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GoLocalProv | Business | Record Breaking: Median Price of a Single-Family Home in RI Has Jumped to $445,000 in Past 30 Days

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GoLocalProv | Business | Record Breaking: Median Price of a Single-Family Home in RI Has Jumped to 5,000 in Past 30 Days


Thursday, June 29, 2023

 

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PHOTO: File

Robert Rutley of Mott & Chace Sotheby’s International said in an interview on GoLocal LIVE Wednesday that the median price of a single-family home has risen to $445,000 in the past 30 days. This is a record for Rhode Island.

It is a remarkable jump in price, and a daunting number for home buyers, especially new home buyers.

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Homebuyers are also now facing interest rates ranging between 6.75% and 7.25%. 

In May, the Rhode Island Association of Realtors reported the median price at $427,500.

“The last 30 days [data] tells me that the average price for a single-family home in Rhode Island is about $445 000; that’s the median price,” said Rutley.

He added that the East Side of Providence in the last 30 days “was about $795,000.”

He also said that on the East Side, there are no longer those “lower priced” $300,000 to $500,000 homes — those are gone.

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$500,000 Next Year?

Rutley also forewarned that he expects prices to continue to climb.

“I would expect that to go up by the end of the year, and by next spring, I expect the price to be at $500,000 to $525,000,” said Rutley.

 

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May 2016 — median price of a single-family home. IMAGE: RIAR

Major Driving Factor

Driving the prices to new record levels is declining inventory.

“This year, compared to last year, this year the past 30 days, we had about 690 sales statewide of single-family homes last year; at this time, we had well over a thousand, so right now, we’re looking at a 32% decrease in sales statewide for single-family homes,” said Rutley.

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Historic Perspective

Since May of 2016 — just seven years ago, the median price of a single-family home has jumped 86%, outpacing income growth approximately two to one.

The U.S. Federal Reserve is expected is implement two more interest rate increases further raising mortgage rates — and further chilling sellers who have few options for housing.

 

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  • Real Estate Agent John A. Paliotta Dies at 73
  • Rutley on RI’s Lagging Real Estate Inventory and Are We Headed for a Correction
  • New RI Real Estate Data: Tough News for Buyers – Prices Up, Interest Rates Up and Inventory Down
  • 2023 RI Real Estate: Layoffs at Compass, Apartment Prices Down, and Predictions
  • RI Real Estate – Sales Plummeting, Inventory Down Nearly 8%, and Prices Remain Near Record High
  • RI Real Estate: Will There Be a Big Spring? Rents Are Up, Relief for 1st-Time Buyers
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  • Federal Trade Commission Hits Real Estate Company Opendoor with $62M Penalty
  • More Than 130 Price Cuts in Past 7 Days Signifies Major Change in RI Real Estate Market
  • RI Real Estate: Median Price $405K, Little Inventory and Average Mortgage Payment Up 53% in a Year
  • “I’ve Got 5 to 7 Home Buyers for Every Listing I Have,” Says Mott & Chace’s Rutley of RI Real Estate

 

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Rhode Island

Newport crews extinguish house fire | ABC6

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Newport crews extinguish house fire | ABC6


Newport crews extinguished a fire on Green Street on Dec. 24. (WLNE)

NEWPORT, RI (WLNE) — The Newport Police Department said crews extinguished a fire on Green Street on Tuesday afternoon.

Around 2:22 p.m. Newport police were notified by the fire department of smoke coming from the basement of a home.

On the scene, crews reported a working fire, which was later extinguished.

Officials said the residents of the home were safety evacuated.

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There are no reported injuries, according to police.

The cause of the fire, as well as where or how it started is under investigation.





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RI Lottery Mega Millions, Lucky For Life winning numbers for Dec. 24, 2024

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The Rhode Island Lottery offers multiple draw games for those aiming to win big. Here’s a look at Dec. 24, 2024, results for each game:

Winning Mega Millions numbers from Dec. 24 drawing

11-14-38-45-46, Mega Ball: 03, Megaplier: 3

Check Mega Millions payouts and previous drawings here.

Winning Lucky For Life numbers from Dec. 24 drawing

16-22-24-43-47, Lucky Ball: 11

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Check Lucky For Life payouts and previous drawings here.

Winning Numbers numbers from Dec. 24 drawing

Midday: 0-9-5-1

Evening: 2-0-2-3

Check Numbers payouts and previous drawings here.

Winning Wild Money numbers from Dec. 24 drawing

08-21-26-33-38, Extra: 36

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Check Wild Money payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your prize

  • Prizes less than $600 can be claimed at any Rhode Island Lottery Retailer. Prizes of $600 and above must be claimed at Lottery Headquarters, 1425 Pontiac Ave., Cranston, Rhode Island 02920.
  • Mega Millions and Powerball jackpot winners can decide on cash or annuity payment within 60 days after becoming entitled to the prize. The annuitized prize shall be paid in 30 graduated annual installments.
  • Winners of the Lucky for Life top prize of $1,000 a day for life and second prize of $25,000 a year for life can decide to collect the prize for a minimum of 20 years or take a lump sum cash payment.

When are the Rhode Island Lottery drawings held?

  • Powerball: 10:59 p.m. ET on Monday, Wednesday, and Saturday.
  • Mega Millions: 11:00 p.m. ET on Tuesday and Friday.
  • Lucky for Life: 10:30 p.m. ET daily.
  • Numbers (Midday): 1:30 p.m. ET daily.
  • Numbers (Evening): 7:29 p.m. ET daily.
  • Wild Money: 7:29 p.m. ET on Tuesday, Thursday and Saturday.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.



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When will Santa Claus be in RI? Follow the 2024 Santa Trackers from NORAD and Google

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When will Santa Claus be in RI? Follow the 2024 Santa Trackers from NORAD and Google


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It was the night before Christmas and all through the house, the children were wondering where’s that guy Claus?

If you’re looking to track Santa Claus’s flight over Providence and Rhode Island’s other cities and towns this Christmas Eve, there are a few ways you can track the big guy with nearly the same accuracy as a late Amazon package.

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The military is on it with the NORAD Santa Tracker, and Google, which often feels all-knowing, is also on the case with its own Santa Tracker.

Check out the trackers to see Santa’s location:

See Santa’s location with the NORAD Santa Tracker

NORAD is the most reliable name in Santa tracking. On the job since 1955, when a young child from Colorado Springs accidentally called in (he meant to call a number advertised by a local department store), they’ve been following Santa’s journey using their radar technology ever since.

Now, NORAD, the joint U.S.-Canada command responsible for protecting the skies over both nations, staffs up for the big night, with a number available for children to call for status reports and an online tracker.

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When does the NORAD Santa Tracker start?

On Christmas Eve, Dec. 24, of course.

How do I follow Santa’s journey with the NORAD tracker?

Santa is on the move, as you can see below. If it doesn’t load, it can be found at www.noradsanta.org

You can also call NORAD directly at +1 (877) HI-NORAD.

See Santa’s location on the Google Santa Tracker

In 2004, Google started tracking Santa as well, because, well, there’s a lot of interest in Old St. Nick. Google has a  website. While you’re waiting around for Santa, Google’s guide includes a family guide, quizzes and various Christmas-themed games to play.

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Why might the NORAD Santa Tracker and Google Santa Tracker disagree?

All of our tracking technology is made for mere mortals, but Santa is magic, and he likes to create a little bit of mystery. It wouldn’t do for children all over the world to be catching him as he comes down the chimney to deliver presents. He would never get any work done! So sometimes, to keep the magic alive, he throws off the trackers, just a little bit.



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