WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in January, rising 5.8% year over year, while sales fell for the 11th consecutive month, the Rhode Island Association of Realtors said Friday.
The median sales price in January rose to $391,375, while the number of homes sold fell 39.1%, to 462, compared with the same month last year.
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The association said 977 single-family homes were listed in January. The supply of homes for sale last month was 21.3% more than 12 months earlier.
“With just a 1.3-month supply of single-family homes for sale, even those buyers for whom affordability isn’t a factor have limited choices in their home search,” Bryant Da Cruz, president of the Rhode Island Association of Realtors, said in a statement. “At the beginning of the pandemic, real estate professionals were saying that Rhode Island is open for business. Now we’re saying that Rhode Island is almost sold out.”
Condominium sales fell 41.6%, to 94, year over year in January, while multifamily home sales decreased by 36.6%, to 116, in that time. The median condominium sales price increased 6.7%, to $320,000, while the multifamily home sales price rose 10%, to $440,000.
“In today’s market, with its rising rents and scarcity of home ownership options, investing in multifamily properties makes perfect sense. Even at today’s higher prices, in most cases the return on investment is there,” Da Cruz said.
