Home News This May Be the Reason RI’s Housing Market Remains Strong

This May Be the Reason RI’s Housing Market Remains Strong

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Thursday, August 25, 2022

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Lincoln’s LR Stone Ender, Watch Hill’s Sandcastle, Bristol’s Lighthouse

Despite rising interest rates, overwhelming inflation and the threat of recession, Rhode Island home prices remain at record levels and continue to show dramatic year-over-year growth.

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The secret may lie in the diversity of properties in the state. Rhode Island has very few residential areas. It’s rows and rows of repeating homes that have a domino effect on other homes when the price of one falls.

Instead, Rhode Island’s newest housing stock includes a collection of historic lighthouses, 1600s-era estates, and over 50 acres of ranch space. Those were the only homes that went on the market last week. Let’s not forget that it’s Rhode Island’s most expensive property on the market right now.The Sandcastle in Watchhill has an asking price of $32.5 million and has an amazing history.

Mott & Chace Sotheby’s International’s top agent, Kim Marion, joined GoLocal LIVE on Wednesday and said a variety of products may be one of the keys to the state’s real estate market success.

“This is a really interesting property. It’s very rare to be able to buy a lighthouse and attach a single-family home to it. It’s right under the Mount Hope Bridge,” said Marion of the lighthouse. A view like you’ve never seen — the structure of the bridge is really interesting, and of course the amazing water access. ”

“It’s so unique and an opportunity to own a piece of history like that. It’s fascinating,” added Marion.

Rhode Island continues to attract out-of-state buyers. More than 50% of his luxury homes have been purchased by transplants led by buyers in Massachusetts, New York and Connecticut, but now include West Coast residents as well.

stone ender home

One of Rhode Island’s oldest homes has been restored and now blends history with new amenities. Stoneender’s “Crown Jewel” sales startKnown as the “Valentine Whitman House,” this stunning historic mansion was originally built in 1696 and has been carefully and thoughtfully restored by Preserve Rhode Island and Heritage Restoration.

“I think it’s really interesting that the inside is so modern. I’m curious. I’ll meet people and ask them, but I know what they think of it,” Marion said.

She said there are only 14 Stoneender Homes in the state.

But lighthouses and stone ender homes are just two of the many offerings. There are three equestrian farms of over 50 acres.

numbers and trends

July figures show the average price of a single-family home is $410,000.

In 2015, the average price of a single-family home in Rhode Island was just $202,500 — More than 100% increase in just 7 years.

Moody’s’ Mark Zandi predicts US house prices will fluctuate between 0% and -5%.

This baseline forecast assumes the US does not enter a recession. If a recession hits, Moody’s Analytics currently forecasts US home prices to fall between -5% and -10%. That’s up from June, when Zandi told Fortune magazine that the recession would see U.S. home prices fall less than -5%.

Meanwhile, Fitch Ratings says there is a scenario of -10% to -15% decline in US house prices.

Right now, the Rhode Island market is solid and may be the only place where a 1600 stone ender home, a lighthouse and a 50 acre horse farm are all for sale.

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