PROVIDENCE – The home price index in Rhode Island rose by 19.9% year over year in September, faster than the national rate of 18%, CoreLogic said Tuesday.
Nationally, the increase in home prices was attributed to an ongoing housing supply shortage and was driven by millennial homebuyers, particularly in metro areas with high-tech job opportunities.
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“The pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs,” said Frank Martell, president and CEO of CoreLogic. “As we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.”
Rhode Island had the second-largest percentage increase among all New England states, only behind Vermont.
Other New England states’ HPI growth rates year over year:
- Vermont: 21.3%
- New Hampshire: 19.4%
- Maine: 16.6%
- Connecticut: 16.1%
- Massachusetts: 14.4%
The full report may be found online.
