Rhode Island will continue to see a housing market recovery in certain areas, like Providence, where brokers predict prices will experience a modest increase. Homes under $300K continue to sell quickly, especially in areas like East Greenwich, and that trend is not expected to change much in the coming year.
Brokers project average days on market will decrease slightly in hot markets like Providence, while they are expected to stay the same in neighborhoods like East Greenwich. Average days on market will remain lowest in prices under $500K, where demand is high among first-time buyers seeking single-family homes.
Average residential sales prices have gradually increased across Rhode Island over the last four years, with the exception of Newport, which has seen some fluctuations. Average days on market have steadily declined. This illustrates consistent growth across the state, which is expected to continue into 2017.