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May 2023 vs 2022 Market Update

Slocum Home Team
Sep 13 4 minutes read

Hey there, home buyers and sellers! We've got some great news for you - the Rhode Island Spring housing market is going strong! While inventory remains low, activity remains very high. We've compared the year-over-year numbers from May 2023. Here are the highlights:

 

šŸ” Rhode Island Single-Family Market Update šŸ“Š

Here's a quick summary of the latest stats:

šŸ”ø Median Sales Price: $426,438 (up 2.1%)
šŸ”ø Average Sales Price: $554,240 (down 2.7%)
šŸ”ø Sales Price/Original Listing Price Ratio: 98.88%
šŸ”ø Avg Days on Market: 29 Days (up 13.0%)
šŸ”ø Total Sales: DOWN 19.6%

The Rhode Island real estate market is showing some interesting trends. The median sales price has seen a slight increase, but the average sales price has dipped. Sellers are fetching nearly 99% of their asking price, but homes are taking a little longer to sell. Moreover, there has been a decrease in the total number of homes sold compared to this time last year.

šŸ” Rhode Island Multi-Family Market Update šŸ“Š

šŸ”ø Median Sales Price: $444,000 (up 3%)
šŸ”ø Average Sales Price: $491,341 (up 3%)
šŸ”ø Sales Price/Original Listing Price Ratio: 100.87%
šŸ”ø Avg Days on Market: 22 Days (down 9.9%)
šŸ”ø Total Sales: DOWN 38.1%

Exciting news for the multi-family market! Median and average sales prices have seen a 3% increase, indicating a growing market. Homes are even selling for more than their listing prices, and they're finding buyers faster with the average days on market down 9.9%. However, total sales have decreased by 38.1%.

šŸ” Rhode Island Condo Market Update šŸ“Š

šŸ”ø Median Sales Price: $397,000 (up 21%)
šŸ”ø Average Sales Price: $444,881 (up 13.2%)
šŸ”ø Sales Price/Original Listing Price Ratio: 101.63%
šŸ”ø Avg Days on Market: 28 Days (up 24.2%)
šŸ”ø Total Sales: DOWN 23.3%

Exciting news in the condo market! Median and average sales prices have soared, with a remarkable 21% and 13.2% increase respectively. Sellers are even fetching above their asking prices, averaging at 101.63%. While condos are taking a bit longer to sell (up 24.2% in average days on market), the market is still going strong. Although total sales have declined by 23.3%, it's a great time for both buyers and sellers in this thriving market!

šŸ” Warwick Single-Family Market Update šŸ“Š

šŸ”ø Median Sales Price: $380,000 (up 4.6%)
šŸ”ø Average Sales Price: $407,041 (up 2.0%)
šŸ”ø Sales Price/Original Listing Price Ratio: 102.46%
šŸ”ø Avg Days on Market: 22 Days (down 14.1%)
šŸ”ø Total Sales: DOWN 15.6%

Median and average sales prices have seen positive growth, with a 4.6% and 2.0% increase respectively. Sellers are even getting above their listing prices, with a ratio of 102.46%. Homes are selling faster too, with average days on the market down by 14.1%. However, there has been a decrease of 15.6% in the total number of homes sold.

At our agency, we know that these numbers can be overwhelming, and it can be tough to know what they mean for your unique situation. That's where we come in! Our experienced team is ready to help you navigate the market and find the best deal for you.

Don't hesitate to reach out to us for more information on how we can help you buy or sell your home in this competitive market.

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