PROVIDENCE – The median first-quarter sale price of a single-family home in the state was $375,000, a 13.7% increase year over year, according to data released by the Rhode Island Association of Realtors on Thursday.
Sales in the state slowed, totaling 2,067, a decline of 6.2% from the first quarter of 2021.
“As interest rates rise and homes become less affordable, we expect to see some buyers drop out of the market, which would lessen demand. That’s a step in the right direction so this could be the year that a correction takes hold,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. ”However, Rhode Island had a housing shortage before the pandemic so our state still has work to do to ensure that accessible housing is available. More new development is needed,”
Homes that sold in Rhode Island in the three-month span were on the market for an average of 38 days, compared with 46 in the first quarter of 2021.
Condominium quarterly sales totaled 487, a decrease of 51 year over year. The median price of a condo sold rose 22% year over year to $303,100.
The median price of a multifamily home sold in Rhode Island in the quarter rose 19% year over year to $400,000. Sales decreased 31% from one year prior to a total 502.
