Categorized | Residential

Sales of Million Dollar Homes in Rhode Island Increase

Please Share!

Although the vast majority of the real estate market remains in shambles with declining promises, and lackluster home sales, the luxury housing market has bucked the trend. Rhode Island has joined states like New York, Florida, and California in reporting an increase of sales on its most luxurious homes.

Rhode Island Association of Realtors has reported that the number of sales of homes priced at one million dollars or more has increased for the third straight year. While they still aren’t at the levels of 2006, the increase is certainly promising.

The median price of the houses sold has also increased from last year, though the increase was fairly minimal due to the number of homes in the price range that are still for sale. In fact, there are over four hundred homes selling for above one million dollars that are still available.

These numbers show, however, that the wealthiest individuals and families are buying homes once again. It should come as no surprise that it is that group that is doing much of the home buying, as with tightened lending standards, only those with sufficient collateral are able to borrow.

Furthermore, it appears that people and businesses overseas are investing in, and purchasing many of the costliest homes to be used as vacation homes, or business properties. It has yet to be seen whether or not the increased sales of homes in the million-dollar range will trickle down to the more moderately priced homes. An increase in sales, regardless of how much the homes cost, is a good sign for the crippled real estate market in the United States.

Please Share!

About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

Leave a Reply

Twitter Chat