With Record-Low Inventory, RI Real Estate Prices Soar

PROVIDENCE, RI — The housing market in Rhode Island remains red hot, with low availability of homes, or market inventory, continuing to push prices higher. In April, the median home price in the state rose to $335,000, up 11 percent from the month before.

The Rhode Island Association of Realtors called the start of the 2021 selling season "the leanest on record." As of mid-April, there were just under 1,200 single-family homes for sale in the state — about 25 percent less than the standing monthly record of 1,594, set in 2002.

The association went on to say that "there seems to be no letup in sight," since there has not been the increase in new listings typically seen heading into the warmer months.

“Right now, we have the perfect storm of high demand and low supply," said Leann D’Ettore, the association's president. "We’ve seen renewed interest in moving to homes that better suit the remote lifestyle add to the demand side, as well as enhanced investor interest sparked by rising rents and prices. Unfortunately, our supply has been constricted by a history of constrained housing construction."

At the current rate of sales, no home would be available to buy within about a month if no new listings were added, the association said.

"It’s critical that we develop a plan that helps get homes built and gives more options to first-time homeowners," D’Ettore continued.

Despite the low inventory and high prices, there are still some houses on the market that are lower than the median price of $335,000.

10 Princeton Ave, Coventry: $319,900

Enjoy one level living at its finest with this fabulous move in ready ranch, that has many nice updates and features. With a master bedroom suite, a first floor laundry room, a 24 X 15 multi function room and an expansive finished lower level, this home has a floor plan that is flexible and can accommodate a large variety of lifestyles. Additional attributes include a new 4 bed septic system, a one year old roof, vinyl siding, replacement windows and updated systems, as well as a hardwood floors and a nice shed. Located in the Oak Haven section of Coventry, this home is convenient to shopping, restaurants, and route 95. Don't miss out on this affordable and spacious home.

42 Hope Furnace Rd, Scituate: $315,000

Come see this meticulously maintained 3 bed home in the Hope section of Scituate. Pride of ownership shows everywhere in this home. The first floor of this home features a large mudroom, first floor laundry, a generous sized eat in kitchen with plenty of storage, a bedroom and an updated bathroom. Upstairs you will find two good-sized bedrooms. Walk outside to a charming outdoor area with beautiful stone walls and cobblestone patio & fire pit area. The property also has a large shed with an attached enclosed lean- to. Walking distance to a local swimming pond, kayaking and nature trails. Also, nearby is Hope library, Hope Elementary School and the Village Green. This move in ready home won't last, call today!

60 California Ave, Providence: $289,000

Washington park single family home with an open floor plan. Fireplace in the living room and a formal dining room that open together with a wide arched doorway! This home has amenities that you'll find in a much more expensive home! Like washer & dryer on the 2nd floor next to the master bedroom? A cedar closet plus a large walk in closet in the master bedroom! 3 bathrooms with 1 on every level! The full bath on the second floor & 1/2 bath on the 1st floor were remodeled recently with everything new! Beautiful original hardwood floors throughout the home and new tile and marble in the baths and kitchen floors! Can't forget the new remodeled kitchen within the year too! There is a finished basement / possible in law, with full kitchen and spaces for another washer & dryer. Lots of closet storage throughout the home and a very rare walk up stairway(not a hole in the ceiling) for more bonus storage area or possible future living area for more room to grow! It's a great neighborhood & a few streets from the cranston line. The back yard abuts to a newly updated playground with basketball courts and stuff for the youngsters to climb on! Not a busy street at all with low traffic noise & when you sit on your back deck or cement patio you can actually hear birds & very little anything else! There is a 1 car garage and great for commuters with only minutes to the highway and not far from historic Pawtucket Village waterfront!

184 Mill Cove Rd, Warwick: $309,900

Welcome home to your beautifully manicured 3 bedroom ranch. Located within walking distance to Bayside Beach. (no flood insurance required). Enter the den/living area that continues to the eat-in kitchen where this leads you to the grand open living space that features an oversized walk-in bathroom. (offering handicap accessibility) this room will continue to the screened in porch area where you can relax with your favorite beverage viewing your own water fountain pond. With the additional deck space and fire pit, enjoy the outdoor living in the large fenced in yard (great for entertaining this summer) come and enjoy the tour!

75 What Cheer Ave, East Providence: $273,000

Welcome to this beautiful home, featuring 3 bedrooms plus bonus room, 2.5 bathrooms, and a large eat-in kitchen. The open concept kitchen has granite countertops, stainless appliances, and breakfast bar. This well maintained home, has 2 zones of heat, central air conditioning, high ceilings, replacement windows, and a front deck. Additionally, there is a partially finished room in the lower level w/ full bathroom. This space would make the perfect playroom, office, or workout area. There is a nice sized fenced in yard w/ blueberry and raspberry bushes, strawberry plants and apple trees. Conveniently located close to Rumford, Providence, highways, and schools. This is move-in ready and a real must see!!!