Rhode Island’s real estate market continues to heat up with home prices growing 6.5% YoY in June 2023 to reach a median sale price of $469,900. However, this rise in prices is not translating into a higher number of sales, with the volume of homes sold seeing an 18.5% decline compared to last year, hitting a figure of 1,165 in June this year. Homes are staying longer on the market with the median days on market up to 20 days, an increase of 3 days year over year.
Cities such as Pawtucket, Portsmouth, and Narragansett are leading the pack with the fastest-growing sales prices, experiencing YoY growth of 23.1%, 22.0%, and 20.7% respectively. Even traditionally quieter markets like Barrington, Lincoln, and Warwick are seeing strong price growth, ranging from 10.4% in Barrington to a still robust 5.0% in Warwick.
Despite the rise in prices, the Rhode Island housing market is experiencing a significant shortage in supply. The number of homes for sale in June 2023 stood at 2,611, a staggering decrease of 29.8% compared to last year. This figure is even more alarming considering the 35.0% YoY decrease in newly listed homes, with just 1,190 homes listed in June 2023.
Consequently, the shortage in housing supply is impacting market competitiveness. As of June 2023, 60.3% of homes in Rhode Island sold below the list price, a 6.3 point drop YoY. Similarly, there’s a 3.5 point YoY decline in homes with price drops, now at 15.1%. Despite this, the sale-to-list price ratio is still fairly high at 102.7%, indicating that the competition for homes, while slightly eased, is still fierce.
Among the most competitive cities in Rhode Island are Pawtucket, East Providence, and Providence. Prospective home buyers in these cities are most likely to face stiff competition, potentially leading to bidding wars and homes selling above their list price.
In summary, the Rhode Island real estate market is currently characterized by rising home prices, declining sales volume, an alarming decrease in housing supply, and still intense competition for the limited homes available. These trends are expected to continue in the short term, making it crucial for buyers, sellers, and investors to carefully consider their options and strategies in this hot market.
Discover Rhode Island House of the Month
54 Wawaloam Dr, Westerly, Rhode Island $8,250,000
Listed by Lila Delman Compass-Lawrence Burns 401-222-0656
In the coveted enclave of Weekapaug, a tastefully renovated, ocean-facing abode is gracing the market. Nestled on the iconic Wawaloam Drive, this 1937-built gem exudes grace and style, offering an opportunity to seize a fully furnished, turnkey home in one of New England’s most desirable summer communities.
The residence tastefully blends its rich history with contemporary allure. Its vibrant and modern aesthetics beautifully accentuate the dramatic coastal location, providing a picturesque backdrop for memorable moments with loved ones. As you step inside, you’re met with sweeping ocean views that elegantly dance across every corner of the six-bedroom, four-bathroom home.
At the heart of the home lies a sun-drenched chef’s kitchen that seamlessly transitions into a chic dining room and a cozy living room, where an original beach stone fireplace adds a touch of classic charm. The open floor plan fosters a warm and inviting atmosphere, providing ample space for family gatherings.
Stepping out, an expansive deck overlooks the mesmerizing expanse of the Atlantic Ocean, serving as the ideal spot for cocktail hours or tranquil mornings with a cup of coffee. For those seeking a more intimate outdoor experience, the serene screened porch or the cozy second-floor balcony offers a sanctuary with panoramic views stretching to Montauk and Block Island.
The home’s primary bedroom is a retreat in itself, boasting a stunning sitting area that invites leisurely mornings. Meanwhile, the spa-like bathroom and fashionable dressing room promise a start to your day that is both refreshing and inspiring.
Set on a generous 0.46-acre plot, the property is enveloped by mature landscaping, ensuring privacy despite its close proximity to the ocean. Situated between Weekapaug’s renowned “Fenway” and “Inn” beaches, this home enjoys convenient access to the area’s many amenities, all within a short stroll.
With a blend of charm, elegance, and modern comfort, this single-family residence, is a rare find, and it represents a unique opportunity to own a piece of exclusive Weekapaug real estate. Contact listing agent Lawrence Burns of Lila Delman Compass at 401-222-0656.
Berkshire Hathaway Commonwealth
461 Main Street
East Greenwich RI 02818
Capstone Properties
180 Westminster Street
Providence 02903
Century 21 Stachurski Agency
1136 Newport Ave
Pawtucket RI 02861
Coldwell Banker Residential Brokerage
527 Main Street
East Greenwich RI 02818
Gustave White Sotheby’s International
37 Bellevue Avenue
Newport RI 02840
GustaveWhite.com
(401) 849-3000
H.D. Randall Realtors
235 Main Street
Wakefield RI 02879
Hogan Associates Real Estate
294 Valley Road
Middletown RI 02842
Island Realty
4 E. Ferry Wharf
Jamestown RI 02835
Keller Williams Central
1170 Pontiac Ave
Cranston RI 02920
Kirby Properties LLC
144 Bellevue Avenue
Newport RI 02840
Lila Delman Real Estate
41 Ocean Road
Narragansett RI 02882
LilaDelman.com
(401) 789-6666
Mansions & Manors
7 Ferry Wharf
Jamestown RI 02835
Mott & Chace Sotheby’s International
210 County Road
Barrington RI 02806
mottandchace.com
(401) 245-3050
RD. Denelle & Co., Inc.
2935 Tower Hill Road – Box 130
Wakefield RI 02880
Randall Realtors
23 Brown Street
North Kingstown RI 02852
Re/Max Town & Country
2081 Diamond Hill Road
Cumberland RI 02864
Remax Professionals
655 Main Street
East Greenwich RI 02818
Residential Properties
140 Wickenden St
Providence RI 02903
ResidentialProperties.com
(401) 274-6740
Residential Properties
413 Main Street
East Greenwich RI 02818
Residential Properties LTD
259 County Road
Barrington RI 02806
Silva Thomas Martland & Offenberg Ltd
1100 Aquidneck Avenue
Middletown RI 02842
The Sharon Steele Group
95 Chestnut St #601
Providence RI 02903
Vanderbilt International Properties Ltd
19 Brown & Howard Wharf
Newport RI 02840
William Raveis Chapman Enstone
268 Bellevue Avenue
Newport RI 02840