Out-of-State Real Estate Buyers - 21 Who Made a Difference in 2021
GoLocalProv News Team
Out-of-State Real Estate Buyers - 21 Who Made a Difference in 2021
The median price of a single-family home jumped to $375,000 as of November, but the much more important statistic is the impact of out-of-state buyers are having on the cost of living in Rhode Island, and, there is no end in sight in 2022.
The impact is effecting every corner of the state.
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“With the threat of climbing interest rates and rising rents, buyers are focused on securing a home with a steady mortgage payment to help stabilize expenses. They’re often competing with out-of-state buyers who are turning to Rhode Island because our market is still a bargain, even with the rise in prices that we’ve seen," said Agueda Del Borgo, President of the Rhode Island Association of Realtors.
"The median single-family home price in Massachusetts last month was $520,000. Compare that to our median price of $375,000, add in the allure of coastal living and close proximity to Boston, and it’s easy to understand Rhode Island’s appeal. But, with the increased number of those buyers adding to the depletion of our housing inventory, there’s much work to be done to shore up our housing stock,” Del Borgo adds.