PROVIDENCE – The median second-quarter sale price of a single-family home in the state was $422,000, a 14.4% increase year over year, according to data released by the Rhode Island Association of Realtors on Wednesday.
Sales in the state slowed, totaling 2,528, a decline of 14.1% from the first quarter of 2021.
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“The highly competitive nature of today’s market and the resulting worsening affordability is reducing sales, which in turn, decreases the economic benefits that come with each home purchase,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “Thankfully, the inventory shortage has shined a much-needed spotlight on the housing crisis, helping everyone to understand that a concerted effort is needed to get building and rehabilitation projects underway as soon as possible.”
Homes that sold in Rhode Island in the three-month span were on the market for an average of 25 days, compared with 31 in the first quarter of 2021.
Condominium quarterly sales totaled 640, a decrease of 151 year over year. The median price of a condo sold rose 11% year over year to $322,200.
The median price of a multifamily home sold in Rhode Island in the quarter rose 19.7% year over year to $425,000. Sales decreased 18.8% from one year prior to a total 559.
