PROVIDENCE – The median sale price of a Rhode Island home sold in the third quarter of 2021 was $385,000, a 15% increase year over year and an all-time quarterly high, according to data released by the Rhode Island Association of Realtors on Wednesday.
Sales in the state slowed in that time, totaling 3,249, a decline of 8.4% from the third quarter of 2020.
“The single-family home market has been incredibly competitive and the properties that are available for sale are put under contract so quickly, that it appears some prospective buyers took a break. Also, the spread of the delta variant affected the market last quarter, keeping some buyers at home and making some prospective sellers think twice about listing their home,” said Leann D’Ettore, president of the state Realtors association.
Homes that sold in Rhode Island in the three-month span were on the market for an average of 29 days, compared with 52 in the third quarter of 2020.
The association’s report also noted that nearly a quarter of all residential sales in the state were to out-of-state buyers, mostly to buyers from Massachusetts, Connecticut and New York.
Condominium sales in the state totaled 688 in the quarter, about the same as a year ago. The median price of a condo sold rose 6.8% year over year to $272,250.
The median price of a multifamily home sold in Rhode Island in the quarter rose 21% year over year to $375,000. Sales also rose 43% from one year prior to a total 745.
Monthly figures:
In September, the median price of a home sold in the state declined slightly from August, falling from $390,000 to $385,000. However, the median price of a home in the state still rose 13.3% year over year. Listings in the state had declined 14.3% year over year in September, but steadily increased through the third quarter. Monthly sales declined 6.4% year over year to 1,053.
Condo sales in September in the Ocean state totaled 242, a decline of 7.6% year over year. The median price of a condo rose 1.9% year over year to $270,000.
Multifamily homes sold in September had a median price of $380,000, a rise of 16.2% year over year. Sales totaled 260, a rise of 32.6% from one year prior.
