PROVIDENCE – Single-family home sales in the second quarter of 2019 in Rhode Island increased 2.6% year over year, according to the Rhode Island Association of Realtors Thursday.
The median price of a single-family home in the quarter was $292,000, a 4.3% increase year over year. The average number of days on market for a home in the quarter was 59 days, an increase from 50 in the second quarter of 2018.
“Despite still struggling with a low supply of homes for sale, Rhode Island’s housing market is moving along. A good economy and continued low interest rates have done a lot to keep the market active,” said 2019 President of the Rhode Island Association of Realtors Dean deTonnancourt.
Distressed single-family homes totaled 105 sales in the quarter, a decline of 22.1% year over year.
Condominium sales in the state totaled 678 in the second quarter, a 4.3% increase year over year. The median price of a condo increased 3.6% to $232,000. The average days on market for a condo was 59 days, two more days than one year prior.
Multifamily home sales in the quarter declined 12.1% year over year to 472 sales. The median price of a multifamily increased 9.6% year over year to $263,000.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.