of demand, but we may see even more this year as interest rates creep back up. This is also what has been driving the increase in sale prices.
This means that now is the time to sell if you’ve been waiting. Market conditions are in your favor. Buyers know that homes will only get harder to afford if they wait, so they’re buying up homes quickly and for top dollar.
If you need help buying or selling in Rhode Island, please don’t hesitate to contact me!