R.I. home prices rise 17.1% Y/Y in Aug., sales slow

THE MEDIAN PRICE of a single-family home In Rhode Island sold in August rose 17.1% year over year to $390,000. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – The median price of a single-family home sold in Rhode Island in August rose 17.1% year over year to $390,000, the Rhode Island Association of Realtors said Thursday.

The association noted that the sale price of a single-family home in the Ocean State has increased year over year every month since January 2017.

Sales of homes in the state declined 5.3% from August 2020 to 1,095, and listings in the state declined 16.9% year over year to 1,763.

“We haven’t seen any sign of moderation in sales activity in quite some time, but it appears that a severe lack of inventory in the spring left many buyers unable or unwilling to compete in the frenzied market. We’re seeing more people list their homes now and more buyers are pursuing their home search again, spurred on by the continued low interest rates,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.

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The association also noted that out-of-state buyers continued to be a factor in increased home sales and prices in the state in recent months, especially in the luxury home market.

“Rhode Island home prices have gone up, but properties are still a bargain compared to other resort areas. Our cities and towns are also more affordable than larger urban centers [such as] New York and Boston,” said D’Ettore. “Outside of our borders, we’ve become known for coastal and cultural amenities that fortunately, don’t come with a big-ticket cost compared to other locations. With prices rising everywhere and remote work now more available, we’re poised to see even more people moving to the Ocean State.”

Single-family homes sold in August were on the market for an average of 29 days, a decline from 54 one year prior.

Pending sales totaled 1,498, a rise from 1,448 one year prior.

Sales of multifamily homes in the state continued on a hot pace in August and prices hit an all time high.

The median price of a multifamily home sold in Rhode Island was $382,500, a rise of 23.4% year over year. Sales totaled 222, a rise of 26.8% year over year.

Multifamily listings totaled 395, a decline of 9.4% year over year. Pending sales of multifamily homes totaled 568, a rise of 34.9% from one year prior.

Condominium sales in the state in August totaled 209, a rise of 7.2% year over year. The median price of a condo sold in the month was $271,000, a rise of 6.6% year over year.

Listings declined 35.6% year over year to 382. Pending sales rose 17.3% year over year to 433.

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