PROVIDENCE – The median price of a Rhode Island single-family home in February was $320,000, a rise of 16.4% year over year, the Rhode Island Association of Realtors said on Friday.
Sales in the state totaled 621, an increase of 2% year over year. Meanwhile, listings of single-family homes in Rhode Island declined 53.3% from one year prior to 1,137. Average days on market also declined 32.9% from February 2019 to 47 days.
Pending sales totaled 1,178 in February, a rise of 9.2% year over year.
“We might not be seeing the same frenetic pace of closing activity in the months ahead that we saw when the market reopened after the COVID shutdown, but buyer demand is still strong. What we need now are more properties to sell. Last month, we had fewer than half as many listings as we had the previous year,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.
Condominium sales in Rhode Island totaled 155 in February, a rise of 14% year over year. The median price of a condo sold in February was $240,000, a rise of 1.6% year over year. Condo listings declined 29.3% year over year to 432. Pending sales rose 42% year over year to 355.
There were 156 multifamily home sales in the state in February, a rise of 26.8% year over year. The median price in that time increased 19.4% to $335,000. Listings totaled 371, a rise of 3.1% year over year. Pending sales totaled 384, a rise of 20% from one year prior.
“Some investors in multifamily properties really struggled through the pandemic. However, looking forward, the huge demand for rentals is increasing every day due to the shortage of available homes for sale. Plus, multifamily homes are great options for first-time homeowners who are finding themselves shut out of the single-family home and condo markets. Those are strong enticements for buyers [that] should keep sales activity moving in this part of the market,” said D’Ettore.
