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Randall Realtors Real Estate Update

September 2020

The big news in local real estate is the unprecedented buyer demand and shrinking availability of homes for sale. With fewer homes for buyers to choose from, homes are selling quickly and they are selling close to asking price - sometimes even higher.

And with historically low interest rates, "those shopping for a home right now can afford 10 percent more home than they could have one year ago, while keeping their monthly payment unchanged. This means the average home buyer can afford nearly $32,000 more home than they could at the same time last year."*

A closer look at the southern Rhode Island market

We are seeing that many buyers from the Providence, Boston and the New York metro area are seeking the fresh air, space, privacy and the natural beauty of our area. In Kent and Washington Counties**:

  • The number of available homes for sale is down -35% from 2019.
  • The limited 1.89 months of inventory (rate at which homes are sold) is making it a sellers market.
  • The average days on market for the months of May-August is just 38 days
  • Median sales price of single family homes increased +11.5% in July

A closer look at the Eastern Connecticut market

In August 2020, in New London County***, nearly one third the number of new listings came on the market versus August 2019, yet, there were significantly more solds and pendings than during the same time in 2019.

  • The number of available homes in down -40.2% from 2019
  • The median sales price is up +10.4%
  • Closed sales are up +16.3%
  • Pending sales is up +36.5 % over last year

Even homes that had been lingering on the market for years are finally selling due to very limited inventory.

Currently, our Randall Realtors agents are working with qualified buyers actively searching for homes just like yours. If you're considering selling your home and would like a complimentary assessment of your home's market value, please use our valuation form above or contact your favorite Randall Realtors agent.

*Mortgage News Daily, **Source: RI MLS, data for 4/1/20-7/31/20 single family homes in Kent & Washington counties, run date 8/28/2020 and ***SmartMLS for all sales from 8/1/2020 through 8/31/2020. Run date: 9/2/2020. The comparison is August 2020 compared to August 2019.