Rhode Island Real Estate Market Trends & Analysis

Inventory levels, or lack thereof, continue to perpetuate rising home prices in the Rhode Island real estate market. The median price of single-family homes sold has increased year-over-year once again, as available inventory hovers slightly under what many would consider to be a balanced market. That said, condominiums and multifamily real estate assets have fared slightly better in the inventory department, and now represent a local commodity—of sorts. Given the scarcity of single-family real estate assets, more and more people are considering their multifamily counterparts as viable purchasing options in the Rhode Island housing market.

Rhode Island Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys, Banks, Title Companies
Conveyance: Warranty or Quitclaim Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Trustee
Redemption Period: Up to 3 Years

Taxes

Income Tax: 3.75%-5.99%
Corporate Tax: 7.00%
Sales Tax: 7.%
Estate Tax: 16%
Inheritance Tax: No
Median Property Tax: 1.35%
Property Taxes by County: http://www.tax-rates.org/rhode_island/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,576.00
Transfer Fee: 0.40%
Origination Fee: $1,931.00

Overview

  • Median Home Value: $283,500
  • 1-Year Appreciation Rate: +3.1%
  • Median Home Value (1-Year Forecast): +1.1%
  • Median Rent Price: $2,000
  • Price-To-Rent Ratio: 11.81
  • Average Days On Market: 74
  • Unemployment Rate: 3.6% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 1,057,315 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $61,043 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 10.95%
  • Foreclosure Rate: 1 in every 3,286

Rhode Island Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien state
  • Interest Rate: 16%
  • *Varies by municipality
  • Redemption Period: 3 years