PROVIDENCE – The median price of a single-family home in Rhode Island in August was $333,164, an increase of 12.9% year over year, the R.I. Association of Realtors said on Wednesday.
Sales for the month totaled 1,156, a 7.2% rise year over year. Pending sales also increased year over year, rising 24.9%, to 1,448. Meanwhile, listings in the state declined 42.3% over the year to 2,122.
RIAR noted that the housing market was at least partially driven by an uptick in out-of-state buyers.
“The activity in the housing market has been remarkable, particularly in light of what we’ve been going through with the pandemic this year. We’re seeing so much pent-up demand and there doesn’t seem to be an end in sight,” said Shannon Buss, president of the Rhode Island Association of Realtors. “We desperately need a larger supply of homes for sale to accommodate the number of buyers out there.”
Condominium sales in the Rhode Island market totaled 195, a decline of 16% from one year prior. The median price of a condo in August was $255,000, compared with $238,500 in August 2019. Condo listings in the state declined 23.7% year over year to 593. Pending sales totaled 369, a rise from 302 one year prior.
The median multifamily home sale price was $310,000 in August, a rise from $275,000 one year prior. There were 175 sales for the month, a decline of 10.7% year over year. Listings also declined 13.2% over the year to 436. Pending sales, however, had increased 8% to 421 in that time.
The full report may be viewed online.
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