PROVIDENCE – A market outlook for 2019 prepared by RE/MAX INTEGRA predicts that Rhode Island’s residential real estate market will switch from a seller’s market to the buyer’s favor.
The report, issued in late December, found that the Ocean State remained a seller’s market throughout the past year, with a steady growth in average sales price and a decline in the median days on market.
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Its figures – calculated using RE/MAX transactions and the Multiple Listing Service – found the average sales price in Rhode Island rose 6 percent, to $416,191.
According to the outlook, “The national and global economies and rising interest rates are being closely watched and could have an impact on this high-value market in 2019. With a decline in inventory in 2018, down 6 percent, a shift from a seller’s to buyer’s market is anticipated for 2019.”
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
