PROVIDENCE – The median price of a single-family home sold in Rhode Island was $385,000 in June, a rise of 24.6% year over year, the Rhode Island Association of Realtors said on Wednesday.
Sales for the month totaled 1,152, a rise from 965 one year prior. Pending sales totaled 1,698, a rise of 25.3% year over year.
The average number of days on the market for a home in the state was 27, a decline from 54 in June 2020.
“Low interest rates coupled with the historically low supply of homes available for sale are causing homes to sell more quickly and for more money than ever before. There needs to be some relief in sight, particularly for first-time homebuyers who are finding it nearly impossible to compete with buyers with top-tier credit and cash,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.
Listings of single-family homes in June totaled 1,595, a rise from 863 in May but a decline from 2,335 in June 2020.
“We’re hopeful that the slight uptick we saw in inventory in June continues, as more people become comfortable with putting their homes on the market,” added D’Ettore.
There were 321 condominium sales in the state in June, a rise from 158 one year prior. The median price of a condo in Rhode Island sold in June was $300,000, a rise of 20% year over year.
Condo listings in the Ocean State totaled 390, a decline of 38.2% year over year. Meanwhile, pending sales totaled 420, a rise of 33.3% from one year prior.
Multifamily homes in the state sold for a median price of $365,000 in June, a rise of 21.7% year over year. Sales totaled 251, a rise from 123 one year prior.
Multifamily listings in Rhode Island totaled 421 for the month, a rise from 368 one year prior. Pending sales totaled 561, a rise from 310 in June 2020.
Correction: the median price of a single-family home in Rhode Island increased 24.6% year over year in June.
