Rhode Island
House prices and interest rates are down in Rhode Island, but does it really matter?
With so few houses for sale, higher interest rates aren’t cutting into house prices
Single-family home prices in Rhode Island dipped slightly from October to November as interest rates seemed to have begun a slow descent from a high of 7.76% in late October, while the state of the multi-family market appears almost entirely unchanged.
Housing prices remain near record highs at the same time interest rates have more than doubled and the inventory of all types of housing – rentals, single-family, multi-family and condos – is incredibly low, according to data from the Rhode Island Association of Realtors.
The housing shortage remains at top of mind for real estate agents, but falling interest rates could bring new houses onto the market as people who own homes and are looking to move up may become more willing to give up a low interest rate for a better house, according to a news release from the association.
What was RI’s median house price in November 2023?
In November, the median price of a single-family home was $431,000, a slight decline from October’s $435,000 and the record high set in September of $455,000, according to data from the Rhode Island Association of Realtors.
The median house price is still higher than it was at the start of the year, $391,375, and well above the pre-pandemic November 2019 median price of $290,000, a 49% increase.
Housing priorities in the next session: From Superman to granny flats and RIPTA: Everything to know about the RI Senate priorities
While the average number of days a house sits on the market dipped in November, down to 31 from 33, the number of listings was also down slightly, the number of houses sold was down, and so was the number of pending sales.
What did the multi-family market look like in November 2023?
In the multi-family market, almost everything stayed the same. Prices are up $10,000, to $492,000, the number of listings is down 12, to 220, and almost the same number of houses sold in November as October.
What did the condo market look like in November 2023?
In the condo market, the median price dipped slightly, down to $357,500 from $380,000, and the number of days a condo sat on the market decreased from 35 to 27. The number of listings was up slightly, to 283, but well below the pre-pandemic November 2019 listings, at 689.
The number of condos sold was down to 116 from 159, although pending sales stayed relatively steady.
Why haven’t they sold? These new condos in Pawtucket cost only $299,000.
Interest rates could begin to moderate
The 3% interest-rate mortgage may have been a once-in-a-lifetime event, but mortgage prices do appear to begin coming down, slowly.
National Association of Realtors Chief Economist Lawrence Yun has predicted interest rates will average 6.3% in 2024. In the last year, they have been as low as 6.1% in February and hit a 23-year peak in late October at 7.79%, according to data from the mortgage lender Freddie Mac.
Real estate agent Stephen Antoni, with Mott & Chace, said the loosening of interest rates should bring a few more people back into the market, both new homebuyers priced out by rising interest rates and people who already own homes but are reluctant to let go of mortgages secured at 3% and 4%.
Small and regional banks are also getting more competitive in the mortgage market, offering better rates to entice the few people left in the market.
November and December are always hard times in the real estate market, bookended by Thanksgiving and New Year’s and filled with winter vacations, he said.
“My guess is by mid-to-late January, we’ll have a regular influx of inventory and by the spring, if interest rates keep coming down, inventory could build again and we could get to a more working market,” Antoni said.
In the current market, few people are looking to buy and fewer are willing to put their houses on the market.
Should I stay or should I go?
Antoni’s son faced the interest-rate dilemma after getting a promotion at work that moved his job from Connecticut to New Hampshire. He owned his house in Connecticut, with a cushy 3% interest rate. He sold the house, saw a decent profit and is looking to buy something at the new, inflated prices, and to borrow at the new interest rate, near 7%.
In a regular market, prices go down when interest rates go up because higher interest rates put monthly costs out of reach for many people. But with so little supply in the market, the little demand that’s left is enough to keep prices high.
In November, there were 1,152 homes listed for sale in Rhode Island, compared with 2,984 in November 2019.
‘Lack of good faith:’ Narragansett proposes sidestepping new state housing requirements.
In Antoni’s son’s case, “his house went on the market, it went quickly, he made a profit and now he’s in the other seat, with nothing available, and he has to settle for something other than he really wanted,” Antoni said. “Time is not on his side and he is commuting back and forth to New Hampshire.”
The core problem is that there is not enough supply of homes in the state to meet the demand. That lack of supply also affects people’s thoughts about downsizing because there just is so little inventory for them to move into.
Buyers are becoming unusually choosy
With prices just below recent record highs, and few houses on the market to choose from, the buyers who remain are becoming incredibly picky, demanding that houses be in turnkey condition.
Housing conversion to plastic bag ban: What new laws go into effect in RI on Jan. 1?
Negative features in a house – a dated bathroom, or a kitchen in need of a remodel – are becoming reasons to not even put in an offer. Because people have to pay such a premium compared with four years ago, they don’t want to do any work, or spend money on any work, on a house, Antoni said.
Thanks to our subscribers, who help make this coverage possible. If you are not a subscriber, please consider supporting quality local journalism with a Providence Journal subscription. Here’s our latest offer.
Reach reporter Wheeler Cowperthwaite at wcowperthwaite@providencejournal.com or follow him on Twitter @WheelerReporter.
North Kingstown, R.I. – A Rhode Island man is facing a disturbing charge.
According to police, on Friday at approximately 4:00 p.m., the North Kingstown Police Department responded to a 911 call reporting an incident of indecent exposure. The caller, a 17-year-old, reported that a male subject drove up her on Prospect Avenue, asking for directions to the North Kingstown High School while completely naked. The suspect was driving a silver Subaru, registered in New Hampshire. The vehicle was last seen traveling towards Fairway Drive.
Officers immediately responded to the area from different directions to contain the vehicle and investigate the report. The vehicle was located and stopped on Lantern Lane. The driver/sole occupant was identified as David C. Palmer of East Providence. After further investigation, Palmer was taken into custody and charged with Disorderly Conduct – Indecent Exposure.
Palmer was later arraigned at the station before a Justice of the Peace and released on a $1,000 personal recognizance bail. He is scheduled for formal arraignment at the 3rd Division District Court on December 6th.
Rhode Island
Rhode Island FC falls 3-0 to Colorado Springs Switchbacks FC in USL Championship final – What's Up Newp
Rhode Island FC’s historic inaugural season came to an end in the USL Championship Final on Saturday when it fell 3-0 to Colorado Springs Switchbacks FC at Weidner Field. Becoming the first Eastern Conference team in league history to advance to the final match in its first season, the Ocean State club will return to Rhode Island proud after making the farthest run by an expansion side in eight years.
Colorado Springs Switchbacks FC had a golden chance to take the lead less than a minute into the match when Yosuke Hanya was on the receiving end of a central pass as he cut behind the Rhode Island FC defense. Sprinting into a one-on-one opportunity with Koke Vegas, the midfielder dragged his shot just wide of the right post.
Holding just 30 percent of possession throughout the first 15 minutes, RIFC got its first real chance of the match when it won a dangerous free kick at the corner of the 18-yard-box in the 14th minute. JJ Williams stepped up to take the free kick, and curled it narrowly over the bar as the match stayed scoreless.
Colorado Springs eventually broke the deadlock in the 22nd minute when Hanya broke free on the right wing, sending a cross into the six-yard box for Juan Tejada. Making a run into the open space, Tejada side-footed the ball into the back of the net from close range to give the hosts a 1-0 lead.
In the 42nd minute, Colorado Springs doubled its lead with a powerful strike from the top of the box. It happened when Jairo Henriquez tore down the left flank, cut inside and took a shot that was blocked by RIFC. Unfortunately for the Ocean State club, the rebound fell kindly to Haneriquez, who made no mistake on his second effort and picked out the top-left corner to make it 2-0.
The Switchbacks nearly took complete control with a third goal in first-half stoppage time when Quenzi Huerman unleashed yet another shot from distance, but Vegas punched the effort over the bar and took care of the resulting corner to keep the match 2-0 at the break.
Nine minutes into the second half, RIFC nearly cut the deficit in half when Clay Holstad connected on a corner kick from the top of the box. Instead, Colorado Springs blocked the shot and quickly broke out on the counter-attack, where Roaldo Damus finished with a low, one-on-one effort to make it 3-0.
RIFC came within inches of getting one back in the 64th minute when Frank Nodarse headed a corner towards the bottom-right corner, but Colorado Springs goalkeeper Christian Herrera produced a sharp diving save to deny the Ocean State club. Minutes later, Jack Panayotou forced another save out of Herrera, and Morris Duggan couldn’t keep the close-range rebound on frame.
The opportunities were as close as RIFC could get to finding the back of the net in the match as the USL Championship Final ended 3-0.
After the match, the visitors walked over to thank the over 400 Rhode Island FC faithful who made the trip out west. The fanbase’s incredible support during the record-breaking inaugural season fueled the team to a memorable finish. The Ocean club will now look forward to its launch of season two from The Stadium at Tidewater Landing in downtown Pawtucket.
GOAL SCORING RUNDOWN
COS – Juan Tejada (Youke Hanya), 22nd minute: Tejada connects with Hanya’s right-wing cross from inside the six-yard box. COS 1, RI 0
COS – Jairo Henriquez, 42nd minute: Henriquez picks out the top-left corner with a powerful strike from the top of the 18-yard box. COS 2, RI 0
COS – Ronaldo Damus (Matt Real), 53rd minute: Damus finishes a one-on-one counter-attack with a low finish into the bottom corner. COS 3, RI 0
ADDITIONAL NOTES
- Saturday’s match was the first-ever USL Championship Final to air nationally on network television (CBS).
- The opening goal for Colorado Springs in the 22nd minute marked the first time RIFC trailed during the 2024 USL Championship Playoffs.
- The 2-0 halftime deficit marked the first time RIFC has trailed by multiple goals at halftime since April 26.
- RIFC will return to the Ocean State after making the furthest playoff run by any Eastern Conference expansion team in league history, and becoming the first expansion club in eight years to advance to the final.
MAN OF THE MATCH: Clay Holstad
Match stats and information available here.
Thank you, Joe Biden
Trump has learned that if he tells lies often enough and loudly enough, they will be believed. He keeps repeating that Joe Biden has been a terrible president.
In fact, President Biden has accomplished much. He tackled the COVID crisis by helping hospitals get supplies, getting COVID vaccines distributed, making free testing kits available, sending checks to all Americans, and helping people return to work and students return to school.
He revitalized the U.S. participation in NATO and supported Ukraine vs. Putin.
He recognized climate change and rejoined the rest of the world in battling its effects.
He appointed the first Black female Supreme Court justice.
He initiated projects to improve the nation’s crumbling infrastructure.
He oversaw the U.S. economy’s rebound from the pandemic.
The list goes on.
But, best of all, he stopped the daily flow of lies that had been streaming from the White House.
Cindy Kaplan, West Warwick
Better compensation for doctors
What is happening to the health-care system in America? The quality of care seems to be diminishing. One of the reasons is the abysmally poor salaries we pay to our medical residents and fellows, doctors who have already spent years in medical school and are now honing their skills in hospitals throughout the country.
The problem is especially acute in Rhode Island where these young doctors are paid an average of less than $70,000 per year at our hospitals (“Resident doctors make union bid,” News, Nov. 21).
How can these doctors’ patients and hospital management expect them to excel while trying to survive on such meager wages for four to seven years of residency and fellowship, especially with the high cost of housing in Rhode Island and with their average quarter-million-dollar student loan debts?
The only thing that keeps at bay the hounds who are constantly calling for the nationalization of our health-care system is that our country provides the best medical care in the world. Nationalization would destroy our system as it has done in the UK and Canada.
Poor pay and overly arduous working conditions foisted upon residents and fellows in the U.S. will lead to fewer quality doctors entering the profession. Nationalization will eventually follow.
I have opposed unions in the past, but when we pay our young doctors less than what we pay electrical and plumbing apprentices, something is terribly wrong.
If we want our citizens to continue receiving the world’s best medical care, we better start properly compensating residents and fellows and allowing them a bit of time off. Otherwise, they will enter other professions and the quality of medical care in America will deteriorate to that provided by nationalized health systems.
Lonnie Barham, Warwick
Saving RI’s forests
Many environmentalists are concerned about the upcoming administration being filled with individuals who do not take climate change seriously. While, unfortunately, these next four years will probably take us backwards in the fight against climate change, we can still protect the environment here in Rhode Island.
Currently, Rhode Island is the only state in New England with no protected forests on state-owned land. Rare and endangered species are threatened due to their habitats being destroyed by DEM and solar developers through forest clear-cutting.
By joining the Save Rhode Island’s Forests Campaign, you can help in the effort to get legislation passed to create laws to finally protect our state forests and endangered species. In Rhode Island, you can save the environment.
Nathan Cornell, Warwick
The writer is president of the Rhode Island Old Growth Tree Society.
Free email services are costing you more than you think
Dishwasher getting old? With Trump vowing tariffs, it might make sense to shop for new appliances now
From Billie Eilish to Metallica: 10 must-see concerts this holiday season
Robert Vito Won't Be Charged With Felony in L.A. Domestic Violence Case
Commentary: Donald Trump has a chance to become a true education president
Colorado Rockies game no. 116 thread: Zac Gallen vs José Ureña
See it: Tesla crashes into Columbus convention center at 70 mph
Fox News Politics: Georgia the whole day through
Why Marjorie Taylor Greene was ‘kicked out’ of the Freedom Caucus according to Rep. Buck
Death of missing Oregon girl found in stream ruled homicide
‘Optical illusion’: Key takeaways from COP29
With talks teetering, climate negotiators struck a controversial $300 billion deal
Trump administration takes shape: President-elect completes top 15 Cabinet picks
Thousands march across Europe protesting violence against women
Fred Harris, former Democratic U.S. senator and presidential candidate, dies at 94
-
Business1 week agoColumn: Molly White's message for journalists going freelance — be ready for the pitfalls
-
Science4 days agoTrump nominates Dr. Oz to head Medicare and Medicaid and help take on 'illness industrial complex'
-
Politics6 days agoTrump taps FCC member Brendan Carr to lead agency: 'Warrior for Free Speech'
-
/cdn.vox-cdn.com/uploads/chorus_asset/file/25739950/247386_Elon_Musk_Open_AI_CVirginia.jpg "Inside Elon Musk’s messy breakup with OpenAI")
Technology6 days agoInside Elon Musk’s messy breakup with OpenAI
-
Lifestyle7 days agoSome in the U.S. farm industry are alarmed by Trump's embrace of RFK Jr. and tariffs
-
World6 days agoProtesters in Slovakia rally against Robert Fico’s populist government
-
News6 days agoThey disagree about a lot, but these singers figure out how to stay in harmony
-
News6 days agoGaetz-gate: Navigating the President-elect's most baffling Cabinet pick