The East Side of Providences Real Estate Market is not only the hottest market in the state but also one of the hottest in the entire nation. Many factors seem to attribute to this trend. The lack of inventory being one, but the quality of life is essential as well. The East Side benefits from it’s proximity to the city and all the perks that come along with it, but it also has the benefit of having a suburban feel and surrounding to it. Providence as a whole is also receiving a lot of buzz after being listed in various magazines such as Fortune, and in GQ as “The Coolest City”
“The bottom line is more people want to move to the East Side than want to leave,”
John Taraborelli, writer and contributor to four different Rhode Island magazines recently wrote a great article on this topic in the “East Side Monthly”. In it he talks about how people from out of state view Providence and are choosing to migrate here.
“People are choosing to move here from larger cities and love the size of Providence,” says Sally Lapides of Residential Properties. While the East Side might seem expensive to Providence residents, people coming in from major metropolitan areas like Boston or New York see it as a relative steal. “We are seeing buyers who are getting priced out of the Boston market come down to Providence and find it as a great alternative within commuting distance.”
I have recently experienced this myself working with a client from New York looking for an investment property. He ultimately choose a multi-family property on historic Benefit Street over higher priced options in less desirable neighborhoods in Boston and it’s surrounding areas.
July statistics pulled from www.rilving.com show the month of July had a 30% increase in the number of sales compared to July of last year. It also shows an increase in the sales price by 14.26% and a decrease in days on market by 31.75%
This is great news for sellers but it is making things harder and harder on potential buyers and investors to land a prized property. Seemingly every desirable property on the market is going into multiple-offer situations within the first few days of list and leaving some interested buyers without a chance to even view the property. The increased competition has lead to more and more homes selling for significant amounts more than asking price.
Let’s see how long this trend continues!
John Taraborelli’s article can be seen here:
GQ’s Article can be seen here:
RI Living Statistics can be seen here: