PROVIDENCE – The median price of a single-family home in Rhode Island increased 17.3% year over year in January to $296,750, the Rhode Island Association of Realtors said on Thursday.
There were 672 completed sales for the month, a 14.5% increase from one year earlier. Listings in the state declined 14.4% to 2,389.
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“Inventory continues to be a problem, said Shannon Buss, president of the Realtors group. “We saw a huge jump in sales in December and January. Now that those properties are off the market, our supply of homes is near an all-time low. With less than three months of inventory, our supply is half of what it should be.”
Buss continued, “Typically, the spring selling season brings a surge in inventory. Hopefully this year, it will be significant. The irony is, it really is a great time to sell and with interest rates remaining low, when you find the right property it’s also a good time to buy.”
Pending sales of single-family homes increased 14.5% year over year to 900. The average number of days on market also declined 4.2% in that time to 68 days.
Condominium sales totaled 122 in January, a 2.4% decline year over year. The median price of a condo in Rhode Island was $231,500, a 2.9% increase from January 2019. Listings declined 7.8% year over year to 616. Pending sales totaled 238 at the end of the month, a 4.9% increase year over year.
Multifamily homes in the state sold for a median price of $290,000 in January, a 9.9% increase from one year prior. Sales totaled 159, a 3.9% increase from January 2019. Listings of multifamily homes declined 25.1% year over year to 350. Meanwhile, pending sales increased 5.5% to 290.
