Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.
If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012. The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.
Realtors Association president Victoria Doran says buyers are starting to realize rock bottom interest rates are not going to be around forever.
"There’s a pent-up demand that we’ve finally seen come to fruition," Dooran says. "Buyers are realizing that these historically low interest rates are not going to be here forever. And you can buy more house with a lower interest rate so that allows you to purchase more of a property."
Condo prices rose the most. The median condo price in Feburary was $193,000 – up 55 percent from a year earlier. Multi-family properties, on the other hand, showed an eight percent decrease in the median price.