PROVIDENCE – The real estate market in and around the city will be among the hottest in the nation next year, according to Realtor.com, with home sales forecasted to rise 8.1%.
The national online real estate site says strong local economies, tech-sector job growth and relative affordability will help the local metro and others on its Top 10 list released on Tuesday to lead the nation.
The Providence-Warwick-Fall River region ranks No. 6 on the list, which is led by Salt Lake City, Utah. Worcester, Mass., is the only other New England region on the list, ranking No. 9.
“Our top housing markets are attracting remote-minded workers, possibly interested in snagging a big-city salary while still enjoying the quality of life that these generally smaller areas afford,” said Realtor.com Chief Economist Danielle Hale.
Realtor.com projects Greater Providence’s 2021 median home listing price of $419,813 to rise by 9.5% next year.
“While home prices have exploded in the past year or so, they’re still relatively affordable compared with [Boston],” the online site said of the local market. “Large homes on the East Side of [Providence] are most in-demand, but new construction means condos can be found for less than $300,000.”
Home shoppers “in [the Top 10] areas may still be able to find good value even as listing prices are expected to climb in 2022, but getting a leg up on the competition will be key,” said Hale in a news release. “For buyers with more flexible timelines – such as those making a move from a big city – offering a couple extra months on the closing date could sweeten the deal for sellers who also need to buy their next home.”
The median price for single-family homes in Rhode Island rose 12.7% in October compared to the same month last year, while the number of single-family home sales fell 22.3% year over year, according to the Rhode Island Association of Realtors.
Agueda Del Borgo, association president, last month said the housing market will likely show more tempered activity in 2022 but she still expects strong sales.
