WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in January, rising 12.9% from a year earlier to $441,750, while sales fell for the 21st consecutive month, the Rhode Island Association of Realtors said Thursday.
The number of homes sold totaled 442 in January, down 4.3% compared with the same month last year.
The Realtors group said Thursday that pending sales remained stable year-over-year and the rate of decline in activity moderated from 2023, when pending sales and activity fell by double-digit percentages in all but one month.
“While home sales are still sluggish, they are getting less so," said Sally Hersey, president of the Rhode Island Association of Realtors. "Recently, lower interest rates have helped ease affordability issues and allowed more people to jump back into the market. Unfortunately, they still don’t have many options to choose from. The supply of homes for sale decreased throughout the fall and we need to see that trend reverse.”
Year over year, condominium sales fell 5.32% to 89 in January, while multifamily home sales fell 9.48% to 105 in that time. The median condominium sales price increased 1.5% to $332,000, while the multifamily home sales price rose 7.95% to $475,000.