R.I. single-family home prices up 8.3% on year in Nov.

THE MEDIAN PRICE of a single family home in Rhode Island was $290,000 in November 2019. / BLOOMBERG NEWS FILE PHOTO/RON ANTONELLI
THE MEDIAN PRICE of a single family home in Rhode Island last month was $290,000. / BLOOMBERG NEWS FILE PHOTO/RON ANTONELLI

PROVIDENCE – The median price of a single-family home in Rhode Island was $290,000 in November, an increase of 8.3% year over year, the Rhode Island Association of Realtors said on Thursday.

Total sales for the month declined 5.6% year over year to 872 single-family homes. Listings on the market declined 11.5% over the year to 2,984 homes. Pending sales increased 23.8% to 925. The data also said that the average time on market for a home sold in November was 59 days.

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“Double-digit increases in pending sales for the past two months point to a strong finish for Rhode Island’s housing market. Though we could use more homes on the market, overall, it’s been a robust year for Rhode Island real estate,” said Shannon Buss, association president.

The median multifamily home sale price in November was $280,000, a 12% increase year over year. Total multifamily sales increased 7.1% in that time to 196 for the month. The average days on market for a multifamily sold was 41 days. There were 448 listings in November, a 20.9% decline year over year.

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Condominiums in the Ocean State sold for a median price of $272,500 in November, a 22.2% increase from one year prior. There were 192 condo sales in the month, a decline from 200 in November 2018.   Condo listings totaled 689 for the month, a decline from 789 one year prior.

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