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s we approach the end of the year and the holiday season, the local real estate market is experiencing a natural slowdown. However, despite this lull, notable shifts are emerging that warrant attention.

    The ongoing inventory shortage remains a significant factor in our market, driving competition among buyers. Recent sales data from December suggests that some sellers may be adjusting their expectations, as many homes sold below their original asking prices. This could indicate a slight shift towards more buyer-friendly negotiations.

    One recent transaction stands out: 41 Bradley Terrace in Portsmouth, which I represented, demonstrates the ongoing challenge of finding affordable housing options on Aquidneck Island. The property generated significant interest and ultimately sold for $22,000 over the asking price after multiple offers, highlighting the continued demand for affordable homes.

    Looking at broader trends, home price growth slowed during the third quarter of 2024, with prices continuing to rise but at a slower pace. Elevated home prices and rising mortgage rates have contributed to this slowdown, as well as buyer hesitation due to economic uncertainty. As we head into 2025, the market will be heavily influenced by inventory levels, which are likely to remain tight.

    Buyers and sellers alike will need to remain strategic in the new year, navigating a market where demand remains high but supply is limited. If you're looking for more insight into the local Rhode Island market, my team at RE/MAX Results is here to help.

    Recent sales data includes:

    * Jamestown: 14 Holmested Court sold for $1,936,000 after 162 days on market

    * Newport: 82 Rhode Island Avenue sold for $2,900,000 after 49 days on market

    * Portsmouth: 41 Bradley Terrace sold for $152,000 after 8 days on market

    For more information or to schedule a consultation, feel free to reach out to me directly at [email protected] or call 401-241-1851.