PROVIDENCE – The median price of a single-family home in Rhode Island was $274,900 in February, a 10% increase year over year, the Rhode Island Association of Realtors said on Friday.
Single-family home sales totaled 609 for the month, a 14% increase from February 2019. Listings declined 12.1% year over year to 2,435. Pending sales increased 15.8% to 1,079.
“As of February, despite extremely low inventory levels, Rhode Island’s housing market remained active. Obviously, the coronavirus is now creating a paradigm shift in all aspects of the economy and real estate will be no exception,” said Shannon Buss, president of the Realtors association.
Condominium sales totaled 136 in February, an 8.8% increase year over year. The median price of a condo in the state was $236,200 at that time, a 13.8% increase from one year prior. There were 611 listings in February, a 16.4% decline year over year. Pending sales declined 0.4% to 250.
The median price of a multifamily home in the Ocean State was $280,500, a 10% increase year over year. There were 123 multifamily sales for the month, a 6% increase from one year prior. Listings declined 15.5% from February 2019 to February 2020, totaling 360. Pending sales increased 2.6% to 320.
“The steps needed to limit the spread of the virus will most certainly reduce the number of buyers in the market, at least temporarily, and cause some potential sellers to hold off from listing their homes,” said Buss. “It’s important that we don’t panic while we wait and see how this plays out.”
The full report may be viewed online.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenhiem@PBN.com.
