Real Estate News
Sales dropped 17% in November amid a lack of inventory. High mortgage interest rates have sellers sitting on the sidelines.
“A shortage of inventory and high mortgage rates have been the main factors hampering the housing market,” the Rhode Island Association of Realtors reported Thursday.
It’s the same irritating song that has been ringing in ears throughout New England in 2023.
And the chorus is all about rising home prices.
Rhode Island has been no exception, particularly given the number of Massachusetts residents who have been looking to its southernly neighbor for housing that’s more affordable.
The good news is that the inventory of single-family homes in the state rose from 1.5 months to 1.9 months year over year in November, according to the association. This doesn’t move the needle that much, but you have to take the wins where you can.
Speaking of wins … Rhode Island home sellers have a something to cheer about. The median price of a single-family home increased 4.75% year over year in November to $431,000. In the condo market, the median price jumped by much more: 8.33% year over year to $357,500.
With the state’s low inventory, homes are being snapped up like Barbie Dreamhouses. Condos are spending 27…
