PROVIDENCE – The median price of a single-family home in Rhode Island increased 3.3% year over year to $299,500 in June, according to the Rhode Island Association of Realtors Friday.
There were 1,130 sales in June, a 5.1% decline from sales one year prior. Listings declined 4.1% year over year to 3,662 for the month.
The average number of days on market for a single-family home was 55 in June, an increase from 45 in June 2018.
“Overall our spring selling season was very active. Low interest rates have kept the gates open for homebuyers. Since the Federal Reserve has indicated that rates should remain low, we’re hopeful that the market will have continued energy,” said Dean deTonnancourt, president of the Rhode Island Association of Realtors. “Homeowners who are on the fence about selling should know that the conditions of today’s market are in their favor. Rates are low, and buyers are out there and ready to purchase.”
There were 255 condominiums sold in Rhode Island in June a 12.3% increase year over year. The median price in that time increased 3.5% to $238,000. There were 810 condo listings in June, a 1.3% decline over the year.
Multifamily homes were sold at a median price of $278,250 in June, an 11.3% increase year over year. There were 152 multifamily home sales for the month, a 25.9% decrease from one year prior.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
