PROVIDENCE – The median price of a single-family home in Rhode Island in February was $250,000, unchanged from one year prior, according to the Rhode Island Association of Realtors Thursday.
The number of single-family sales in the state was 534, a decline from 579 sales one year prior. Meanwhile, listings of homes in the state increased to 2,769 in February 2019 from 2,614 in February 2018.
“We’re starting to see a shift,” stated Dean deTonnancourt, president of the Rhode Island Association of Realtors. “More homes are coming on the market. Though sellers still have an advantage, as the supply of homes increases, buyers will gain a competitive edge. Sellers who adjust their price expectations accordingly will still find plenty of eager buyers but they need to be aware that those buyers will have more choices.”
The number of multifamily home sales in February totaled 116, one less than one year prior. The median price of a multifamily home was $255,000 for the month, an increase from $228,500 the year before. There were 426 multifamily homes listed in February, a decline from 451 listings one year prior.
“As the supply of single-family homes becomes more abundant and accessible for first-time buyers, we’ll likely see multifamily sales begin to moderate as well, but more slowly as rental units continue to be a fantastic investment given the market’s continued low interest rates and high rental rates,” said deTonnancourt.
There were 125 condominium sales in Rhode Island in February, an increase from 112 sales in February 2018. The median price of a Rhode Island condo was $207,500 for the month. Condo listings totaled 731 in February, a jump from 683 one year prior.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.