Providence named top real estate market to watch in 2016

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Downtown Providence skyline - Waterplace Park - generic Providence_230377

PROVIDENCE, R.I. (WPRI) – A new study is bringing good news to Providence – RI’s capital city has been named the top real estate market to watch in 2016.

Economists at Realtor.com looked at past trends, housing and economic data for the 100 largest markets in the country to determine which cities would be considered “hot spots” next year, by predicting future home sales and prices.

Providence is at the top of the list and Boston rounds out the top 10.

Eyewitness News spoke with a veteran realtor Friday, who said Providence’s housing market is due for a burst of growth – something that could be good news for those looking to buy or sell.

“It’s Rhode Island’s time and it has been for a while but for whatever reason no one’s noticed it,” said real estate broker Karl Martone.

Martone and other past presidents of the RI Association of Realtors said Providence’s greatest assets are its location between Boston and New York and its reasonably priced homes.

“All around, from a perspective of a good real estate market in general,” he said. “(It’s) a trendy town, and people want to be in Providence, they really do.”

If you’re in the market for a new home, look no further than Providence.

“We’ll have a nice, solid real estate market and you’ll be able to get a nice home in Providence and the surrounding towns for affordable money at a tremendous interest rate,” Martone said.

There are some cities that have been on the “hot list” for a while, such as San Diego, Sacramento, Boston, and Atlanta. Providence, New Orleans, Virginia Beach, and St. Louis are new to the list. According to realtor.com, Providence’s economic recovery helped it land the number one spot.

You can view the list of the top 10 real estate markets to watch in 2016 here. 

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