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Rhode Island Real Estate Summary
The Rhode Island real estate market is increasing slightly. After a large growth spurt of new construction, the number of permits has declined and is currently at 3%. New jobs are helping a sagging economy, but the unemployment rate remains slightly higher than the national average at 5.7%. Even with new jobs in the area, Rhode Island relocation is not happening as often as it did during the 1990´s.
Overall, the state average for home sale prices is $175,000. In Providence, real estate is increasing with a 5% higher sales price than in 2005. The average house sells for $205,000 after being on the market for 60-90 days. Sellers are getting close to 95% of the asking price. The market is even with the number of buyers and sellers. Suburbs around Providence continue to grow with young families, as their standards for education are high.
Warwick real estate is seeing a 5% increase in overall value. Houses are selling for an average price of $225,000 after being on the market for 30-60 days. However, they are only getting 90-95% of the asking price. The market has more sellers than buyers, with an adequate number of houses in all price levels.
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