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GoLocalProv | Business | Since Pre-Pandemic, Cost of a Home in RI Has Jumped More Than 50%

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GoLocalProv | Business | Since Pre-Pandemic, Cost of a Home in RI Has Jumped More Than 50%


Sunday, August 13, 2023

 

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PHOTO: Francesca Tosolini, Unsplash

When comparing pre-pandemic data from the second quarter of 2019, residential home sales in Rhode Island have seen a price increase of 47.3% for single-family homes, 56.8% for condominiums, and 78.7% for multifamily homes.GET THE LATEST BREAKING NEWS HERE — SIGN UP FOR GOLOCAL FREE DAILY EBLAST

On average, it is an increase of more than 50%, and the top realtors expect prices to continue to climb.

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Josh Culliun of Mott & Chace Sotheby’s International expects prices to continue to climb during the remainder of 2023 and into the future.

Interest rates are making homes unaffordable for many first-time homebuyers, but a major cut may push home prices significantly higher.

“A major cut in interest rates could be catastrophic too. Values continue up, and that’ll be challenging on many levels for people — affordability becomes a massive issue as it is already kind of teetering,” said Cullion.

“On the one hand, it’s safe to say that the majority of homeowners have seen a significant increase in home equity in recent years, but on the other hand, that accumulation of wealth is hard to attain for those struggling to buy a home in this competitive market,” said Bryant Da Cruz, President of the RI Association of Realtors.

Data from State-Wide Multiple Listing Service, the listing information exchange owned and operated by the Association, shows that at $430,000, the median price of single-family home sales in the second quarter saw a 2.4% year-over-year increase from the prior year. In the other sectors of the residential market, the median price of multifamily home sales saw a 10.6% gain, to $470,000, and the e median sales price of condominiums saw the highest jump, rising 13.7% to $363,750.

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Mott & Chace’s Josh Cullion PHOTO: Company

More Options to Increase the Housing Stock

Inventory, or the lack thereof, continues to be a major issue.  

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“Today there are about just over 800 single-family houses for sale actively available at all different price points.  Multi-families and condos are hovering just over the 150-unit mark. That’s dismal in terms of the supply and demand the absorption rate,” said Cullion.

He urged that there is a major effort to expand the housing supply.

Cullion said, “There are plenty of historic properties that can be redeveloped and give a nod to the past and not butchering them. We see that at the Custom House, of course. There’s plenty of other existing buildings that could be retrofitted.”

Cullion sold more downtown condos in the past year than any other realtor including selling out the Custom House condos.

 

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  • Median Price of a House in RI Is Freezing Buyers Out—See Top 10 Most Costly
  • Is the Median Price of a Rhode Island Home Headed for $400,000?
  • Median Price of Single Family Home in RI Was $384,000 in July – Up 16% Over 2020
  • RI Home Prices Explode in Second Quarter – East Side Median Price Hits $682K, BI $1.28M
  • RI Home Sales Down 6.9%, Median Price Jumps to $280K Highest Since 2007
  • RI Home Sales Drop, Median Price Rises in September
  • Median Price For Single Family Home Tops $200K For First Time Since ‘08
  • Out-of-Staters Buying Up RI, Median Price of a Single-Family Home Hits $390,000
  • RI Median Price for Single Family Home Falls, Finally
  • Cost of Buying a Home Has Jumped 55% in a Year – As Interest Rates Rise, Median Price in RI $416K
  • Median Price of a Single-Family Home in RI Drops to $390K, Interest Rates to Decline
  • Record Breaking: Median Price of a Single-Family Home in RI Has Jumped to $445,000 in Past 30 Days
  • RI Real Estate: Median Price $405K, Little Inventory and Average Mortgage Payment Up 53% in a Year
  • Relief for Buyers – Median Price of a Single Family Home in RI Falls, But So Does Number of Sales
  • RI’s Median Price for Single-Family Home Drops for Second Consecutive Month
  • RECORD: Median Price of Single-Family Home in RI Now $420,000
  • NEW RECORD: Median Price of Single-Family Home in RI Hits $442,750

 

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Rhode Island

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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Rhode Island

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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Rhode Island

Up to $5,000 reward offered for tips on who dumped emaciated dog’s body in trash bag in Rhode Island

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Up to ,000 reward offered for tips on who dumped emaciated dog’s body in trash bag in Rhode Island


Lincoln, RI – PETA is offering a reward of up to $5,000 for information that leads to the arrest and conviction on cruelty charges of the person(s) responsible for dumping a dead dog at Barney’s Pond on Smithfield Avenue.

On December 14, the Lincoln Police Department responded to a report of a dead animal in a trash bag in the parking lot of the pond and discovered the body of a severely emaciated dog with visible signs of trauma. They believe the body was left between the evening of December 13 and the morning of December 14. A white Toyota RAV4 may be connected to the case and is considered a vehicle of interest.

Police are searching for this vehicle of interest, a Toyota RAV4. Photo: Lincoln Police Department

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No leads or suspects have been identified, so PETA is asking for the public’s help.

“This poor dog was apparently starved, abused, and then dumped on the side of the road like garbage,” says PETA Senior Vice President Colleen O’Brien. “There may be other animals in the perpetrator’s possession, so PETA asks anyone with information to come forward immediately—other lives may depend on it.”

Anyone with information about the deceased dog or the vehicle should contact Detective Lieutenant Brad Stewart at 401-333-8485.



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