Rhode Island’s real estate market continues to face a critical shortage of single-family homes for sale, according to the R.I. Association of Realtors. Currently, there are only 864 homes on the market, driving the median sales price up by 4.4% to $384,000 from last year. Bryant Da Cruz, president of the Rhode Island Association of Realtors, expressed concern, saying that the market needs more housing at all price levels. He also noted that starter homes, in particular, remain scarce, leading to a median sales price increase driven by an oversupply of move-up homes overstarter homes. Da Cruz also pointed out the nearly 30% YOY drop in sales that’s making navigating the RI housing market difficult. Despite skyrocketing interest rates, currently sitting at 6.42%, Da Cruz sees a silver lining, as the rates are still lower than the 50-year average of more than 7% and homeowners’ equity is holding steady. However, he recommends that those interested in buying should act fast when they find a property they like.

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