Rhode Island’s property market is a seller’s dream – if you get your timing right.
With prices at record highs and low supply driving up demand, being well-informed is crucial when considering a sale.
The best time to sell hinges on economic conditions, market trends, and seasonality. But the finer details make all the difference, and we’re here to share all the secrets.
Ready to time your sale to perfection? Let’s explore the key factors that will maximize your Rhode Island home sale.
Key Notes
- Home prices are at a record high in RI, making now a good time to sell.
- Rhode Island boasts a decrease in foreclosure activity, signaling more viable buyers.
- February, April, May, and June are prime home-selling months.
- List on a Thursday close to payday for optimal exposure and interest.
- Spring and Summer are the best seasons to sell a house, according to seasonality theory.
What Months Do Houses Sell Best?
Statistically, the first half of the year – February, April, May, and June – are the best months to sell a home in Rhode Island.
ATTOM Data Solutions analyzed 59 million home sales between 2011 and 2023, revealing:
- February, April, and May had the highest seller premiums (12.8%, 12.5%, and 13.1% above market value, respectively).
- June, with a slightly lower premium of 12.4%, claimed the highest number of sales.
These months are not successful selling months by accident; they fall in the prime Spring and Summer months, which in the real estate world is known as the ‘Seasonality Theory.’
Optimal Listing Times Rhode Island
Every astute realtor will tell you that the best day of the week to list a property is Thursday, and the best time to list is close to payday.
The majority of the top 20 selling days are between the 22nd and 30th of their respective months, with buyers being more inclined to make definitive decisions in and around payday.
Some fast facts:
- Homes listed on Thursdays have been known to sell for up to $3,000 more than those listed on Sundays and Mondays, i.e. the worst days for listing.
- Most house showings take place on the weekend, and buyers and realtors finalize their attendance towards the end of the week, ie.
- Fresh listings carry preference with social media algorithms and appear more attractive to buyers who will want to visit the new property ‘before anyone else.
What are the Worst Months to Sell a House?
September, October, and November are statistically the worst, with the lowest seller premiums (8.8%, 9.5%, and 9.5% above market value, respectively).
January and February have fewer sales but higher premiums (10.6% and 12.8%), offering potential profitability for patient sellers.
Economic Factors - Rhode Island Real Estate
The state of the economy has a huge influence on the best time to sell a house. This is no different in Rhode Island, but compared to most states, the signs are good:
- 30% decrease in foreclosure filings for the first half of 2024, ranking 5th nationally.
- Record-high median sale price of $494,000 for single-family homes in June 2024 (11.6% year-over-year increase).
- Condo median sale price: $352,500.
- Low housing inventory of 2.2 months supply (balanced market is around 6 months).
These factors create a unique opportunity for Rhode Island sellers in 2024.
Best Season to Sell a House in Rhode Island
The Seasonality Theory
In Rhode Island, as in most places, the seasonality theory suggests Spring and Summer are the optimal times to list your house. These seasons offer longer days and better weather, positively influencing buyer activity and overall market dynamics.
Spring: The Perfect Start
Spring is ideal for families to begin their house-hunting process. With the goal of finalizing and relocating during the summer break, many buyers become active during this time. This mindset makes April and May two of the best months to sell, according to market data.
Summer: Peak Moving Season
The summer break provides the perfect opportunity for families to relocate without disrupting the school year. The long days and good weather encourage property viewings and facilitate smoother moving processes.
Challenges of Fall and Winter
- November, December, and January see the fewest home sales.
- Buyers are generally less willing to move during colder months.
- Achieving desired sale prices can be more challenging.
Beyond Good Weather
While warm days certainly attract buyers, it’s crucial to remember that good weather alone isn’t enough. A well-prepared home can sell in any season.
Frequently Asked Questions
Should I sell my house now or wait until 2025?
Based on the fact that the median selling price for homes in Rhode Island reached a record high in June 2024, it only makes sense for sellers to enter the market right now. Adding in the fact that there is still time to conclude a sale before the end of summer is an additional thumbs up.
While foreclosure activity is on the decrease in RI – many traditional buyers are still wary of taking out a new mortgage bond, hoping that 2025 comes with decreased interest rates – as promised by the Federal Reserve.
Sellers who are keen to close a deal quickly should consider alternatives such as selling to cash home buyers, iBuyers or general property investors – who have the capital and technical skills on hand to finalize purchases in a matter of weeks.
When does the Spring home buying season start?
The 2024 Spring home buying season unofficially began in the second week of February, around Super Bowl weekend. Of course, there is no correlation between the two, but it’s good to know two powerhouse games kicked off at the same time.
The Spring home-buying season will begin again in February 2025.
What is the most profitable month to sell a house?
A 13.1% seller premium does not lie, making May the champion month of profitable home sales, conveniently situated between the Spring and Summer home buying seasons for good measure
Conclusion
Timing is the secret ingredient in Rhode Island’s real estate recipe. With prices soaring and inventory low, sellers are primed for success – if they play their cards right. Spring and Summer shine brightest, with April, May, and June offering peak opportunities. But don’t discount the rest of the year; Rhode Island’s unique economic landscape means determined buyers are always out there.
Remember, every season brings its own buyers. The key is being ready when opportunity knocks. Prepare your home, understand your local market, and consider all options – including year-round cash buyers.
Ready to sell your Rhode Island home, regardless of the season? We buy houses for cash all year round, offering a quick, hassle-free alternative to traditional selling. Get your free, no-obligation cash offer today and skip the uncertainties of seasonal market fluctuations.
