PROVIDENCE – The median home sale price in Rhode Island in 2022 was $401,926, a 10.1% increase year over year, the Rhode Island Association of Realtors said on Wednesday.
Sales in the state slowed in that time, totaling 9,535, a decline of 17.3% from 2021.
“Last year was a pivotal year for the housing market as rising interest rates wreaked havoc on home affordability. In addition to that, rising inflation and a potential impending recession kept sellers in their current homes and buyers left with limited choices. The stars aligned to keep inventory low and housing costs high,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors.
Homes listed in 2022 were on the market for an average of 31 days, compared to 34 days in 2021.
Condominium sales in the state totaled 2,120 in 2022, a decline from 2,717 year over year. The median price of a condo sold rose 16.3% year over year, to $319,900.
The median price of a multifamily home sold in Rhode Island in 2022 rose 15.07% year over year, to $420,000. Sales activity fell 24.4% from one year prior, to 2023.
In the fourth quarter, the median sale price of a Rhode Island home sold was $400,000, a 6.7% increase year over year. However, sales slowed dramatically in that time, totaling 2,094, a decline of 32.7% from the fourth quarter of 2021.
“While homeowners still saw positive gains in median sales price toward the end of the year, the rate of appreciation definitely fell from what we saw in the first half of the year. Given the affordability issues exacerbated by rising interest rates, sellers have had to adjust their expectations,” said Da Cruz.
Homes that sold in Rhode Island in the three-month span were on the market for an average of 35 days, unchanged from the fourth quarter of 2021.
Condominium sales in the state totaled 427 in the quarter, a decline from 694 year-over-year. The median price of a condo sold rose 15.8% year over year, to $329,900.
The median price of a multifamily home sold in Rhode Island in the quarter rose 9.9% year over year to $423,000. Sales activity fell 44.6% from one year prior to a total 387.
