SOLD! Southern RI Housing Stats

While housing markets across the country have seen double digit increases in housing sales, RI has seen only a 1% increase. RI, unlike other states was not hit as hard by the housing bubble of 2008. In southern RI the second home market and demand of homes cushioned the housing market somewhat.

From June to August 6 homes in Richmond, Charlestown and Hopkinton were sold in the price range of $100,000 to $200,000. This is the typical “bottom of the market” or first time home buyers range for these towns. This number excludes short sales.

What is interesting about these numbers is the number of days these homes were on the market. The longest was 62, the shortest was 1. Not only are homes in this price range selling, they are selling very quickly. The average was 23 days on the market.

For sellers this means pricing a home in this range may lead to an expedited sale. Good news for those who may want to move before the start of the school year, or who want to move quickly. For sellers who are priced slightly above this price range, a price reduction may help sell their home.

Buyers in this price range will have to keep up to date on this market. With homes selling quickly buyers need to be ready to view them, have their mortgage commitment letters ready and be ready to make an offer quickly.

Are you or is someone you know looking at homes in this price range? If so they need an agent who understands this market and will help them meet deadlines and get ready to put in an offer that may get accepted in this competitive market.