PROVIDENCE – The median sale price of a Rhode Island home sold in the third quarter was $410,000, a 6.5% increase year over year, according to data released by the Rhode Island Association of Realtors on Friday.
Sales in the state slowed in that time, totaling 2,773, a decline of 15.2% from the third quarter of 2021.
“Inflation and rising rates have been a game changer for the housing market,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors. “Fortunately, Rhode Island’s economic indicators are stable and unemployment is below the national average, so we don’t expect a drastic drop in prices. The low supply of homes should insulate prices from falling significantly, if at all, in the near future.”
Homes that sold in Rhode Island in the three-month span were on the market for an average of 28 days, compared with 29 in the third quarter of 2021.
The association’s report also noted that 26.3% of all residential sales in the state were to out-of-state buyers, mostly from Massachusetts, Connecticut and New York, an increase from 24.8% one year prior.
Condominium sales in the state totaled 535 in the quarter, a decrease from 694 a year ago. The median price of a condo sold rose 17.6% year over year, to $320,000.
The median price of a multifamily home sold in Rhode Island in the quarter rose 14.6% year over year to $430,000. However, sales decreased 27.7% from one year prior to a total of 544.
Monthly figures:
In September, the median price of a home sold in the state increased slightly from August, from $405,000 to $416,000. The median price of a home in the state still rose 8.1% in September year over year. Listings in the state had declined 14.3% year over year in September, but steadily increased through the third quarter. Monthly sales declined 6.4% year over year to 1,053.
Condo sales in September in the Ocean state totaled 164, a decline of 32.2% year over year. The median price of a condo rose 27.6% year over year to $344,500.
Multifamily homes sold in September had a median price of $425,000, a rise of 11.8% year over year. Sales totaled 163, a decline of 37.3% from one year prior.
