PROVIDENCE – The median sale price of a single-family home in Rhode Island increased 5.9 percent year over year to $275,250 from $260,000 in August, according to the Rhode Island Association of Realtors Thursday.
There were 1,118 single-family home sales in the state, a 38-home sale decline year over year. The number of listings in August, however, increased in that time from 3,892 homes to 4,021 homes. The average days on market for a home sold in August was 49 days, one day less than one year prior.
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The RIAR said that while prices are rising, the decline in single-family home sales shows that the market is not at risk of overheating. It also noted that it expects that single-family home inventory will continue to increase.
“Sellers are still seeing more profits than they have seen in quite some time, but buyers have regained some leverage thanks to more listings entering the market,” said Joe Luca, 2018 president of the Rhode Island Association of Realtors in a statement. “The change has been gradual, but the market is beginning to become more balanced between supply and demand so there’s opportunity for both sellers and persistent buyers. While prices have risen, they’re not exorbitant and interest rates remain low.”
The median price of a condominium in Rhode Island declined 6.4 percent year over year in the Ocean State to $206,000 from $220,000, while total sales remained relatively in line with sales in August 2017, declining 1 sale to 204.
The number of condo listings in the state increased 2 percent year over year to 879. The average days on market for a condo declined nine days year over year to 56 days. RIAR noted that fluctuations in the condo market show no discernable trend in Rhode Island.
There were 213 multifamily homes sold in August in Rhode Island, a 23.1 percent increase year over year, while the median price increased 13.6 percent to $249,000.
The number of multifamily home listings increased 22.4 percent to 672.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
