R.I.’s median single-family home price sets record in 2019

THE MEDIAN price of a Rhode Island single-family home reached a record in 2019 at $285,000. / BLOOMBERG NEWS FILE PHOTO/SCOTT MCINTYRE
THE MEDIAN price of a Rhode Island single-family home reached a record in 2019 at $285,000. / BLOOMBERG NEWS FILE PHOTO/SCOTT MCINTYRE

PROVIDENCE – The median price of a single-family home in Rhode Island in 2019 was $285,000, a 5.6% increase from the previous year, the Rhode Island Association of Realtors said on Wednesday.

The association said that the 2019 median price of a home was the highest it has ever been.

“Yes, prices are rising but when taking the pulse of the housing market, it’s important to remember that prices had fallen drastically following the boom of the earlier part of this century and it’s taken us some time to fully catch up,” said Shannon Buss, president of the Realtors group. “ In fact, 2019 was just the second consecutive year following the housing boom and subsequent downturn in which a median-priced, single-family home sold for more than it had 10 years earlier. We’re back to where we should be, seeing good, but not exaggerated gains in equity.”

Total sales for the year were 11,013, a 3.1% increase year over year.

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“We can thank a good economy and continued low interest rates for the momentum in the housing market,” added Buss. “Overall, 2020 looks bright. Our biggest concern in the year ahead is lack of inventory. Rhode Island has a shortage of starter homes because they’re just too expensive to build here. We need to grow our supply of workforce housing at the entry level if we’re to keep momentum in the market overall.”

The median price of a condominium in 2019 was $234,900, an 8.8% increase year over year. Condo sales totaled 2,305, roughly level with the year prior.

Multifamily home prices increased 11.1% year over year to $270,000 in 2019. Total sales declined 2.4% year over year to 2,021.

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