R.I. median house price rises in 2014, highest level in six years

SALES OF single-family homes flattened in 2014, but median prices continued to rise, to $215,000, the highest value of the past six years,
SALES OF single-family homes flattened in 2014, but median prices continued to rise, to $215,000, the highest value of the past six years,

WARWICK – Sales of single-family homes flattened in 2014, but median prices continued to rise, to $215,000, the highest value of the past six years, according to the Rhode Island Association of Realtors.

Home prices ended two years of annual declines in 2013, and continued to rise through 2014.

Communities with double-digit percentage increases in prices included Bristol and Providence, as well as Cumberland, Pawtucket, Central Falls and Foster in northern Rhode Island. Only seven communities in the state had average price declines, the largest coming in Jamestown, where values fell 8 percent.

The year-end data revealed a disparity in performance among property types. While single-family house sales rose less than one-half of a percent from 2013, to 8,891 closings, both condominium and multi-family sales fell.

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Condominium sales statewide fell 5 percent from 2013, according to the association, with the median price dropping 2.5 percent, to $192,000. The number of distressed sales declined slightly, down 6 percent for the year.

Newport, East Greenwich, South Kingstown, Charlestown, North Providence, and all of northern Rhode Island bucked the trend in price declines, with the median condominium price climbing in 2014.

In the multi-family market, sales fell by 2 percent, while prices grew by 12 percent, to a median sale of $145,750. In the largest markets, Providence prices climbed 8.5 percent, while Pawtucket multi-families increased in median price by 15 percent.

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