Market Update March 2024

Jason Pacheco • March 19, 2024

March 2024 Real Estate Market Update

The Rhode Island real estate market remains firmly in favor of sellers, driven by a significant shortage of available inventory. This scarcity of homes for sale is the main force behind the ongoing seller's market, where properties are in high demand. If a home fails to attract offers within the initial one or two weekends of showings, it typically indicates either an overvaluation or a unique aspect requiring a specific buyer match.


For sellers, this presents an ideal opportunity to list their homes. Conversely, for buyers, the landscape is competitive. However, upon successfully securing a property, one gains entry into the realm of real estate ownership. Once part of this club, the tumultuous market conditions become a thing of the past, and one can ride the wave of accruing equity along with fellow homeowners.


As for the question of when prices might come down, the answer is not in the foreseeable future. There are no indications of change within the next 6 to 12 months. Prices are expected to remain stable, particularly as interest rates decrease, further fueling demand. Given the current shortage of inventory unable to meet the demand for homes, any reduction in rates would only intensify competition in the market.


So, how can buyers come out on top? They must think creatively, expanding their search parameters and being open to properties that may need minor repairs but hold great potential. Having a clean pre-approval from a reputable lender is crucial, as is working closely with a knowledgeable real estate agent who can help present you in the best light and guide you toward both on-market and off-market properties. By being adaptable and strategic, buyers can still find hidden gems in this competitive market.


By Jason Pacheco April 29, 2025
What’s My Home Worth in North Providence, Johnston, Cranston, West Warwick, Cumberland, or Lincoln?
By Jason Pacheco April 28, 2025
If you're a homeowner in Cumberland , Cranston , North Providence , or West Warwick thinking about selling, now is a smart time to start planning. Whether you're looking to upgrade, downsize, or move out of state, the Rhode Island real estate market offers strong opportunities in 2025 — if you know how to take advantage of them. As a local real estate expert, I help homeowners like you sell quickly, profitably, and with less stress . Here’s what you should know if you’re thinking about putting your house on the market soon: Why Homeowners Are Selling Right Now Strong Buyer Demand: Despite some fluctuations in mortgage rates, buyer demand in towns like Cumberland and Cranston remains strong. Well-priced homes in North Providence and West Warwick are seeing multiple offers, sometimes within days. Limited Inventory = Less Competition: Many homeowners are holding off on selling, which means there are fewer homes available — making your property stand out even more . If you're thinking about selling, you're not just listing a home — you're listing an opportunity. Relocation, Retirement, and Upsizing: Life changes are one of the biggest reasons homeowners in Rhode Island are choosing to sell this year. Whether you’re chasing a new job, retiring, or simply need more space, it’s smart to work with an agent who understands the nuances of these local markets. What Makes Selling in Cumberland, Cranston, North Providence, and West Warwick Unique? Each town has its own strengths, and knowing how to market your home properly matters: Cumberland: Buyers are drawn to Cumberland for its suburban feel, highly rated schools, and proximity to both Providence and Massachusetts. Homes with updated kitchens, finished basements, and large yards are especially attractive. Cranston: Cranston offers a mix of quiet neighborhoods and vibrant shopping districts. If your home is near Garden City or in desirable areas like Western Cranston, it's in very high demand . North Providence: First-time buyers love North Providence for its affordability and convenience. Updated properties, especially ranches and capes, are moving fast when they’re priced right. West Warwick: West Warwick is one of the most affordable towns in the state and a hotspot for buyers looking for value. If you’ve made updates like a new roof, kitchen remodel, or finished basement, buyers are ready to pay for it. How I Help Sellers Stand Out Selling your home isn’t just about throwing a “For Sale” sign in the yard. Here’s how I make sure my clients stand out in today’s market: Custom Pricing Strategy: Based on hyper-local data for Cumberland, Cranston, North Providence, and West Warwick, I price your home strategically to attract serious offers — not just window shoppers. Professional Marketing: Every home gets professional photography, virtual tours, targeted social media ads, and exposure to a network of ready buyers. Negotiation Expertise: When the offers come in, you want someone who can maximize your profit while protecting your bottom line. That’s where years of negotiation experience make a difference. Stress-Free Coordination: I handle all the showings, paperwork, deadlines, and communications, so you can focus on your move — not the stress of selling. Thinking About Selling? Let’s Talk If you're even considering selling your home in Cumberland, Cranston, North Providence, or West Warwick , let's have a quick conversation. There’s no pressure — just straightforward advice based on real market trends. A smart plan today can mean a bigger profit tomorrow. 📞 Call/text me anytime at [YOUR PHONE NUMBER] 📧 Email me at [YOUR EMAIL] Or click here [Insert Contact Link] to schedule a free, no-obligation home evaluation. SEO Notes for you: ✅ I worked in natural phrases like: sell your home in Cumberland, selling your house in Cranston, homes in North Providence, and West Warwick real estate market to help your ranking. ✅ This blog encourages direct action (call, text, evaluation form). ✅ It uses local targeting, low competition keywords, and buyer behavior notes for authenticity and search traffic. Would you like me to also create a shorter Instagram caption or a Facebook post promoting this blog to drive even more clicks? 📈
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A question that frequently comes my way is, " When do you anticipate prices will come down ?" It's a valid concern, especially considering historical data. Since 1960, prices have only experienced a significant decline once, largely attributable to poor lending practices. Over the past 60 years, we've seen prices decrease noticeably only on that one occasion. Given this historical trajectory, with roughly 16 years having passed since the last substantial price reduction, it's pertinent to question the likelihood of it occurring again in such a short timeframe. In my view, the odds of prices dropping significantly within the next 2-3 years seem slim (b arring any unforeseen economic events). Factors such as the persistently low inventory and the relentless demand for housing paint a picture of a market resistant to price decreases. To put it simply, housing has become a necessity akin to toilet paper. Just as a shortage of toilet paper on store shelves leads to competitive purchasing behavior and even higher prices, the real estate market faces a similar scenario. With a surplus of buyers and a scarcity of available properties, competition naturally drives prices up. Furthermore, any decrease in interest rates is likely to exacerbate the situation, drawing even more prospective buyers into the market without a corresponding increase in housing supply. This influx of buyers only intensifies the competition for limited inventory, potentially leading to further price escalation. In essence, the dynamics of supply and demand, coupled with the influence of interest rates, create a scenario where significant price reductions in the housing market appear unlikely in the foreseeable future . Jason Pacheco, Jason.Pachecohomes@gmail.com
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