WARWICK – Rhode Island home sales rose by 2 percent in the first quarter of the year, with the median price also increasing by 2 percent, to $230,000, according to data released Wednesday by the Rhode Island Association of Realtors.
The sale of condominiums also rose in the first quarter, up 21 percent from the same period the previous year. The median sale price for a condo is now $195,000.
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The multifamily market, which attracts interest from investors, increased by 10.6 percent in the first quarter. The median price is $181,000, the association reported.
The market is reacting to a diminishing supply of single-family listings, increased consumer confidence and downsizing empty-nesters, according to Brenda L. Marchwicki, the president of the association.
Statistics show that the number of days on market in the first quarter fell by double digits among all three markets, according to the association, including by more than 13 percent in the single-family category.
Mary MacDonald is a staff writer for the PBN.
