Tiverton, RI Homes For Sale - Rhode Island Real Estate | BEX Realty (2024)

FAQs

Are home prices dropping in Rhode Island? ›

The Rhode Island housing market is somewhat competitive. The median home sales price in May 2024 has increased in the past 3 months to $490,200. That's up 6.1% and $28,100 higher than May 2023 of last year.

Best Time to Sell Your House for a Higher Price

June, August, and September are the best months to sell your house in Rhode Island. The median sale price of houses in June 2023 was $470,600, which is expected to rise in 2024. However, cities like Warwick and East Providence follow an upward trend throughout the year.

Inventory dropped at the onset of the pandemic and Rhode Island has not been building enough new housing for decades. The median price for single-family ($460,000) and multi-family houses ($545,000) in Rhode Island hit record highs in May, driven by more units hitting the market.

“Unfortunately, Rhode Island does not have enough housing supply to keep up with demand. Too many years of being dead last in the country for new housing permits have caught up with us. “Our housing and homelessness crisis has been decades in the making and will take a long-term, sustained effort to fix.

The average Rhode Island home value is $471,357, up 8.1% over the past year and goes to pending in around 8 days.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

In RI, the standard transfer tax is $2.50 for every $500 of the home's selling price.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

According to the list, single people living in Rhode Island need to earn $59,936 per year to live comfortably.

The cost of living in Orlando, FL is -6.9% lower than in Providence, RI. You would have to earn a salary of $55,887 to maintain your current standard of living. Employers in Orlando, FL typically pay -9.5% less than employers in Providence, RI.

Where is the richest place to live in Rhode Island? ›

Jamestown, located west of Newport, is actually the richest community in the state. Other notable affluent areas include Barrington and East and West Greenwich. Besides these areas, Rhode Island is mostly a middle-income state, as a majority of the population lives in the urban city Providence.

Rhode Island House Price Index is at a current level of 396.14, up from 392.77 last quarter and up from 365.22 one year ago. This is a change of 0.86% from last quarter and 8.47% from one year ago.

There are currently 2,958 homes for sale in Rhode Island. The median list price in Rhode Island is $589,000 and the average price per square foot is $278.

$411,272. The average Connecticut home value is $411,272, up 10.7% over the past year and goes to pending in around 7 days.

$398,077. The average Florida home value is $398,077, up 2.5% over the past year and goes to pending in around 35 days.