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.
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.