Median price of R.I. homes sold in Sept. hits record $339.9K

THE MEDIAN PRICE of a single-family home in Rhode Island was $339,900 in September. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The median price of a single-family home in Rhode Island in September was $339,900, a rise of 15.2% year over year, according to the Rhode Island Association of Realtors.

Rhode Island’s median price in September was the highest monthly median sale price to date, RIAR said.

September home sales in the state totaled 1,125, an increase from 953 from one year prior. Listings in the state declined 42.8% in that time to 2,106. Pending sales increased 59.9% over the year to 1,653 for the month.

“If the pandemic has taught us anything, it’s how important home is. Except for the brief period of the shutdown, the housing market barely skipped a beat this year. I can’t remember the last time we were moving into the last few months of the year with so much momentum,” commented Shannon Buss, 2020 president of RIAR.

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Condominiums in the state sold for a median price of $264,950 in September, an increase of 9.1% year over year. There were 262 condo sales for the month, a 40.8% rise from September 2019. Listings in the state declined 25.4% to 589. Pending sales, meanwhile, had increased 30.3% year over year to 366.

“Condos are a great alternative for first-time homebuyers and empty nesters frustrated by the lack of inventory in the single-family home market. Though there’s a tight supply of condos as well, there are more options in the condominium market than among single-family homes,” said Buss.

Multifamily homes in the state sold for a median price of $327,000 in September, an 18.9% rise year over year. Sales totaled 189, a rise of 18.9% over the year. Listings in the state declined 2.6% year over year to 517. Pending sales totaled 437, a rise of 15% year over year.

Chris Bergenheim is PBN’s web editor. You may reach him at Bergenheim@PBN.com.

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