Median R.I. single-family home price breaks $300K in May

THE MEDIAN PRICE of a single-family home in May in Rhode Island was $300,500. / COURTESY R.I. ASSOCIATION OF REALTORS
THE MEDIAN PRICE of a single-family home in May in Rhode Island was $300,500. / COURTESY R.I. ASSOCIATION OF REALTORS

PROVIDENCE – The median price of a single-family home in Rhode Island in May was $300,500, the highest it has ever been, according to the Rhode Island Association of Realtors Friday, a year-over-year increase of 9.3%.

There were 1,076 single-family home sales in the month, an 11.5% increase year over year. The average number of days on market for a home sold in May was 59, a 10-day increase year over year. Meanwhile, the number of listings in the state declined 3.6% to 3,583. Pending sales increased 13% to 1,273.

“The housing market is booming right now. We’re seeing multiple offer situations on a regular basis and though prices are rising, Rhode Island properties are still a tremendous value compared to nearby markets. In Massachusetts, for example, the median price of single-family homes generally runs anywhere from 25-50 percent higher than what we see here. Also, we’re seeing some of the lowest interest rates we’ve seen in a while. Those low rates are really helping to drive sales,” stated Dean deTonnancourt, 2019 president of the Rhode Island Association of Realtors.

There were 241 condominiums sold in May, a 5.2% increase year over year. The median price of a condo in the Ocean State was $232,000, a 5% increase year over year. Condos sold in May were on the market for an average of 61 days, compared with 50 in May 2018.

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Multifamily home sales totaled 162 in May, a 6.6% increase from May 2018. The median price of a multifamily home for the month was $267,375, a 10.9% increase year over year.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenhem@PBN.com.