PROVIDENCE – The median sale price of a single-family home in Rhode Island was $430,000 for the second quarter, a 2.4% increase year over year, according to data released by the Rhode Island Association of Realtors on Thursday.
Sales in the state slowed, totaling 2,045, a decline of 20.1% from the second quarter of 2022.
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“On the one hand, it’s safe to say that the majority of homeowners have seen a significant increase in home equity in recent years, but on the other hand, that accumulation of wealth is hard to attain for those struggling to buy a home in this competitive market,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “Rising mortgage rates have pushed some prospective buyers out of the market due to affordability issues and inventory has tightened further by homeowners unwilling to give up current mortgages that have lower interest rates. Competition from buyers from outside of Rhode Island has also further depleted the supply.”
Homes that sold in Rhode Island between the start of April and the end of June were on the market for an average of 30 days, compared with 25 days in the second quarter of 2022.
Condominium sales totaled 482 for the quarter, a decrease of 649 sales year over year. Meanwhile, the median price of a condo sold rose 13.6% from a year earlier to $363,750.
The median price of a multifamily home sold in Rhode Island in the quarter rose 10.5% year over year to $425,000. Sales decreased 39.3% from one year before 348.
