Still Groundhog Day for RI’s Hot Real Estate Market: Mott & Chace’s Rutley on Inventory and Prices
Wednesday, August 25, 2021
Robert Rutley with Mott & Chace Sotheby’s International appeared on GoLocal LIVE where he discussed where the real estate market is still hot in Rhode Island, where it might be cooling — and how an influx of rentals on the market plays into the mix.
This month, RI Realtors announced that the median price of a single family home in Rhode Island was $384,000 in July — up 16% over 2020.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“I think people want me to say the market is calming but it’s not - it’s like Groundhog Day,” said Rutley. “We’re still seeing a lot of neighborhoods where there are offers of $50,000, $80,000, $100,000 over list price.”
“I have heard from some other agents in tertiary neighborhoods that might not be as hot [saying], ‘We’re not getting a ton of offers’ — and I think that’s happening because they were riding that wave of high prices — and instead of really comping out properties where they should be selling at, they’re listing them high in anticipation that this wave is going to continue,” he added. “You have to list your properties properly, otherwise they’re going to sit on the market.”
“There’s a large demographic of people looking for quality houses in neighborhoods where they can afford, and I think that is still very valuable to people — and over on the East Side, we’re missing out on that entry level home because people are over-bidding and there’s nor more housing in the $300,000 or $400,000 — if there are, they’re very rare,” said Rutley.
New Apartments Coming Online
Rutley also spoke about new apartment and rental units being built in Providence.
“There’s two sides of this coin. You know, I want to preserve Providence and its historic nature and the beauty that we have now, but we do need more housing, so I think there needs to be some really curated properties being built,” said Rutley. “Rentals are great, rentals are great money makers for developers and huge investors - but it’s not going to cure our housing shortage.”
“People want to buy homes, they want to buy single family homes mostly, but when they price out, they’re moving into condos, and if people aren’t building more condos, it’s not really satiating that need,” he added.
Mott & Chace Sotheby's International Realty is a paid content partner of GoLocal and appears weekly on GoLocal LIVE.
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