R.I. median home price jumps
to $295K in Sept.

A SINGLE-FAMILY home in Rhode Island sold for a median price of $295,000 in September. / PBN FILE PHOTO/MICHAEL SALERNO
A SINGLE-FAMILY home in Rhode Island sold for a median price of $295,000 in September. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – The median price of a single-family home in Rhode Island in September was $295,000, a 9.1% increase year over year, according to the Rhode Island Association of Realtors Tuesday.

Sales for the month totaled 953, reflecting a year-over-year increase of 11.6%. Listings in that time declined 9.3% to 3,683 homes. Single-family homes sold in September spent an average of 59 days on the market.

Pending sales increased 4.4% year over year to 1,034 in September.

“It’s a good time to be a homeowner or a potential homeowner,” said 2019 RIAR President Dean deTonnancourt. “Inventory remains scarce, so sellers are seeing higher gains and buyers who find a home are seeing some of the lowest mortgage rates ever. It’s a win-win all around.”

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The median price of a Rhode Island condominium sold in September was $242,950, a 9% increase year over year. Condo sales totaled 186 in September, an 11.9% decline year over year. Listings in the state declined 9.9% to 790 condos.

Multifamily-home sales totaled 159 in September, a 4.2% decline year over year. The median price of a multifamily home in the Ocean State was $275,000, a 7.9% increase from September 2018 sales. Listings declined 24.9% to 531.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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