Скачать или смотреть Rhode Island's April Real Estate Market Update - May 2023

The Rhode Island real estate market update for May 2023 is hot off the press.

• Single Family New Listings are down 26% year over year
• New Multi-Family Listings are down 49% year over year
• Condo Listings are down 13% year over year
• 736 Total Sales in Rhode Island; Down 35.6% year over year and are trending downward

Total SFM sales are down 34% year over year
Total MFM sales are down 39% year over year
Total CND sales are down 39% year over year

The average SFM Sales price is down 2.5% YOY for the 3rd month in a row.

The average national mortgage rate is right around 7%.

April saw fewer houses sold than in March. This is slightly odd as the spring season tends to see more houses come on the market which in turn causes an uptick in sales. Home prices have again seen a slight drop of 3.5%. This is due in large part to the higher interest rates for mortgages causing purchasers to be more cautious with the amount they are willing to pay for a house. Despite the slight drop in home sale prices, it is still a seller’s market. The inventory is tight, and homes are still very much in demand. I am seeing far more sellers calling us than buyers which is a drastic change when compared to the last 3 years.

It is still a great time to sell! If you or someone you know is looking to make a move give us a call at 401-566-7783 or go to https://nathanclarkteam.com/ to see how we can help you today.