PROVIDENCE – The average price of a single-family home in Rhode Island increased 4.2% year over year to $303,750 in the second quarter, the R.I. Association of Realtors said on Wednesday.
RIAR said that this is the first time the median single-family home price topped $300,000 in a quarter in the state.
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Total sales declined 19.7% year over year to 2,456.
“We predicted that our ‘spring’ market would happen in the summer and that seems to be happening. Multiple offers are rampant and bids over asking price are commonplace,” said Shannon Buss, president of the RIAR. “At this point, the only thing that seems to be holding sales back at all is the shortage of inventory.”
The median price of a condominium in the second quarter was $245,750, a 6.7% increase year over year. Total condo sales declined 38.2% year over year to 684.
Multifamily homes sold for a median price of $295,000 for the quarter, a 12.2% increase year over year. Total sales declined 29% over the year to 480.
“Many are saying that remote working is making people reprioritize where they choose to live and work,” said Buss. “It’s too early to say if we’re seeing a trend of people flocking to Rhode Island because it’s less expensive, more rural, has great amenities or a combination of all three. But it’s definitely something we’re studying.
“Rhode Island has always been a well-kept secret in terms of value, now perhaps, it’s not as much of a secret anymore,” she said.
