6 min read Apr 24, 2024

Is NOW the Best Time to Sell a House in Rhode Island?

Editor
Edited By

Carol Coutinho

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Editor
Edited By

Carol Coutinho

Editor, Houzeo
About

Carol C. is a versatile editor, expertly refining real estate content with precision and creativity. When not exploring market trends, she is immersed in the enthralling world of the theatre.

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Surprisingly, yes. April is ideally a good time to start prepping Rhode Island home for sale. The housing demand is at its peak, but inventory is still tight. With the median home price currently at $460,100, major forecasts expect home prices to continue rising in 2024. 

But home prices aren’t the only factor expected to increase. Mortgage rates, though lower than their 7.79% peak in October 2023, are also inching their way up. The current 6.88% mortgage rate favorably treats home shoppers. But it may not do so in a month’s time.

If you want to take advantage of the buyer demand before the mortgage rates spike, list your home on the MLS in Rhode Island NOW!

Ideal Time to Sell Your RI Home

  • Is This the Right Time to Sell? This is the best time to sell a house in Rhode Island. Home prices in Warwick, East Providence, and Woonsocket are rising.
  • Best Way to Sell: You can list your home on the MLS with Flat Fee MLS companies in Rhode Island. MLS is an affordable way of selling your house. Alternatively, you can hire a Realtor or a RI discount broker but that may cost you more compared to the MLS.

What Is the Best Time to Sell a House in Rhode Island?

Selecting the best time to sell a house depends on your goals, whether you want to earn profits or sell your home quickly.

1. Best Time to Sell Your House for a Higher Price

June, August, and September are the best months to sell your house in Rhode Island. The median sale price of houses in June 2023 was $470,600, which is expected to rise in 2024.

However, cities like Warwick and East Providence follow an upward trend throughout the year.

2. Best Time to Sell Your House Quickly

Again, June and July are the best months to close your house sale quickly. During these months, homes spend an average of 18-20 days on the market, which is 10-15 days less than the rest of the months.

Fewer days on the market are considered an indicator of a seller’s market. However, people who have to move due to job relocation tend to do it during November and December. Such sellers are usually eager and have strict home-selling timelines.

3. Best Day of the Week to List Your Rhode Island House

Thursday is the best day to list a house. 21% of homes across the nation are listed on Thursday post 5 p.m. This is crucial as most home buyers start searching for their house online over the weekend once they are back from work.

People searching for houses attend home tours on the weekends. If you want to take advantage of the time game, list your home on Thursday after 5 p.m. This is when most buyers return from work and start looking at online listings.

4. Best Season to Sell Your House in Rhode Island

Spring is the best time of the year to sell a house. You can yield quicker sales and higher profits if you list your home in late spring or early summer. These seasons are ideal for three reasons:

  • Families can settle without disrupting their kids’ schooling.
  • Fall and winter are busy seasons, leaving little time for house-hunting.
  • Summer offers longer daylight hours and better weather, which is ideal for scheduling house showings.

But winter still holds an opportunity for a home sale in warmer regions.

Best Time of the Year to Sell a House in Rhode Island

Rhode Island’s net population rate has increased by 0.19% from 2022. Having said this, it indicates that the market conditions are favorable to list your property.

Check this table to find the best and the worst time to sell your Rhode Island house:

MonthAverage Home Sale PriceHouses SoldDays on Market
January$408,50068138
February$394,30056237
March$412,80082235
April$433,30078229
May$461,00096621
June$468,6001,17220
July$462,00094418
August$470,6001,02022
September$470,6001,06824
October$454,80094224
November$455,30082024
December$452,30079531
Source: Redfin.com

When Should You Sell Your Rhode Island House?

Here’s when you can consider selling your home:

When You Need a Change in Life

Sometimes there are situations that demand a change in your life such as:

  • Job-Relocation: Say, you have received an appealing job offer, but it demands relocation. This situation can force you to sell your house in a slow market.
  • Adverse Neighborhood: You may need a safe neighborhood for your family or a house closer to your kids’ school.
  • Divorce: Homes often hold a sentimental value for couples. But after a divorce, you may consider selling it a practical option.

When Market Conditions Are in Your Favor

Favorable market conditions can get you a top-dollar rate. Some factors that affect the real estate market are:

  • Economy: Economic indicators like manufacturing activity, GDP, employment rate, costs of goods, etc. influence the Rhode Island real estate market.
  • Interest Rates: Lower interest rates boost the demand for mortgages. This affects the real estate sector, thus increasing the price of the homes.
  • Government Policies: The government can temporarily create a favorable housing market by implementing tax credits, subsidies, and deductions.

When You Are Financially Prepared

Here are a few factors to consider if you are financially ready:

  • Affordability: The average mortgage rate affects the affordability of buyers. Check in advance if the interest rates are surging or are expected to decline.
  • Downgrade Your Expenses: If you own a bigger house and are looking to save on your property taxes, homeowners insurance, and HOA fees, you can sell the bigger house and move into a smaller one.
  • Equity for New House: When your current home has procured enough equity to fulfill a healthy down payment, you can sell it at the right time.

Is Now a Good Time to Sell a House in Rhode Island?

Yes, this is the right time to list your Rhode Island home to sell. Spring will be here soon, and the summer season will be an excellent time for home sellers.

If you want to sell your house in Rhode Island quickly and for higher profits, list it on the MLS. Houses listed on the MLS sell for 17.5% more than those off the MLS.

Houzeo can get your Rhode Island home listed on the MLS for a flat fee. This saves you 3% real estate agent commission. Your listing also gets syndicated to the major online real estate websites.

Eager to Know how Houzeo Works?

Houzeo is the #1 For Sale By Owner website in the U.S. It helps you list your house within 24 hours, unlike traditional brokers, who take 20 days to list your property.

Check out the following video to understand how Houzeo would help you crack the deal faster in 5 steps.

How to List on MLS With Houzeo?

5 Easy Steps to List on MLS with Houzeo as FSBO

Start Your MLS Listing NOW!

Frequently Asked Questions

Is now a good time to sell a house in Rhode Island?

Yes, now is a good time to sell a house in Rhode Island. Before the mortgage rates rise and negatively impact the buyer's decision, you should sell your Rhode Island home.

What is the best month to sell a house in Rhode Island?

August is the best month to sell a house in Rhode Island to gain higher profits. On the other hand, June is the best month if you want to sell your house in fewer days.

When is the best day to list a house in Rhode Island?

Thursday is the best day to list your house on the MLS. Houses listed on Thursday are likely to sell faster and also get more than the asking price.

How long does it take to sell a house in Rhode Island?

The average time to sell a house in Rhode Island is about 26 days. However, factors like house location, market conditions, etc., affect the speed of the home sale.

When is the worst time to sell a house in Rhode Island?

January is considered the worst month to sell a house in Rhode Island. In January, houses stay unsold for longer on the market and sell for a low price.

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