This past Wednesday, the Federal Reserve raised interest rates by half a percentage point, in effort to curtail the current rate of inflation, which as of March 2022 is up 8.5% year over year. This marks the first time in more than 20 years that the Fed has raised interest rates to such a degree, and it follows swiftly on the heels of a quarter-percentage point raise this past March.

While this move exhibits a measure of confidence in the job market, it nonetheless marks a growing concern over a continually rising cost of living. As to how this rate hike will affect potential homebuyers, the effects of the Fed’s March rate increase are already being felt, and the expectation is that those effects will only strengthen as 2022’s homebuying season progresses. The Mortgage Banker’s Association reported on May 4, that mortgage applications were up slightly (2.5%) over last week; however, this was based on survey data for the week ending April 29, well in advance of the Fed’s announcement. With the average 30-year fixed mortgage interest rate at 5.48%—up from 5.37% last week and still the highest since 2009—it is anticipated that application rates will drop in the coming weeks, continuing a downward trend in both new and existing home sales since March of last year.

To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Providence, RI metro area using data from Redfin. Statistics are as of the four weeks ending May 1, 2022. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.

Konstantin L // Shutterstock

Median sales price

Providence, RI metro area:
– Median sales price: $407,250
– One-year change: +16.2%

Metros with highest median sales price
#1. San Francisco, CA metro area: $1.7 million
#2. San Jose, CA metro area: $1.6 million
#3. Santa Cruz, CA metro area: $1.3 million

Metros with lowest median sales price
#1. Cumberland, MD metro area: $111,312
#2. Davenport, IA metro area: $120,125
#3. Peoria, IL metro area: $120,238

Volodymyr Kyrylyuk // Shutterstock

Median sales price per square foot

Providence, RI metro area:
– Median sales price per square foot: $243
– One-year change: +17.0%

Metros with highest median sales price per square foot
#1. San Francisco, CA metro area: $1,126
#2. San Jose, CA metro area: $948
#3. Kahului, HI metro area: $938

Metros with lowest median sales price per square foot
#1. Carbondale, IL metro area: $71
#2. Cumberland, MD metro area: $76
#3. Peoria, IL metro area: $84

scarp577 // Shutterstock

Sales to list price ratio

Providence, RI metro area:
– Average sales to list price ratio: 1.04
– One-year change: +0.01

Metros with highest sales to list price ratio
#1. Oakland, CA metro area: 1.15
#2. San Jose, CA metro area: 1.14
#3. San Francisco, CA metro area: 1.13

Metros with lowest sales to list price ratio
#1. Carbondale, IL metro area: 0.96
#2. Cape Girardeau, MO metro area: 0.97
#3. Beaumont, TX metro area: 0.97

ungvar // Shutterstock

Homes sold with price drops

Providence, RI metro area:
– Homes sold with price drops: 7.9%
– One-year change: -1.8%

Metros with most homes sold with price drops
#1. New York, NY metro area: 28.5%
#2. Utica, NY metro area: 28.5%
#3. Kingston, NY metro area: 26.8%

Metros with least homes sold with price drop
#1. Carbondale, IL metro area: 0.0%
#2. Lake Charles, LA metro area: 0.0%
#3. Davenport, IA metro area: 0.0%

4 PM production // Shutterstock

Off market in two weeks

Providence, RI metro area:
– Off market in two weeks: 53.0%
– One-year change: +9.7%

Metros with the most homes off market in two weeks
#1. Rochester, NY metro area: 89.9%
#2. Seattle, WA metro area: 88.9%
#3. Olympia, WA metro area: 88.7%

Metros with the least homes off market in two weeks
#1. Morristown, TN metro area: 0.0%
#2. Urban Honolulu, HI metro area: 4.0%
#3. Appleton, WI metro area: 4.7%

FOTOGRIN // Shutterstock

Months of supply

Providence, RI metro area:
– Months of supply: 7.1 months
– One-year change: -1.1 months

Metros with the most months of supply
#1. Atlantic City, NJ metro area: 18.1 months
#2. New York, NY metro area: 17.7 months
#3. Beaumont, TX metro area: 16.2 months

Metros with least months of supply
#1. Lewiston, ME metro area: 2.7 months
#2. Portland, ME metro area: 2.9 months
#3. Seattle, WA metro area: 3.3 months

This story originally appeared on ZeroDown
and was produced and distributed in partnership with Stacker Studio.

This story was written by Stacker and has been re-published pursuant to a CC BY-NC 4.0 License.

This post was originally published on this site

Stacker

This story was written by Stacker and has been re-published pursuant to a CC BY-NC 4.0 License.

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