The Rhode Island Association of Realtors says the state has reached a critical milestone.
After years of excess supply, Rhode Island now has a six-month inventory of homes on the market, which is considered a balanced alignment between supply and demand. Rhode Island Association of Realtors president Victoria Doran said homeowners can expect to see prices rise as the supply dwindles.
"It’s good because the inventory has leveled off so for sellers they’re going to see if they price their homes well there’s buyers out there to buy and there’s less to look at. So if a buyer sees something, they buy it. For buyers they know that now’s the time before it tips into a seller’s market completely. And that’s when there’s less than six months’ supply and that’s when sellers get multiple offers and prices escalate a little," said Doran.
The median price for a single family home has risen 21 percent in the past year to $207,500. That’s still far below its pre-recession level of $275,000.
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