PROVIDENCE, R.I. (WPRI) — Jean Overby is happy she bought her home when she did.
“I couldn’t afford anything now,” she said. “I couldn’t afford rent right now. I don’t think I could afford rent anywhere in Rhode Island.”
Overby purchased her condominium eight years ago in Providence and tells 12 News that value has gone up significantly over the past few years.
“It needed a lot of work, but it was $172,000 as is … so I bought it,” she explained. “I just got my assessment and my second-floor unit is [now worth] $474,000.”
Anyone looking to buy a condominium in Rhode Island right now is looking at spending approximately $319,000, according to the Rhode Island Association of Realtors.
That’s compared to the median price of a single-family home in Rhode Island, which is currently hovering around $410,000.
“Rising interest rates and high inflation are making their mark on the housing market and causing affordability problems for many buyers,” Rhode Island Association of Realtors President Agueda Del Borgo said. “Those same factors are also affecting some prospective sellers who are choosing to wait to see what happens with the economy and rates before making a move.”
Del Borgo said the number of houses on the market remains “extremely low,” which is why the prices aren’t expected to drop significantly anytime soon.
Overby said she doesn’t expect to move out of her condominium and into a home anytime soon.
“I feel bad for my nieces and nephews, because I don’t see them having an opportunity to buy,” she said.