If you’ve been watching house prices in Rhode Island in the past year, you may be thinking that you missed your chance to buy a home at a reasonable price. In January 2020, the median house price was $285,000, a 43% increase from ten years earlier. Fast forward to June 2021, and the median price of a single-family home has risen to $385,000.
Even with this record-high median price, the average time a house stays on the market has dropped by 50 percent since June 2020, at 27 days.
If you want to know what’s going on in the Rhode Island real estate market and are considering investing in a home in one state’s most expensive home sales, or you’re a seller looking for cash home buyers in Newport and other cities in RI, keep reading to learn more.
Overview of the Rhode Island Real Estate Market
If you’re concerned that homes aren’t staying on the market very long, we have good news for you. In May of 2021, less than 900 single-family homes were available for sale across the state. While the number may seem significant, it’s less than a month’s supply in a balanced market. As of July, there is a 1.7 month supply if the sales pace stays as it currently is.
If you’re wondering what the market deems enough homes, a six-month supply is the number of homes the real estate industry considers a balanced market.
Thankfully, as more residents get vaccinated, sellers who were hesitant to put their homes on the market during the pandemic are prepared to put their homes on the market and have strangers in their homes.
Experts are expecting that the number of homes on the market will increase with Federal Forbearance ending soon. The program granted homeowners reprieve due to financial hardship experienced because of the pandemic.
The end of this pandemic could cause some homeowners to put their homes on the market since they might still not be in a position to resume making payments.
If you’re wondering why the prices of homes in Rhode Island have increased at the rate that they have, you need to look at the demand from out-of-state buyers for the answer. If you’re selling your house currently, it’s possible to get fast cash offers.
People from states like Massachusetts and New York with higher real estate prices are looking for property in Rhode Island.
You can get a bigger home and larger property when comparing prime real estate prices in Rhode Island to what you would pay for prime real estate in other parts of the country.
For those looking for a super expensive house sale, you may find comfort that the competition is stiffest for homes below the median sales price of $385,000.
In cases where there are competitive bids on a home, you’re seeing a large number of buyers making cash offers and finding creative ways to sell a house. Some buyers are waiving the inspection to make their offer more attractive.
Prime Real Estate Prices in Rhode Island
If you’re interested in prime real estate in Rhode Island, prime real estate prices in the state start at an asking price of over one million dollars for a single-family home. You’ll find high prime real estate prices in areas like Newport, Providence, and Block Island, to name a few.
Even though the median house price is $385,000, when you look at the average listing price of 20 cities in Rhode Island, you can see that a few extremes at both ends caused the average Rhode Island market value to be what it is. You can find a home selling for an average price of $299,950 in Pawtucket, or you can buy a house selling for $899,000 in Newport.
If you’re looking for companies that buy houses in Bristol and thinking about upgrading your home, you may be wondering what prime real estate prices are in the neighborhood. A beachfront home is selling for $7.8 million that sits on almost three acres of waterfront property.
While the size of the home and the land will vary, this is to show that you can find a home in Rhode Island regardless of your budget. Due to the wide range in home prices in Rhode Island, you’re seeing buyers showing more interest in more affordable areas.
Current Market in Rhode Island
There is a house currently on the market in Rhode Island with a listing price of $29.99 million. Here are some of the benefits of this home:
- Seven bedrooms
- Nine bathrooms
- 8,027 square feet of space
- The house was built in 2008
- It sits on 45.91 acres
If this house sells for the asking price, it will be the most expensive home sold in Rhode Island.
The good news for buyers looking for prime real estate is that the demand isn’t as high as for homes priced in the median.
If you look at the listing for prime real estate in Rhode Island, you’ll notice that the time on the market is a lot longer than the average 27 days. The house currently on the market for $29.99 million has been on the market for approximately 319 days.
You can interpret the days on the market as a good thing or a bad thing. The homes can stay on the market longer because homeowners don’t feel the pressure to sell and want to get their asking price.
On the other hand, some owners could be ready to sell their homes at a lower price if they have been on the market for a long time. You won’t know until you start to make offers actively.
For those home buyers looking for prime real estate in Rhode Island, you’ll have to remember that prime real estate prices can get very high. Below we’ve broken down the most expensive home sales in Rhode Island.
The Most Expensive Home Sales in RI
2019 and 2020 saw some expensive home sales. The most costly Rhode Island home sales range from $6.2 million to 17.6 million dollars. We’ll tell you where you can find these homes and how big they are below.
Here’s a list of the ten most expensive home sales in Rhode Island, from least to most expensive.
Price Tag: $7,495,000
Known locally as “Long Pond Farm,” this beautiful family lake house says luxury retreat all over it. The 1929 stone-end colonial home is 6,364 square feet with eight bedrooms, four full bathrooms, two half-baths, and five fireplaces. The home sits on a massive 51.16 acres of private land and water.
Price Tag: $7,495,000
This gorgeous waterfront property has six bedrooms, seven full bathrooms, and three half baths. The lot covers 1.37 acres and the home spans 10,556 square feet. The home also includes beach access and a stunning pool and hot tub with water views.
Price Tag: $7,750,000
Nestled across the street from the world-famous Newport Harbor, this legacy home features five bedrooms, five full bathrooms, and one half-bath. The home was built in 1900 and retains many of its original features, with top-line modern updates. The lot sits on 13.64 acres and the home is 6,306 square feet.
Price Tag: $7,900,000
Originally built in 1915, this classic manor home has elegance written all over it. Spanning 9,187 square feet, the home includes five bedrooms, three full bathrooms, and three half baths. The grounds cover 3.37 acres and include meticulously kept gardens.
Price Tag: $8,000,000
This historic home hails from the “Gilded Era,” built in 1849. The Italianate Villa boasts eight bedrooms, eight full bathrooms, and two half baths. The grounds sit on 2.27 acres and include wooded areas and a private pool. The home itself is 9,096 square feet and includes eight fireplaces and hardwood, marble, and ceramic tile flooring.
Price Tag: $8,990,000
You could consider this a proper mansion. The French Chateau-style home was designed in 1927 by the famous NYC architect Charles A. Platt. The mansion includes 23 bedrooms, 10 full bathrooms, and four half baths. The home itself is 19,050 square feet and sits on grounds spanning 3.9 acres in a historic district.
Price Tag: $11,800,000
A true getaway retreat, this home on Block Island sits on 7.62 acres with a private outdoor pool and terrace, and beach access. The 7,833 square feet hold seven bedrooms, five full bathrooms, and four half baths.
Price Tag: $14,000,000
The Orchard is one of the famous “Golden Age Summer Cottages” of Newport, Rhode Island. A classic mansion with original detailing from 1873, this home sprawls across 20,555 square feet. The space includes 14 bedrooms, 13 full bathrooms, and four half baths. The lot is 4.75 acres perched atop the ocean cliffs.
Price Tag: $29,900,000
It’s hard to call this property anything but a castle. Built in 1907, this sprawling chateau has combined historic details from multiple famous mansions, brought together on a 7.64-acre property commanding views of Newport’s famous Cliff Walk. The estate includes 29 bedrooms, 18 full bathrooms, one half-bath, a guest house, a private pool, and tennis courts.
Price Tag: $29,999,000
The real value in this sale is the incredible 45-acre piece of land, sitting on Newport’s famous Ocean Avenue. The home itself is 8,027 square feet and includes seven bedrooms, six full bathrooms, and three half bathrooms. The grounds include a pool, spa, and private waterfront access. The home used to be owned by the Van Alen family, who founded the International Tennis Hall of Fame.
If you thought the prices of the ten most expensive homes were high, you should know that this list had only the second-highest sales price, with the most expensive house on this list selling for $17.6 million. The current most expensive home sold in Rhode Island is Taylor Swift’s house back in 2013 for $17.75 million.
If you’re thinking about buying a home in the short term, you should speak with a real estate agent who has knowledge and expertise about Rhode Island’s prime real estate market.