Home prices continue rise as sales volume increases in November

Updated 5:30 p.m., Wednesday

WARWICK – For the 22st-consecutive month, median single-family home prices increased year over year in November, rising 3.4 percent to $267,700, according to Rhode Island Association of Realtors data released Wednesday. At the same time, the number of homes sold increased 2.1 percent when compared with November 2017. According to the RIAR, the 924 homes sold in November was the highest total on record, while the median sales price was the highest for the month since 2006.

Even as sale increased, the number of single-family homes listed grew 6.9 percent in November on a on a year-over-year basis to 3,371, continuing the trend established in the late summer.

“There’s no doubt about it, Rhode Island’s housing market is still going strong,” said Dean deTonnancourt, president of the Realtors association. “Sales are up, prices are up, and buyers are beginning to get some relief with more homes coming on the market. Inventory is still scarce, but the number of homes available for sale has been increasing each month. To be clear though, buyers still need to act quickly to beat the competition in order to get the home they want,” he added in prepared remarks.

Two years ago, in October 2016, the median sale price for a single-family home was $245,000 in the Ocean State.

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The market for condominiums in Rhode Island was mixed, with the median sale price falling 2.6 percent to $223,500 even as the number of condos sold increased 14.3 percent over the year.

LOCATION, LOCATION, LOCATION: Different parts of Rhode Island are better markets for either buyers or sellers, according to this map from the Rhode Island Association of Realtors. To see the interactive version of this map, click HERE
LOCATION, LOCATION, LOCATION: Different parts of Rhode Island are better markets for either buyers or sellers, according to this map from the Rhode Island Association of Realtors. To see the interactive version of this map, click HERE.

Multifamily home sales were the strongest among the three types of residential properties, growing 25.3 percent as the median sale price increased 7.7 percent to $250,000.

“So far to date, the fourth quarter has seen more closing activity in Rhode Island’s multi-family home market than any other year on record,” said deTonnancourt. “The stock market may not be doing well but housing is still considered a strong investment.”

An earlier version of this story contained October data supplied by the Rhode Island Association of Realtors.

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