RI Luxury Real Estate Market Snapshot

By Emilio DiSpirito – Realtor/Team Leader of The DiSpirito Team with HomeSmart Professionals

We can’t argue that unexpected turns are now something to be expected in 2020! Every day as I review the data coming in through the RIMLS, I am less and less shocked by such a series of market anomalies. 

The Rhode Island luxury market is seeing massive growth as our $750,000+ real estate gets huge interest from buyers making a mass exodus from cities like Chicago, Los Angeles, Portland, Minneapolis, New York City and many other crappy, overpriced markets!  

So why Rhode Island?

Rhode Island is unmistakably one of the most beautiful states in the country! For such a small place, we have the widest variety of the best foods including seafood, Italian, Asian, Mexican, Indian, American, Vegan, and so on!  We have a vibrant arts scene and you can go from Ocean to the city to country-living, all within 30 minutes! Our airport, highway, and rail systems are easy to use and connected to all the major cities. Without a doubt, we are centrally located between Boston and New York and offer convenience and hospitality like nowhere else. We were built on hospitality. 

Back to market anomalies… when looking at Rhode Island homes priced $750,000 and higher and from July 1 to September 15, 2020, vs. last year at the same time, 93 additional homes have sold at 2% higher sales price to list price! Despite this amazing opportunity for home sellers, inventory has dissipated by 40%! 

Coming into election season as violence, rioting and COVID-19 most likely ramp up, more and more buyers who have a ‘few bucks’ to spend, will be looking for a place to retreat. We currently have several buyers who cannot find what they are looking for and are seeking a variety of luxury homes to list. 2020 and 2021 are going to be the year to leverage the luxury market here in Rhode Island.

Emilio DiSpirito

If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox!  Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!

Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!

In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V.  We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!

For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!

Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!

When I’m not working, I’m with my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!