Providence homes are a hot commodity.

1. The East Side has always been a desirable place to
live: historic homes, good schools, gorgeous green
spaces, the walkability that really makes a neighbor-
hood feel like a neighborhood. If you’re looking to buy
a home right now, the search for the perfect piece of
East Side real estate might be a little bit harder to find
than you expected. The market in Providence, and es-
pecially on this side of town, is booming right now.
Homes are in such high demand that prices are going
up, and listings are only staying on the market for a
short time before being scooped by buyers excited to
make a home on the East Side.
“The reason it’s so hot is because we have a lot of
buyers chasing too few listings,” says Ken Schadegg,
co-manager of the Providence office of Lila Delman
Real Estate International. “There are more people
wanting to buy than are wanting to sell.” In fact, in the
first quarter of 2016, Providence saw a 40% increase
in homes sales over the same quarter last year. On the
East Side, that number is even higher – that part of
town has experienced a 68% increase in first quarter
sales over last year. A lot of the increased demand,
Ken says, has been due to “the major publicity that
Providence has been getting as a hot city, or the place
to live. Until that changes, houses that are well-priced
– meaning they’re priced according to the market of
the last six months – are going to sell very quickly be-
cause buyers are finding them a great value and be-
cause people want to live in Providence.”
It’s a competitive market, yes, but that’s actually
good news. It means that more and more people
are coming to the city, increasing our tax base and
the size of our talent pool, and creating more vi-
brant communities. For people selling their homes
– or who are considering doing so – it’s especially
good news. “2016 is the year to sell,” Ken says. “The
best advice we can give is if you’re planning to sell
in the next year or two, this is the time. It’s a better
year than last year, and we don’t know what’s going
to happen next year.” When there’s high demand
and a limited supply, prices go up. The average sale
price of a home in Rhode Island in the first quarter
this year is $225,000, which is up 12.5% over the
same time last year. In Providence, the increase is
bigger: 17% over first quarter of 2015, with a me-
dian price of $166,250. The increase is smaller on
the East Side (7%), but with a much higher median
price of $425,000. “While none of us can predict
the future, we can make a reasonable assessment
of what it’s going to be,” Ken explains. “The market
right now is as hot as it’s been in years. If you’re
thinking of selling, now is the time to get a market
analysis and let us tell you what your house is worth.
You may be surprised. If you’re pleasantly surprised,
this is the time to sell.”
Christine Dupuis, co-manager of the Providence
branch of Lila Delman, agrees. “A lot of houses
are going for over asking price right now because
there’s such a shortage,” she says. For buyers, that
means making quick decisions and smart offers.
“Once something comes on the market, there’s
no waiting.” It also means choosing a realtor with
experience and connections. In Rhode Island, Lila
Delman is synonymous with multi-million dollar
coastal homes, but the company has been expand-
ing its reach up to Providence and to the northern
and western parts of the state, with great results for
clients both buying and selling. “We’re having suc-
cess finding clients who want that same Lila Delman
Real Estate International touch that’s gold standard
on the coast,” Ken explains.
The company is number one in Rhode Island in
market share for residential sales over $1 million dol-
lars – more than double the amount of their closest
competitor. And although Lila Delman Real Estate
International is associated with the high end, they
bring the same marketing savvy to selling moder-
ately priced homes. “It doesn’t matter the price point,
clients get the same level of services in marketing.
That’s the Lila Delman difference,” Chris says. Our far-
reaching luxury brand and creative marketing strate-
gies are like no other company in Rhode Island.”
The East Side Real Estate Boom
Providence homes are a hot commodity
369 South Main Street, Providence • 401-274-1644 • LilaDelman.com
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