Median R.I. home sale price jumps 22.5% from a year ago

THE MEDIAN PRICE of single-family homes sold in Rhode Island in November rose 16.1% from a year ago. / AP FILE PHOTO/STEVEN SENNE

PROVIDENCE – The median price of a single-family home sold in the second quarter of 2021 was $369,450, an increase of 22.54% year over year, according to data released by the Rhode Island Association of Realtors on Tuesday.

Sales in the state in the quarter totaled 2,908, an increase from 2,476 one year prior. Single-family homes also saw a decline in their time on the market, with sold homes in the quarter being listed for an average of 31 days, a decline from 57 days in the second quarter of 2020.

The state Realtors association said that the rising sales figures are in part due to an increase in buyers from other states. The number of out-of-state buyers of single-family homes, multifamily homes and condos rose 69% year over year in the second quarter, with the bulk of those buyers coming from Massachusetts, Connecticut and New York. The association said that out-of-state buyers accounted for 26% of total sales in the second quarter, up from 21% in the second quarter of 2020.

In addition, nearly half of the state’s luxury home sales in the quarter, or homes sold for more than $1 million, were buyers from other states. All luxury home sales in Rhode Island rose from 49 in the second quarter of 2020 to 202 in the second quarter of 2021.

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“The secret is out. Rhode Island has been discovered in the past year by those looking for a haven away from the city. Our housing market has been an economic boon throughout most of the pandemic, but the increased demand for our housing stock is taking a toll. Rhode Islanders are having a hard time competing for homes with other buyers, including those from out-of-state, who often come here with cash in hand,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.

Multifamily homes in the state sold for a median price of $296,000 in the quarter, an increase of 19.9% year over year. Sales of multifamily homes totaled 666 in the quarter, a rise from 343 one year prior.

The condominium market also saw increases from 2020. The median price of a condo in the state in the second quarter was $290,000, up 18.4% year over year. Quarterly condo sales totaled 783, an increase from 431 in the second quarter of 2020.

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