Among US cities, Providence had fewest homes linger on the real estate market in November, Redfin says – The Boston Globe

Nationally, over half, or 54.5 percent of home listings in November, lingered on the market for at least 60 days, up from 49.9 percent from the same time last year, Redfin reported. The total was the highest for any November since 2019.

Milwaukee, Wis., followed Providence at 38.8 percent, with Montgomery County, Penn., in third at 41.4 percent, according to the report released Monday.

Miami saw the highest percentage of “stale” listings, with 63.8 percent remaining on the market after 60 days, followed by Austin, Texas, and Fort Lauderdale, Fla.

The only New England city besides Providence included in the top 50 most populated metropolitan areas is Boston, which saw a rate of 44.2 percent.

“A lot of listings on the market are either stale or uninhabitable,” Meme Loggins, a Redfin real estate agent in Oregon, said in the report. “There’s a lot of inventory, but it doesn’t feel like enough.”

So what’s different about Providence?

There are a number of factors in play, including demand for rental properties, according to Alysandra Nemeth, a local Redfin real estate agent.

Nemeth told the Globe on Friday several multifamily homes she sold in the last few months moved quickly.

“If you have a multifamily [listing] that comes up and you’ve got an investor or someone that’s looking to owner-occupy a property and rent some out … it’s the perfect scenario because there’s no shortage of people that are looking to rent within the area,” Nemeth said.

Nemeth thinks the lack of inventory in the Rhode Island market is also keeping listings fresh.

Data released by the Rhode Island Association of Realtors in December showed there was a less than two months worth of supply of single-family homes across the state — well below the six-month supply level considered indicative of a healthy real estate market.

Driven, in part, by the competition for properties, the median statewide home price soared more than 11 percent year over year to $480,000, according to the association.

“It just continues to be a battle where, you know, if a good home comes on the market and it’s priced right, it’s probably going to go quicker, and entertain more offers than some other areas,” Nemeth said.

Providence’s location is also desirable for buyers, Nemeth said. There’s easy access to Boston and New York City, all with a considerably lower price point than those metro areas, Nemeth said.

And Providence has plenty of appeal of its own, too.

“There’s just a lot of, like, great culinary experiences in Providence — like the food here is amazing,” Nemeth said. “So that also goes hand in hand with it. There’s a lot going on. This city is probably like the next city to watch out for.”

Christopher Gavin can be reached at christopher.gavin@globe.com.