The demand for real estate on Aquidneck Island has surged this past summer and suddenly we are facing a shortage of supply! Are we ready to see prices INCREASING in the area soon? Prices going UP? Very strange, but a real possibility.
Newport County has seen a nearly 30% reduction in values since 2006. That's a big chunk of the value of your home just vaporizing in the air. Gone..But recent demand in the under $400,000 range of the market has been very strong. In fact, we are at 8 months of supply on Aquidneck Island between $300,000 and $400,000. This short supply could create increasing prices in the area as our demand isn't slowing.
In fact, there is significant job creation happening on the island, bringing in 300 full time employees to the US Naval Base and the student population is slated to nearly triple - from current 6,000 to projected 16,000.
Strong demand + decreasing inventory=Rising prices!!
Perhaps we are starting to come out of the woods!
Keep Hope Alive!
I am a 4th generation Newporter, raised in the "Fifth Ward" on Ruggles Ave. I believe that all business is personal. Through out my career I have been committed to the best interests of my clients.
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