2019 was quite the year for the Rhode Island real estate market and our state again experienced record-setting growth, providing another great year of appreciation for homeowners and investors. Data shows that this year’s record-producing sales figures qualify it as one of the strongest real estate markets in history. With just over one million residents, the state’s median sales price ended the year at $285,000 – a 5.5% increase over 2018’s median price of $270,000. Sale prices in many areas exceeded pricing experienced in the now infamous 2004-2007 boom and there are mixed opinions on whether this is the year the tides turn. Our incredible agents worked hard to sell our inventory at 99% of the asking price versus the MLS average of 97% and sold our inventory in an average of 41 days compared to the MLS average of 61. The smallest state sure can prove to have big returns!
With steady appreciation year after year in thanks to a strong economy, the real estate market is hotter than ever with unbeatably low-interest rates and strong buyer demand. Whether you are looking to trade up or down, cash out and retire or refinance and buy a summer home, now might just be the right time.
The journey of property investing is a path to navigate with the help of an experienced local Rhode Island agent. If you need guidance on how to get started, one of our experts can create the strategy you need in a competitive market. The real estate market is cyclical and what goes up does come down as history has repeatedly shown. There is no way to predict what the future has in store for the market, but 2020 could be your year!