PROVIDENCE – The median price of a single-family home sold in Rhode Island in April was $275,000, a 2.1% increase year over year, according to the Rhode Island Association of Realtors Tuesday.
Sales increased 8.7% year over year to a total of 815. The average number of days on the market for a home in April was 64 days, compared with 58 days one year prior.
There were 3,398 homes listed in April, an increase of 6.5% from April 2018. Pending sales totaled 1,215, a 13.7% increase in that time.
“Buyers are still facing a tough time getting the home they want thanks to too much competition and too few options. Homes are going under contract at a hectic pace and prices, though slowing a bit, are still on the rise. If you have a home to move to, it’s a great time to sell right now,” stated Dean deTonnancourt, 2019 president of the Rhode Island Association of Realtors. “On the other hand, if you’re a buyer, interest rates are still on your side. Rates remain remarkably low, which helps you get into a nicer home than you might otherwise afford.”
There were 180 condominium sales in April in Rhode Island, a 4.3% decline year over year. The median price of a condo in the state was $229,500, a 10.9% increase from April 2018.
The median price of a multifamily home in the Ocean State in April was $250,000, an 8.9% increase year over year. There were 151 multifamily sales for the month, a 7.9% decline year over year, with the median price per transaction rising 8.9% to $250,000.
“With keen competition keeping first-time buyers from being successful in the starter single-family home market, and rising rents serving as an enticement for investors, multifamily homes have wide appeal. I wouldn’t be surprised to see prices stay strong in this market for some time,” said deTonnancourt.