Rhode Island’s housing market is still booming, though it’s unknown how long it will last

Business News

EAST PROVIDENCE, R.I. (WPRI) — Jenna Hess recently purchased a new home in Bristol, but it was far from an easy process.

Hess tells 12 News it took her eight months to secure a home with her husband.

“We actually put in 12 offers, so this was our 13th offer,” Hess said.

“You’re just second guessing through the whole process,” she continued. “Then it’s just that waiting period, 24 hours or 48 hours after you put that offer in, of just not knowing.”

Hess isn’t alone. The housing market in Rhode Island has been hot since the pandemic began.

“It’s definitely insane, and I never would have guessed this market would have lasted this long,” Hess said.

But the Rhode Island Association of Realtors recently reported that single-family home sales have dropped as the market slows.

Leann D’Ettore, president of the Rhode Island Association of Realtors, said buyers may be taking a break.

“For some families, the delta variant and COVID has hit a little too close to home. Some families are just trying to get their kids back into school,” D’Ettore said. “We usually see a little bit of a slowed market historically by the time the third quarter comes around.”

The median sales price for single-family homes is at an all-time quarterly record, according to D’Ettore.

“If we look at this year’s quarterly data compared to last year’s quarterly data, which is what we go by, it’s 15% higher,” D’Ettore said.

The Rhode Island Association of Realtors also reported that out-of-state buyers made up nearly 25% of residential sales between July and September, which D’Ettore described as “record-breaking.”

D’Ettore emphasized anyone who’s looking to purchase a home should work with a buyer’s agent.

“A buyer’s agent can help them see a property the second it hits the market, and it’s really hard to go about the home search on your own,” D’Ettore said.

While it’s still a seller’s market, D’Ettore said she’s unsure if that will change anytime soon.

“We’re not really gonna see more moderation with sale prices and stabilization until we see a stable market,” D’Ettore said, adding that a six-month supply indicates a stable market.

“A six-month supply of listings on the market just basically means there’s an equal amount of buyers and sellers in the current real estate market right now,” she continued.

But the current supply, according to the Rhode Island Association of Realtors, rests at 1.8 months.

Be sure to watch our latest 12 on 12 Digital Original: Housing Hurdles, which debuts this Wednesday at 5 p.m.

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