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November 14, 2017

Price of Single-Family Homes in Rhode Island on Rise

single-family homes

The median sales price of single-family homes in Rhode Island for September rose by 13.1% over the same month last year to reach $261,300, the Rhode Island Association of Realtors® has announced. However, the number of sales was actually down from last September by 4.3% with 980 homes sold.

The drop in numbers makes sense due to the drop in the inventory of single-family homes on the market. The number of homes for sale was down by 13.1% from last September, while the number of pending sales were also significantly down from the prior year by 13.5%, the association reported in a press release.

Brenda L. Marchwicki, 2017 President of the Rhode Island Association of Realtors, said,  “A lack of competition due to low inventory is causing prices to escalate. Thankfully interest rates remain low but we need more properties to come on the market if homes are to remain affordable, especially for first-time homeowners.”

Sales of Other Homes Up

While the number of single-family homes sold was down significantly, sales volume in other sectors didn’t seem to be dampened by higher prices. Condominium sales, for example, were up by a whopping 18.4 percent, even though the median sales price was also up by more than 23% in September over the prior year.

Multifamily homes sales numbers were also well above their totals for last year, up by 15.3% over last September, despite the fact that the median sales price was also up by 22.2 percent to $219,000. Inventory was down by 23.5% since last September, and pending sales were also down by 8.4%.

Foreclosure Sales Down

The number of foreclosures and short sales this September dropped by 44% from last September to just 65 sales, the association reported, which is further indication of a strong market.

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