PROVIDENCE – While the real estate market has slowed down recently, the median sales price is increasing significantly for homes in the Providence area, according to a recent report by the Greater Providence Board of Realtors.
Out of 13 cities and towns in Greater Providence, 10 communities experienced a more than 10% increase in median sales price in October compared with the same month in 2019, according to the board. This spike in prices comes despite a downswing in overall sales in 12 of those 13 communities, the organization said.
This comes after a similar trend was recently reported statewide by the Rhode Island Association of Realtors. The statewide organization said the median price of single-family homes throughout Rhode Island increased 12.7% in October compared with the same month last year, while the number of single-family home sales fell 22.3% year over year, according to association data.
Sales price and demand remains high, while the inventory is increasingly limited, the Greater Providence Board of Realtors said.
“We are seeing continuing strong demand for residential properties in the Greater Providence region, which, when combined with a severely limited supply of homes, is continuing to drive prices skyward almost all the way across the board,” said Mike Pereira, president of the board. “We don’t see buyers suddenly deciding they don’t want to live in the region any time soon, so we expect there to be significant competition for any listing that comes on the market.”
The average amount of days that a home is on the market also dropped by more than 10% in October compared with the same month the previous year for 11 of the 13 communities that make up Greater Providence, according to the board.
“This suggests that there remains strong demand for properties in the region and reinforces that buyers should come to showings or open houses ready to make a serious offer if they are interested in the listing,” the board said in a statement.
Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
