R
hode Island's housing market remains one of the hottest in the country, according to Realtor.com's February report. The Providence metro area ranked 11th on the list, down from January but still a significant presence. The median price for homes in the area is $535,000, up slightly from January's $521,000.

    The conditions under which people are buying houses are reminiscent of those experienced by their parents or grandparents. Interest rates between 6% and 7% are the highest they've been in 20 years but still relatively low compared to historic highs. Realtor.com defines a hot market as one with high buyer demand and quick home sales.

    In Rhode Island, homes are selling quickly, with a median of 39 days on the market. The number of listings remains slim, with only 1.5 months' worth of inventory available. This shortage drives up prices as buyers compete for limited options.

    The monthly mortgage payment for a $400,000 home at 6.75% interest is $2,594, while a $450,000 home would cost $2,919 per month. Multifamily housing, particularly in urban centers, is also a significant component of the market. These homes are staying on the market longer, with a median price of $550,000.

    The condo market is experiencing a slight increase in listings and prices, but still lags behind the highest median price seen previously. Condos are spending more time on the market, with a median of 47 days, and sold for a median price of $403,000.