New England is largely a sellers' market, with few exceptions, according to RE/MAX INTEGRA New England's 2018 Spring Market Trends Report. Locally, Rhode Island boasts the lowest average days on market in the region at 64 days.
Low inventory coupled with strong economic factors has led to intense competition, driving up prices and pushing buyers to expand their horizons and think outside of the box.
The annual report evaluated data from most regions across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, looking at pricing, volume, and general trends in residential real estate and luxury markets.
Other highlights in this year's report include:
Download the full report here
"In the current New England real estate landscape, with many buyers losing out on their desired properties due to fierce competition and rising prices, it is imperative that we fully understand the markets and provide our clients with meaningful and actionable insights," said Fiona Petrie, Executive Vice President & Managing Director of U.S. Operations, RE/MAX INTEGRA, New England. "We strive to know exactly what is going on in our markets so we can be the best resource and steward for our clients, whether they are buying or selling."
All data was sourced from RE/MAX brokers and real estate transactions reported in the Multiple Listing Service and RE Stats. Data from 2017 encompasses January 1, 2017 to March 31, 2017 and 2018 data encompasses January 1, 2018 to March 31, 2018.