Home Values Rising in Rhode Island Amid Coronavirus Crisis
See how the housing market is doing in the Ocean State during COVID-19.
Current home values in Rhode Island
Home values have been rising throughout Rhode Island and are up 6.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $647,439, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Rhode Island: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $647,439 home at 3.33% would give a typical Rhode Island homebuyer a monthly payment of $2,277, assuming a 20% down payment.
How the Rhode Island housing market stacks up
Rhode Island couples can sit by a harbor and watch the boats in their downtown city
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Rhode Island, they're predicted to rise 4.2%.
Homes right now are going on the market in Rhode Island at a median price of $232 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Rhode Island home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $307,236 |
| 2019 | $287,725 |
| 2018 | $279,358 |
| 2017 | $259,175 |
| 2016 | $239,958 |
| 2015 | $226,483 |
| 2014 | $220,858 |
| 2013 | $213,492 |
| 2012 | $208,125 |
| 2011 | $215,358 |
| 2010 | $229,592 |
| 2009 | $232,483 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Rhode Island is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $580,312 |
| 2019 | $497,500 |
| 2018 | $485,000 |
| 2017 | $455,000 |
| 2016 | $412,500 |
| 2015 | $390,000 |
| 2014 | $377,500 |
| 2013 | $362,500 |
| 2012 | $355,000 |
| 2011 | $362,500 |
| 2010 | $395,000 |
| 2009 | $395,000 |
*2020 price average through March 31, 2020.
