The Real Estate Market in Johnston, Rhode Island

The real estate market in Johnston, Rhode Island is experiencing a surge in activity with the listing of a 900-square-foot condo priced at $200,000. Real estate agent Beatrice Whitman believes the attractive pricing is aimed at securing a quick sale. The condo is considered „extremely affordable” compared to the current median price of condos in the state, which is $340,400. It also has a monthly condo fee of $349 that includes heat.

Affordable condos and homes have become increasingly scarce as real estate prices have risen since the pandemic. The Providence Journal has compiled a list of the most affordable communities for buying condos or multi-family homes. Pawtucket stands out as one of the most affordable communities for single-family homes and condos, although it’s not as affordable for multi-family homes. In contrast, Warwick, West Warwick, and North Providence are affordable options for buyers across all three categories.

Condos and multi-family homes are often seen as more affordable alternatives to single-family homes due to their relatively lower prices. In the first half of the year, the median price of a condo in Rhode Island was $340,400, while a single-family home had a median price of $412,000. Multi-family homes used to be priced similarly to single-family homes but were considered more affordable because of the potential for rental income. However, their prices have increased by 67% since 2019.

While multi-family homes have seen a surge in prices, Beatrice Whitman advises potential buyers to exercise caution due to the significant increase in costs. It is important to consider a property’s affordability beyond the purchase price by taking into account interest rates and monthly mortgage payments. Thorough research and appropriate pricing are key to ensuring the long-term viability of purchasing a multi-family home.