WARWICK – The median price of single-family homes sold in Rhode Island climbed again in September, going up 9.4% year over year, while sales continued to drop, the Rhode Island Association of Realtors said on Wednesday.
The association said the median sales price in September increased to $455,000. The 712 sales were a 15.2% decrease compared with September 2022. This marks the 19th consecutive month that single-family home sales fell in the Ocean State.
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Supply is continuing to increase, however. The association says inventory last month rose to two months, up from 1.8 months in August. However, the inventory is still “far below” the five- to six-month supply for a balanced market, the association said.
Additionally, the association says mortgage rates are now hovering around 8%, which is keeping more prospective buyers from purchasing a new home.
“While costs are up, real estate remains one of the best long-term investments. In addition to providing a place of shelter and comfort, it’s a great wealth builder,” association President Bryant Da Cruz said in a statement. “That’s why it’s so important that we find avenues to give everyone access to homeownership.”
Condominium sales in September fell 14.6% year over year as the median sales price rose 10.3%, to $379,900, according to the association. Regarding multifamily homes, the median sales price last month was $477,500, up 12.3% year to year, while sales were down 12.3% year to year at 143.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
