The arrival of the Covid-19 pandemic sparked a shift in real estate markets nationwide, with smaller, satellite cities and regions attracting workers from larger cities. Workers with remote work opportunities sought to move to areas with less expensive real estate and a lower cost of living, as the remote work revolution that accompanies pandemic life made living in large cities less desirable.
The real estate market in Rhode Island has been significantly affected by this phenomenon, as our proximity to New York, Boston, and other New England economic centers makes Rhode Island a desirable destination for remote work. In addition to the remote-work immigrants who are moving into our state, Rhode Island is also seeing an influx in wealthy people who are purchasing luxury properties at historic prices. A recently published news report discusses this phenomenon and the effects it will have on the Rhode Island real estate market as a whole.
The recently published report focuses on the effects on the luxury residential real estate market in Rhode Island. According to the report, over 700 homes in the state sold for over $1 million in 2021, with over half of those sales to out-of-state or international buyers. The article notes that although Rhode Island is situated near financial centers such as the NYC metropolitan area and Boston, real estate has been undervalued in the state for decades, and prices are catching up. According to sources cited in the article, the median price of a single-family home in Rhode Island rose by over 14% in 2021.
With prices and sales on the rise, real estate supply is dwindling in the state. As a result of this, it could be an opportune time for developers and current property owners to consider selling properties. Although hot markets can be enticing for owners looking to make a profit on their investment, it is essential for anyone involved in Rhode Island real estate to complete their due diligence when involved in a real estate transaction. The advice of a qualified Rhode Island real estate attorney is especially important to buyers and sellers in today’s market.
Top-Notch Legal Representation for Rhode Island Real Estate Transactions
If you or a loved one is considering buying or selling real estate in Rhode Island, the red-hot market conditions may tempt you to move too quickly. Having the advice and representation of an experienced Rhode Island real estate lawyer from Bilodeau Capalbo can help you make the right decisions for your investment and be sure that the proper procedures are followed throughout your transaction in order to protect your assets. Have confidence in your representation. Contact us to schedule a free consultation with a qualified Rhode Island real estate attorney by calling 401-300-4055 today.