R.I. home prices rise 2.6% in March amid continued low inventory

THE MEDIAN PRICE of single-family homes sold in Rhode Island continued to climb in March, rising 2.6% year over year, while sales fell for the 13th consecutive month, the Rhode Island Association of Realtors said Thursday. / ASSOCIATED PRESS FILE PHOTO/STEVEN SENNE

WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in March, rising 2.6% year over year, while sales fell for the 13th consecutive month, the Rhode Island Association of Realtors said Thursday. 

The median sales price in March rose to $395,000, while the number of homes sold fell 23.7% to 557, compared with the same month last year. 

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The association said 905 single-family homes were listed in March. The supply of homes for sale last month was 1.91% more than 12 months earlier. 

“We don’t have the same conditions for a severe drop in prices that we did in the early 2000s,’ said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “The job market remains stable and homeowners have equity in their homes. Now there simply isn’t enough supply to meet demand so our biggest problem is affordability. 

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The good news is that we only saw a 2.6% increase in median price since March 2022 whereas last spring, the median sales price was showing double-digit appreciation year over year,” Da Cruz added. “So, prices may be starting to stabilize a bit, but we’re not likely to see any significant decline with supply and demand so far out of balance,” 

Condominium sales fell 29.1% to 124 year over year in March, while multifamily home sales decreased by 26.6% to 121 in that time. The median condominium sales price increased 4.9% to $319,000, while the multifamily home sales price rose 13.3% to $450,000. 

“While inflation is showing signs of cooling, rents continued to be an outlier and were the most significant contributor to inflation last month. Multifamily homes, always popular with investors, are in even more demand with the allure of the continuous rise in rents,” said Da Cruz. 

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