WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in October, rising 7.3% year over year, while sales fell for the eighth consecutive month, the Rhode Island Association of Realtors said Thursday.
The median sales price in October rose to $405,000, while the number of homes sold fell 20.2%, to 777, compared with the same month last year.
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The association said 1,468 single-family homes were listed in October. The supply of homes for sale last month was 7.85% less than 12 months earlier.
“We’re seeing an interesting real estate market right now. On the one hand, sales activity has fallen to about the same level as we saw during the economic shutdown of 2020,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors. ”On the other hand, even with sales dropping, inventory is so tight that prices aren’t plummeting. The good news is that inflation started to come down last month and if that continues, we should see a drop in rates. That will jump-start the market again but even with that, we still have a supply problem to correct before we will see a balanced market again.”
Condominium sales fell 26.2%, to 172, year over year in October, while multifamily home sales decreased by 44.6%, to 130, in that time. The median condominium sales price increased 18.48%, to $319,900, while the multifamily home sales price rose 15.1% to $447,500.
