The country has bounced back from the economic downturn of the mid 2000s in a big way over the last few years, and taking a closer look at the housing market can help to showcase just how impressive the recovery has been. Here in the Rhode Island area, we’ve seen firsthand that the housing market is improving thanks to a combination of numerous factors including more consumer confidence, easier ability to secure mortgage loans, and more. As such, the real estate market here hasn’t looked so strong in more than a decade.
If you’re not convinced, let’s take a look at some of the numbers that can show just how things are going in the real estate markets – and in the region in particular. Here are some of the stats worth knowing.
- On average, homes sit on the market for just 47 days before being sold in the month of March.
- Roughly 37% of realtors expect the median price for homes in the country will change over the next year.
- National sales increased by more than 5% in March, and sales are up 1.5% from this time just last year – an increasing trend that has continued for some time.
- Sales in the Northeast region and in RI have increased as well. Average home prices sit around $245,100, with more than 700 thousand sales posted in March alone.
- Foot traffic dipped slightly, primarily due to leap year and due to the fact that more homeowners are beginning their searches for their perfect home by using the internet, then only visiting the properties that they feel are the best fit for them.
- Experts agree that employment growth and good rates will help keep foot traffic high, despite this minor dip.
- Pending home sales are up in a big way as well. In fact, pending sales increased by 3.2% from February to March and are18.4% higher than they were just a year ago.
- Nationally, pending sales are up by 1.4% total and sits at its highest level since May of 2015.
As you can see, things really have been improving throughout the Rhode Island real estate markets. The data above is just from March, but it shows a trend that we’ve seen for ourselves – the market is strong and getting stronger.
But what does this mean to buyers and sellers, exactly? For sellers, it’s obvious – there’s never been a better time to list. Buyers are motivated, able to access mortgage loans, and ready to make a purchase. For buyers, the excellent mortgage interest rates and the wide range of inventory on the market combine to help make it obvious that shopping for a home is something worth considering as well.
Simply put, Rhode Island’s real estate market is improving on a regular basis and the numbers from March prove that in a big way. It’s easy to see why more people than ever are starting to take notice of what the state offers and to take the time to start finding their dream home.