WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in December, rising 4% year over year, while sales fell for the 10th consecutive month, the Rhode Island Association of Realtors said Wednesday.
The median sales price in December rose to $389,950, while the number of homes sold fell 41.4%, to 634, compared with the same month last year.
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The association said 1,017 single-family homes were listed in December. The supply of homes for sale last month was 6.16% less than 12 months earlier.
“The supply of homes for sale is historically low and that should protect homeowners from any sudden or significant drop in values,” said Bryant Da Cruz. “While the ratio of original list price to sales price is still 99%, the days of multiple offers coming in thousands of dollars over asking price are over.”
Condominium sales fell 35.48%, to 140, year over year in December, while multifamily home sales decreased by 49.3%, to 125, in that time. The median condominium sales price increased 8.39%, to $335,000, while the multifamily home sales price rose 10.23% to $429,900.
