WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in March, rising 14.9% year over year, while sales decreased amid record-low housing inventory, the Rhode Island Association of Realtors said Tuesday.
The median sales price rose to $385,000, while the number of sales decreased by 10.2% to 730 in March, compared with the same month last year. The median sales price also increased month to month from $368,000 in February, the association said.
The association said 88 single-family homes were listed in March. The supply of homes for sale last month was 26% less than 12 months earlier and 62% less than it was in March of 2020, the association noted.
“While we did see a slight gain in the number of homes available for sale from February to March, unfortunately the supply remains critically low and the number of homes for sale has been falling year over year for some time,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “Since March of 2020 to last month, Rhode Island’s single-family home inventory fell from 2,328 listings to 888. And though the housing shortage was exacerbated by COVID, it had existed for several years before that.”
Condominium sales fell 18.9% to 175 year over year in March, while multifamily home sales decreased by 3.9% to 150 in that time. However, median sales prices increased for both sectors. The median condominium sales price rose 22% to $305,000, while the multifamily home sales price climbed 16.7% to $397,000.
