PROVIDENCE – The median Rhode Island single-family home sale price in the second quarter of 2018 was $280,000, 8.7 percent higher than in the second quarter of 2017, according to the Rhode Island Association of Realtors Wednesday.
The RIAR said that the quarterly median price of a single-family home in the Ocean State was the highest quarterly price in 11 years.
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There were 2,926 home sales in the quarter, a 6.9 percent decline from the 3,144 single-family home sales in the second quarter of 2017.
The average days on market for a home declined to 50 days from 59 days in that time, as well, and the number of distressed property sales declined by 50.4 percent to 127.
The median price of a condominium in Rhode Island for the second quarter was $224,000, a 5.3 percent increase year over year. In that time, the average days on the market declined 12 days to 57 days. The second quarter saw 644 condo sales in the Ocean State, a gain of 44 from one year prior.
The multifamily-home median sale price increased 20 percent year over year to $240,000, as the average days on market declined 8 days to 48 days. Multifamily-home sales increased year over year, from 507 sales to 527 sales in the second quarter of 2018.
“The national median price of all residential property types in June was $305,900. It was $276,900 in the Northeast and $272,000 in Rhode Island. Prices are edging up everywhere but by comparison, the cost of housing here remains competitive,” said Joe Luca, 2018 president of the Rhode Island Association of Realtors, in a statement.
Chris Bergenheim is the PBN web editor.
