PROVIDENCE – The Rhode Island housing market may be beginning to moderate, according to the Rhode Island Association of Realtors Thursday.
The median price of a single family home sold in the state in July was $384,000, a decline from $385,000 in June but a 16% rise from $331,825 one year prior.
Sales in the state totaled 1,072 for the month, a decline of 12.3% year over year. Single-family listings in the state totaled 1,538, just lower than 1,559 one year prior.
“Fortunately, we’re getting more inventory on the market in recent months, and though the supply is still lower than it was last summer, we are seeing a bit of an upswing. The number of homes on the market typically showed more than a 40% decrease from 12 months earlier for the past year, but that delta shrunk to just 20% last month. Buyers are still challenged by a shortage of homes to choose from but at least we’re seeing small gains,” said Leann D’Ettore, president of the Rhode Island Association of Realtors, in a statement.
Houses in the Ocean State also continued to sell quickly, however. The average number of days on the market for a house in July was 28, a decline from 51 one year prior.
Pending sales of Rhode Island single-family homes totaled 1,538, a slight decline from 1,559 one year prior.
Condominium sales in the state totaled 233 in July, a rise of 6.4% year over year. The median price of a condo sold in the state in July was $275,000, a decline from $300,000 in June but a rise from $242,000 one year prior. Listings of condos in Rhode Island totaled 387 in July, a decline from 619 one year prior.
“Trends in condo sales typically lag behind what we see in the single-family home market. The number of condos put under contract in July but not closed until after the month ended, was up more than 31% last month. That’s a strong indication that we won’t see condominium sales falling below last year’s levels any time soon,” D’Ettore said.
The state’s multifamily home market experienced continued growth in July.
There were 248 multifamily sales for the month, a rise from 148 one year prior. The median price of a multifamily sole in July was $370,000, a rise of 23.3% year over year. Listings in the state totaled 433, a rise from 375 one year prior. Pending sales also rose from 387 in July 2020 to 538 in July 2021.
The association also noted in its monthly report that it continued to see a growing trend of out-of-state buyers in Rhode Island in July, particularly from Massachusetts, New York and Connecticut, with a particular uptick being seen in the state’s luxury housing market.
