A Top Rhode Island Realtor Says “We Have Passed the Top of the Market”
Friday, June 03, 2022
One of Rhode Island’s top realtors says the real estate has hit its peak and prices will begin to stabilize.
Robert Rutley of Mott & Chace Sotheby’s International Realty told GoLocal LIVE, “My opinion is that we've already passed the top of the market and I think that was probably about a month, a month-and-a-half ago. So you know, I let all my clients know that hey, this is the top of the market, this is where we're at, your home is worth the most that it's going to be in this real estate cycle — a real estate cycle is about 12 to 13 years.”
In April, the median price of a single-family home in Rhode Island hit $420,000 — an all-time record, according to the Rhode Island Association of Realtors.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRutley said that he does not think there will be a correction — a significant decrease in prices.
"I think we're now looking at a little bit of slowness coming in and part of that is because summer is coming and we're turning into a seasonal cycle of real estate again people are home with their kids, they're going to go on vacations... that's just what summer is for. They're going to spend time at the beach on Sunday, they're not going to open houses," added Rutley.
Don't Expect Major Price Drops
“I still think that Rhode Island is still appropriately priced if not underpriced compared to our neighboring markets. You know we've got a great quality of life, we've got 400 miles of coastline [and] you can buy a waterfront home with a dock for under a million dollars," said Rutley.
Rhode Island continues to attract out-of-state buyers, in part, because the real estate prices are rocketing in neighboring areas.
The Greater Boston Association of Realtors reported in April that the median home price in the 66 communities tracked by the group hit $845,000.
Rutley says that despite rising interest rates, the demand for Rhode Island homes is likely to stay high -- he pointed to one study that has Providence as being one of the top 20 markets for Gen Z buyers.
That report was issued in May by Lending Tree,
See the full interview below.
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