Home News A Top Rhode Island Realtor Says “We Have Passed the Top of the Market”

A Top Rhode Island Realtor Says “We Have Passed the Top of the Market”

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Friday, June 3, 2022

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Robert Rutley.Photo: Mott & Chase

One of Rhode Island’s top realtors says real estate peaks and prices begin to stabilize.

Robert Rutley Mott & Chase Sotheby’s International Realty He told GoLocal LIVE: “In my opinion, it’s already over the top of the market. I think it was probably a month and a half ago. So I tell all my clients that this is the top of the market and where we are. Yes, your home will let you know that this real estate cycle, the most valuable in the real estate cycle, is about 12 to 13 years. “

According to the Rhode Island Real Estate Agents Association, the average price of a Rhode Island single-family home reached $ 420,000 in April. This is a record high.

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Mr. Latley said he believes there is no correction for a significant drop in prices.

“I think we’re seeing it a little late now, partly because summer is coming and it’s turning into a seasonal cycle of real estate. People with their kids Go home. Go on vacation … that’s exactly the purpose of summer. They’re going to spend time on the beach on Sundays, not open homes, “Latley added.

Don’t expect a big price cut

“I think Rhode Island is still reasonably priced, if not low compared to neighboring markets. You know we have a great quality of life, I Have a 400 mile coastline [and] You can buy a waterfront home with a dock for less than a million dollars. ”

Rhode Island continues to attract out-of-state buyers, in part due to soaring real estate prices in neighboring areas.

The Greater Boston Association of Realtors reported in April that the median home prices for 66 communities tracked by the group reached $ 845,000.

Rhode says that demand for housing in Rhode Island is likely to remain high despite rising interest rates.

The report was published by Lending Tree in May.

See the full interview below.

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