PROVIDENCE – The median first-quarter sale price of a single-family home in the state rose to $390,000, a 4% increase year over year, according to data released by the Rhode Island Association of Realtors on Thursday.
Sales in the state slowed to 1,425, a decline of 32% from the first quarter of 2021.
“While multifamily homes have always been attractive to investors, with today’s high rental prices they have become an extremely hot commodity,’ said Bryant Da Cruz, president of the Rhode Island Association of Realtors. “At the beginning of May, there were only 145 multifamily homes on the market in the entire state. With inventory this low, we won’t see much relief in price.
“Though Rhode Island home prices are higher than they’ve ever been, they’re still a bargain compared to states [such as] Massachusetts, where the median sales price of single-family homes sold in the first quarter was $535,000, far above Rhode Island’s median price of $390,000. Also, with easy access from coastal Rhode Island to Boston, it’s easy to see why people are attracted to the Ocean State.”
Homes that sold in Rhode Island in the three-month span were on the market for an average of 40 days, compared with 38 in the first quarter of 2022.
Condominium quarterly sales totaled 304, a decrease of 193 year over year. The median price of a condo sold rose 6.2% year over year to $319,900.
The median price of a multifamily home sold in Rhode Island in the quarter rose 19% year over year to $400,000. Sales decreased 31% from one year prior to a total 502.
The median price of a multifamily home sold in Rhode Island in the quarter rose 11.3% year over year to $445,500. Sales decreased 38% from one year prior to 314.
