Relief for homebuyers: RI housing supply increased in June

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PROVIDENCE, R.I. (WPRI) ─ If the state’s housing market has been less than kind to you recently, the Rhode Island Association of Realtors has some encouraging news.

Data compiled by the organization last month reveals the state’s housing inventory nearly doubled from May to June, though President Leann D’Ettore cautioned it’s too soon to tell whether that trend will continue.

“We were looking at around 800 to 850 listings available on the market in May, and in June, we were looking at about 1,500 listings,” D’Ettore said.

D’Ettore attributed the increase, in part, to the state’s vaccine rollout.

“Sellers have more confidence to list their home and have folks walking through their home where they didn’t really have that confidence before,” D’Ettore said, adding that most buyers feel much more comfortable touring a home now than they did during the pandemic.

With additional houses being listed, D’Ettore said it gives homebuyers more options while also motivating those who have been struggling to land a home.

“Buyers are seeing this as a second chance, where they got out-bid before or they lost out on properties they never even got to look at because it was pending or sold,” D’Ettore said. “The buyers that are out there have been through some obstacles with the pandemic and competing with a lot of other buyers.”

The median price for a single-family home in Rhode Island increased 5.5% from May to June, D’Ettore said.

Right now, D’Ettore said the median price for a single-family home in Rhode Island is $385,000, which is the highest number the organization has seen since it started recording data.

What stands out most to D’Ettore is the number of homes that sold for a million dollars or more, which saw growth of 242% in June 2021 compared to June 2020.

“It’s the highest percentage of that increase that we’ve ever seen,” D’Ettore said.

D’Ettore said while Rhode Island is on track to have a stable housing market by the end of the year, it’s not yet clear whether that will actually happen.

For those who are still house hunting, D’Ettore stressed the importance of hiring a buyer’s agent.

“You have somebody in your corner,” she said. “Buyer’s agents have very creative strategies to help you get your offer accepted and increase your chances of getting the house that you want.”

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