Rising Home Prices and Out-of-State Buyers Impacting Housing Supply in RI, Long Island, and Greater Boston

The housing market in Rhode Island remains highly competitive and expensive, with the median sales price for single-family homes reaching $430,000, a 2.4% increase from last year. The number of homes sold has dropped by 20.1%. Out-of-state buyers, particularly from Massachusetts, Connecticut, and New York, have contributed to the depletion of Rhode Island's housing supply, making it difficult to meet the demand. Rising mortgage rates and limited inventory have also impacted affordability. However, economists predict a potential drop in mortgage rates next year, which could lead to increased refinancing opportunities.