Connect with us

Rhode Island

Rhode Island single-family homes nearing $500,000 median sales price

Published

on

Rhode Island single-family homes nearing 0,000 median sales price


Home Buying

Homes in Rhode Island sold for a median price of $485,000 in September, which is $30,000 more than last year.

In Washington County  — home to Block Island (above), North Kingstown, and South Kingstown, among other high-income enclaves  — the median sales price for a single-family home was $700,000, a 19.66 percent jump since September 2023. Adobe Stock

It cost buyers $30,000 more to purchase a single-family home in Rhode Island in September than it did last fall, according to a report the state’s realtor association released Thursday.

The median sales price for a single-family home in Rhode Island was $485,000 in September, which reflects a 6.6 percent year-over-year increase.

Advertisement

Soaring home prices, mortgage rates that are at their highest level in two months, and a lack of inventory have put a damper on sales. “Closed sales fell by 3 percent, and pending sales … also dropped by 2.2 percent,” according to the report.

The inventory of homes “continues to creep upward” but is “still critically low,” according to the association. The state had a 2.4-months’ supply of homes on the market in September. A healthy market has at least a five.

“Each month since January 2022, pending sales have fallen compared to the previous year, a sign that housing affordability is not improving in Rhode Island,” Sally Hersey, president of the Rhode Island Association of Realtors, said in a news release. “The median sales price of single-family homes has risen year over year every month since January 2017. We desperately need to build more housing.”

Home buyers who are turning to the condo market to fulfill the American dream of homeownership shelled out nearly $48,000 more last month for a unit than they did in September 2023. The median sales price of $427,450 last month was a record and reflected a 12.52 percent year-over-year increase. Sales were down 5.3 percent, but the inventory got a bump; it’s up 31 percent year over year.

“We haven’t yet seen much of an effect from the Federal Reserve’s September rate cut on Rhode Island’s housing market. Our main problem continues to be supply. The Realtor Association is committed to supporting all viable legislative initiatives that can help in that regard in the 2025 legislative session,” Hersey said.

Advertisement

Some buyers purchase multifamily homes to cover their mortgages. They live in one unit and rent out the other/s. That endeavor gets more challenging by the month. The median sales price for a multifamily in Rhode Island “skyrocketed to a record $595,000” in September, an increase of nearly 25 percent.

Buyers still in the game had more listings to consider. The inventory in Rhode Island’s multifamily market increased 7.4 percent compared to September 2023.

In a drilldown into single-family home prices, the report noted that Washington County — home to Block Island, North Kingstown, and South Kingstown, among other high-income enclaves — the median sales price for a single-family home ($700,000) jumped 19.66 percent in September. The median sales price in September 2023 was a more palatable $585,000.

Providence County, home to the capital, the median sales price rose a more modest 8.64 percent to $440,000.

The only county that saw a price drop was Bristol. The median sales price of $622,753 reflects a 17.52 decrease, but that is based on only 34 sales. Compare that to Washington County (111 sales) and Providence County (345). Fewer sales can skew the results.

Advertisement
Profile image for Eileen Woods

Eileen McEleney Woods is the real estate editor for Boston.com and editor of the Boston Globe’s Sunday real estate section (Address). 






Source link

Advertisement

Rhode Island

401Gives Starts Tuesday!

Published

on

401Gives Starts Tuesday!


This is a big year for us – hiring a full-time reporter – and we need your help This week, East Greenwich News will participate in the 401Gives – an annual fundraiser organized by the United Way of Rhode Island to support nonprofits across the state. This year, 401Gives will run for two days, from […]



Source link

Continue Reading

Rhode Island

Medical school at URI won’t ensure primary care docs for RI | Opinion

Published

on

Medical school at URI won’t ensure primary care docs for RI | Opinion


play

Advertisement
  • Rhode Island is currently experiencing a significant shortage of primary care physicians.
  • Opening a new medical school at URI is not seen as a timely or effective solution to the crisis.
  • Even with more medical school graduates, there is no guarantee they will choose primary care or stay in the state.
  • Better solutions include increasing pay, offering loan repayment, and reducing administrative burdens for doctors.

The doctor is not in, and there’s not one on the way either. Many Rhode Islanders are well aware that the state is facing a harrowing shortage of primary care physicians. As native Rhode Islanders and physicians invested in quality accessible primary care for our community, we are dedicated to working towards policies to support our state.

A medical school at the University of Rhode Island is not the solution to solve the primary care crisis. A medical school at URI would not provide a timely solution, would likely not achieve the target outcome of increasing the number of primary care physicians in the state, and would likely not address the underlying issue of getting doctors to stay. Instead, resources should be allocated now to supporting primary care in ways that would make sustainable change.

Lack of access to primary care is hurting patients now. A medical school at URI would not be a short- or long-term solution. In addition to the time needed to engineer an accredited medical school, it takes seven years to produce an inexperienced primary care physician. Once trained, there still must be an incentive to stay in Rhode Island. Patients do not have access to necessary care for acute and chronic conditions. The burden on our health care system, impacting ER wait times and hospital capacity, impacts everyone. We cannot afford to wait another decade for a solution.

More physicians does not equal more physicians in primary care or in Rhode Island. If the aim is to produce more physicians from URI’s medical school, this will certainly occur, but we should not delude ourselves into believing it will fix primary care. It’s not due to lack of opportunities. In 2019, the National Resident Matching Program offered a record number of primary care positions, yet the percentage filled by students graduating from MD-granting medical schools in the United States was a new low. Of 8,116 internal medical positions that were offered, just 41.5% were filled by U.S. students; most residency spots went to foreign-trained and U.S.-trained osteopathic physicians.

As medical schools across the country look to debt reduction as a means of encouraging students to enter primary care specialties, their goals have fallen far short. In 2018, The New York University School of Medicine offered full-tuition scholarships to every medical student, regardless of merit or need. In 2024, only 14% of NYU’s graduating seniors entered primary care, lower than the national average of 30%.

Advertisement

There must be an incentive to stay in Rhode Island (or at least not a disadvantage). Our efforts must shift to recruiting and maintaining physicians in primary care. Inequitable reimbursement from commercial insurers between Rhode Island and neighboring states (leading to significantly lower salaries than if you lived here and traveled to Attleboro to care for patients), the lack of loan repayment(average medical student debt is $250,000, forcing the choice between meaning and money), and the ongoing administrative burdens are amongst the drivers away from primary care. Rhode Island needs to get on par with surrounding states to prevent physicians from going elsewhere.

The motivations behind opening a medical school are well intended in terms of wanting to increase the number of primary care providers by enabling local talent to train close to home. Training more people in Rhode Island will not keep them here; it will invest significant resources without addressing the root of the issue. Until there are comparable salaries between Rhode Island and our neighbors, until loan repayment is improved and the administrative burdens are reduced, primary care in the state will forever be fighting an uphill battle. Both providers and patients suffer the consequences.

Dr. Kelly McGarry is the director of the General Internal Medicine Residency at Rhode Island Hospital. Dr. Maria Iannotti is a first-year resident, a Rhode Islander intent on practicing primary care in Rhode Island.



Source link

Advertisement
Continue Reading

Rhode Island

Truckers ordered to pay own legal bills from failed RI toll lawsuit

Published

on

Truckers ordered to pay own legal bills from failed RI toll lawsuit


play

The trucking industry will have to pay its own legal bills for the unsuccessful eight-year-old lawsuit it brought to stop Rhode Island’s truck toll system, a federal judge ruled Friday, March 27.

The American Trucking Associations was seeking $21 million in attorneys fees and other costs from the state, but a decision from U.S. District Judge John McConnell Jr. says the truckers lost the case and will have to pick up the tab.

Advertisement

The state had previously filed a counterclaim for reimbursement of $9 million in legal bills, but an earlier recommendation from U.S. Magistrate Judge Patricia Sullivan had already thrown cold water on that possibility.

McConnell ordered American Trucking Associations to pay Rhode Island $199,281, a tiny fraction of the amount the state spent defending the network of tolls on tractor trailers.

Settling the lawyer tab may finally bring an end to a court fight that bounced back and forth through the federal judiciary since the toll system launched and the truckers brought suit in 2018.

As it stands, the state’s truck toll network has been mothballed since 2022 when a since-overturned judge’s ruling temporarily ruled it unconstitutional.

Advertisement

The Rhode Island Department of Transportation said it hopes to relaunch the tolls around March 2027.

The court costs fight hinged on which side could claim legal “prevailing party” status as the winner of the lawsuit.

The trucking industry claimed that it had won because the First Circuit Court of Appeals ruled an in-state trucker discount mechanism, known as caps, in the original truck toll system was unconstitutional.

But Rhode Island argued that it is the winner because the appeals court had ruled that the larger system and broad concept of truck tolls is constitutional and can relaunch with the discounts stripped out.

“The Court determines that ATA has vastly overstated the benefit, if any, that they have received from the ultimate resolution of their challenge to the RhodeWorks program,” McConnell wrote.

Advertisement

The truckers “failed to obtain any practical benefit from the First Circuit’s severance of the [in-state toll] caps,” he went on. “Specifically, the evidence from this dispute confirmed that the lack of daily caps will result in ATA paying a higher amount in daily tolls and that it does not receive any tangible financial benefit from their elimination.”

In her December analysis of the legal fees question, Sullivan had concluded that the Trucking Associations’ outside counsel had overbilled and overstaffed the case.

But she had recommended that the industry be reimbursed $2.7 million for its bills, while McConnell’s ruling gives it nothing.



Source link

Advertisement
Continue Reading

Trending