Oct. R.I. median home price bumps up 5.7% Y/Y

THE MEDIAN price of a Rhode Island single-family home in October was $287,225. / BLOOMBERG FILE PHOTO/RON ANTONELLI
THE MEDIAN price of a Rhode Island single-family home in October was $287,225. / BLOOMBERG FILE PHOTO/RON ANTONELLI

PROVIDENCE – The median price of a single-family home in Rhode Island in October increased 5.7% year over year to $287,225, according to the Rhode Island Association of Realtors Thursday.

The median price of a home declined from $295,000 in August and September.

There were 1,004 single-family home sales for the month, a 3.5% increase from October of 2018. Homes sold in October were on the market for an average of 61 days. Pending sales increased 16.6% year over year to 1,041, while listings declined 11.9% in that time to 3,350.

“Sales activity slowed down a bit in 2018 following two record-breaking years but activity is on the upswing again. We’ve seen more home sales in the first 10 months of the year this year than last, and the number of sales put under contract and expected to close in the coming months has also been rising,” said Shannon Buss, president of the Rhode Island Association of Realtors. “Though home prices have increased, this year’s reduced interest rates have helped keep buyers in the market. Still, sellers have an advantage because demand continues to outstrip supply.”

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The median price of a condominium in the Ocean State was $243,500 for the month, a 23.3% increase year over year. There were 193 sales in the month, a 10.2% decline year over year. Condo listings declined 12.2% to 741.

The median price of a multifamily home in October was $275,000, a 9.6% increase year over year. There were 188 multifamily home sales in the state for the month, a 1.1% decline year over year. Multifamily home listings declined 17.1% to 520.

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