RI Current real estate market (North Kingstown, Westerly: houses, buying, high income)
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I would like to get some thoughts on RI’s current real estate market. From what I’ve observed, for the past couple of months, it’s been hot, hot! Like in most parts of the country, currently houses are selling within days and there is little inventory. I’ve been looking in Westerly, South Kingstown, North Kingstown (although I ruled out NK for now), Middletown, Portsmouth and even Tiverton, in the $600k price range. Things are selling very quickly now and I am wondering if things will slow down anytime soon. I’m not pressed to buy something right away and am willing to wait for the right house in a good location.
Any thoughts on current and foreseeable future real estate market in RI?
I would like to get some thoughts on RI’s current real estate market. From what I’ve observed, for the past couple of months, it’s been hot, hot! Like in most parts of the country, currently houses are selling within days and there is little inventory. I’ve been looking in Westerly, South Kingstown, North Kingstown (although I ruled out NK for now), Middletown, Portsmouth and even Tiverton, in the $600k price range. Things are selling very quickly now and I am wondering if things will slow down anytime soon. I’m not pressed to buy something right away and am willing to wait for the right house in a good location.
Any thoughts on current and foreseeable future real estate market in RI?
Thanks!
Your price point is very competitive in the places you're looking. Pandemic buying is uncharted territory. Whether or not the increased demand in Rhode Island will continue, when it's over, is anybody's guess. My guess is; if things don't get much worse, and a vaccine comes along at the end of the year, the RI real estate market will normalize. If circumstances get worse &/or no vaccine arrives until later next year, the current high demand for RI real estate will continue - especially at your price point & premium location interest. Others knowledgeable may give you just the opposite prognostication. Nobody knows.
A side benefit of the way Covid-19 has been handled here in Rhode Island (so far) has made our state a desirable relocation destination. Especially out of the high income cities & suburbs of the northeast where, in comparison, we are still a bargain.
Two other things driving the market are very low interest rates as well as a lack of available properties. Low interest rates may change but the lack of properties to buy is not expected to change any time soon due to paucity of new builds. Land is very expensive here.
RI is not a "high income cities & suburbs of the northeast", most of the state is actually quite overpriced in relation to local wages.
I repeat: "Especially out of the high income cities & suburbs of the northeast where, in comparison, we are still a bargain." It has nothing to do with local wages or you're opinion we're overpriced. The comparison is to comparable real estate prices around New York, Boston or even Philadelphia. The trend to working at home has made RI real estate even more interesting.
I repeat: "Especially out of the high income cities & suburbs of the northeast where, in comparison, we are still a bargain." It has nothing to do with local wages or you're opinion we're overpriced. The comparison is to comparable real estate prices around New York, Boston or even Philadelphia. The trend to working at home has made RI real estate even more interesting.
I agree that the working from home trend could change things (which is to be seen for that matter), but RI is simply not comparable to any of the places you mentioned. You know this independent man.
I agree that the working from home trend could change things (which is to be seen for that matter), but RI is simply not comparable to any of the places you mentioned. You know this independent man.
What I know is for the second home market in the northeast, a house in Rhode Island near salt water is at least 30% less than the comparable house within driving distance of the regions major cities. If the work-at-home trend sticks or increases, this Rhode Island advantage will bleed in to the full-time market, especially as it relates to those work based in metro Boston.
Extremely limited economic opportunity and crushing taxes put Rhode Island off limits to many of the very people that it so desperately needs. A vicious circle that leaves the state devoid of a prosperous middle class. Socioeconomic stratification with spiralling poverty will continue to be the order of the day.
The thing is, though, if you read the MA forum on here, the real estate market is hot there also. And that includes the areas near Boston which realize an enormous premium due to short commuting time to Boston.
Lots of theories, and some sound pretty good, but none really make sense (to me) when everything is taken into consideration.
Extremely limited economic opportunity and crushing taxes put Rhode Island off limits to many of the very people that it so desperately needs. A vicious circle that leaves the state devoid of a prosperous middle class. Socioeconomic stratification with spiralling poverty will continue to be the order of the day.
While Rhode Island may be a poster child for some of what you describe, it is by no means an anomaly in America. The middle needs to wake up or they'll be gone. And, it's about way more than any crushing taxes. Billionaires aren't their friend, as much as they'd like to be one.
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